ICS05 - Engineering Insurance (Surveyor) Mock Test 07
Engineering Insurance includes Electronic Equipment Insurance (EEI), Machinery Insurance (MI), Contractors Plant and Machinery (CPM), Erection All Risk (EAR), and Civil Engineering Completed Risks (CECR). EEI may cover sophisticated electronic and biomedical equipment, while certain software-related costs may have specific limitations. Boiler registration and safety certification are important regulatory requirements. Risk control involves measures such as firefighting equipment, spare parts, and standby machinery to reduce losses and business interruption. EAR policies address risks arising during erection and commissioning, including damage caused by certain material or foundation failures. MI sum insured generally considers replacement-related costs. Project policies may provide installment premium facilities based on project duration.
Q1. Under EEI policy which of the following is not true?
a) CNC machine can be covered.
b) Bio-medical equipment can be covered.
c) Laptops can be covered.
d) Very costly inbuilt software is not covered.
Q2. Who issues a certificate for registration of a Boiler, authorising its use in an industrial unit?
a) Chief Inspector of Boilers
b) Chief Engineer
c) Engineer Surveyor
d) Registrar
Q3. Risks can be reduced or losses prevented by adopting specific loss prevention measures, e.g. installation of firefighting equipment or making available appropriate spare parts or standby equipment reduce business interruption risks?
a) Risk evaluation
b) Risk control
c) Risk financing
d) Risk identification
Q4. CECR (policy) stands for:
a) Civil Engineering Contractors Risk Insurance
b) Civil Engineering Completed Risks Insurance
c) Civil Engineering Construction Risks Insurance
d) None of the above
Q5. A loss under EAR is reported to have occurred on account of bad material in the foundation of a Universal Testing Machine (UTM), due to which the UTM toppled and fell on the adjacent precision machines thereby damaging them. Which of the following is correct?
a) Foundation and the UTM machine
b) Foundation, UTM and Precision machines
c) UTM and Precision machines
d) None of the above
Q6. Which of the following is not covered in EAR policy?
a) Loss due to faulty design
b) Negligence
c) Wilful negligence
d) Both a and c
Q7. In MI policy, Sum Insured represents
a) Current market value
b) New replacement value
c) Current market value including transportation cost to site, customs dues and all installation costs
d) New replacement value including transportation cost to site, customs dues and all installation costs
Q8. In the Eastern part of the country a Syndicate of five Companies viz. the London and Lancashire, the 'Concord', 'Atlas', 'Yorkshire', and 'British India General' was formed in the year __________ with a view to pool their resources.
a) 1954
b) 1964
c) 1974
d) 1984
Q9. Which of the following is not true regarding CPM policy?
a) Maximum limit of Third Party Liability during the policy period is Rs. 10 Lakhs.
b) Additional Custom Duty is covered on first loss basis.
c) Pay loaders on barges can be covered under CPM policy.
d) All are not true.
Q10. Facility of installment premium is available for project policies if the project period exceeds
a) 12 months
b) 15 months
c) 18 months
d) 24 months
