ICS07 - Miscellaneous Insurance (Surveyor) Mock Test 04
This set of questions covers important concepts under ICS07 – Miscellaneous Insurance (Surveyor), including Personal Accident Social Security Scheme, valued policies, cash-in-transit insurance, medical expense coverage, sports insurance, excess of loss reinsurance, student safety insurance, television insurance, rural insurance, and commercial guarantees. The questions examine beneficiaries, policy valuation methods, permitted cash transactions, duration of medical expense coverage, sports-related exclusions, and the distinction between proportional and non-proportional reinsurance. They also cover claim-processing procedures, liability arising from television apparatus, insurance requirements for economically vulnerable rural populations, and underwriting precautions applicable to government bonds and commercial guarantees.
1. Who are the beneficiaries eligible to receive compensation under the Personal Accident Social Security Scheme?
A) Surviving spouse only
B) Surviving spouse or dependent children
C) Dependent children only
D) Surviving parents only
2. What is the main difference between a valued policy and a policy subject to an inventory and valuation clause?
A) A valued policy does not consider the insured value, while the other does
B) A valued policy allows for appreciation or depreciation, while the other does not
C) A valued policy requires a higher premium, while the other is more cost-effective
D) A valued policy eliminates the need for a professional valuer, while the other requires it
E) A valued policy is valid for longer terms than the other
3. What type of cash transactions does the policy generally cover?
A) Cash in transit for purchasing stocks
B) Cash in transit for purchasing luxury items
C) Cash in transit for payment of wages
D) Cash in transit for personal expenses
E) Cash in transit for business expansion
4. What is the maximum period for which medical expenses are covered after the onset of injury or sickness under Sub-section A?
A) 12 weeks
B) 24 weeks
C) 36 weeks
D) 52 weeks
E) 60 weeks
5. Which of the following activities is NOT covered by the Sports Insurance policy?
A) Golfing
B) Squash
C) Hunting with sporting guns
D) Professional sports tournaments
E) Angling (fishing)
6. Excess loss reinsurance is a __________ reinsurance agreement.
A) Proportional
B) Non-proportional
C) Diversified
D) Loss making
E) Invalid
7. What is the purpose of routing claim papers through the institution under the Student Safety Insurance policy?
A) To ensure claims are processed faster
B) To allow parents to directly claim the benefits
C) To maintain accurate attendance records
D) To discourage parents from making claims
E) To facilitate proper processing of claims
8. What does the Television Insurance policy typically cover in terms of liability?
A) Liability arising from any type of accident
B) Liability for damage to the insured's own property
C) Liability arising from accidental external means only
D) Liability arising from accidents caused by or through the television apparatus
E) Liability for damage to property caused by the insured's negligence
9. According to Section 32 C, which individuals are required to be provided with insurance policies in the rural insurance context?
A) Urban residents
B) Formal sector employees
C) Economically stable individuals
D) Persons residing in the rural sector and economically vulnerable individuals
10. What is the commonality between government bonds and commercial guarantees in terms of underwriting precautions?
A) Government bonds are more risky than commercial guarantees
B) Both government bonds and commercial guarantees require counter guarantees
C) Government bonds and commercial guarantees have the same underwriting process
D) Underwriting precautions for government bonds and commercial guarantees are completely different
E) Underwriting precautions for government bonds are stricter than for commercial guarantees
