ICS07 - Miscellaneous Insurance (Surveyor) Mock Test 02
This set of questions covers key concepts in ICS07 – Miscellaneous Insurance (Surveyor), including reinsurance, insurable interest, floating policies, animal-driven cart insurance, group insurance, social insurance schemes, and claim excess calculations. Reinsurance topics include facultative, proportional, treaty, and excess of loss arrangements, with emphasis on obligations of ceding and accepting companies and retention of losses. Insurable interest questions focus on legitimate financial or legal interests in insured property or life. Floating policies address risks spread across multiple locations. Other questions examine policy sections, annual premiums, claim payment recipients under group policies, and methods for calculating excess under specified contingencies.
1. Under which type of reinsurance agreement is it not obligatory for the ceding company to cede to any particular risk, nor is it obligatory for the accepting company to accept every offer from the ceding company?
A) Proportional reinsurance
B) Excess of loss reinsurance
C) Non-proportional reinsurance
D) Facultative reinsurance
2. Which of the following is NOT a type of treaty reinsurance?
A) Pool basis
B) Surplus basis
C) Quota share basis
D) Excess of loss basis
E) All of the above are types of treaty reinsurances
3. In which scenario would insurable interest be applicable?
A) When a person wants to insure their pet's health
B) When someone wants to insure their friend's car
C) When a creditor wants to insure their debtor's property
D) When an employer wants to insure their competitor's employees
E) When a husband wants to insure his wife's life
4. In which circumstances are floating policies typically issued?
A) When the insured property is located in multiple cities or towns
B) When the insured has a poor claims record
C) When the locations covered have different subjects of insurance
D) When the insured is unable to provide a separate sum insured at any one location
E) When the insured's property is vulnerable to natural disasters
5. What is the main characteristic of excess of loss reinsurance in terms of loss retention by the ceding company?
A) The ceding company retains losses up to a fixed sum
B) The ceding company retains all losses
C) The ceding company retains losses up to a percentage of premium
D) The ceding company retains losses only for specific types of risks
6. What is the purpose of Section 1 in animal-driven cart insurance?
A) To cover third-party liability
B) To provide coverage for passengers
C) To cover loss or damage to the cart and the insured animal
D) To provide coverage for animal care expenses
7. How many sections does the cover provided by the policy have?
A) Two sections
B) Three sections
C) Four sections
D) Five sections
E) Six sections
8. What is the total annual premium for both the basic cover and additional cover under the Rajarajeshwari Mahila Kalyan Yojana?
A) Rs. 15/-
B) Rs. 23/-
C) Rs. 30/-
D) Rs. 38/-
E) Rs. 45/-
9. Who receives the claims payments under a group policy?
A) The individual employees or members
B) The beneficiaries of the insured persons
C) The insurance company providing the coverage
D) The employer, association, etc., that holds the policy
E) The administrator of the policy scheme
10. How is the excess calculated for claims under contingencies i to v?
A) A fixed amount per loss event
B) A percentage of the basic sum insured per claim
C) A fixed amount per claim event
D) A percentage of the basic sum insured per loss event
E) A percentage of the loss amount per claim
