ICS07 - Miscellaneous Insurance (Surveyor) Mock Test 09

1. Nowadays, the ______ is the most common form of treaty reinsurance.

A) Quota share treaty method
B) Pool basis of reinsurance
C) Surplus basis reinsurance
D) Stop loss reinsurance
E) Excess of loss reinsurance

2. Identify the true statement(s) with respect to Facultative Reinsurance.

1. Each risk is proposed separately and individually to the reinsurer, and the reinsurer decides whether to accept the same or not.
2. It is not obligatory for the ceding company to cede to any particular accepting company, nor is it obligatory for the accepting company to accept the ceding company's each and every offer.
3. The accepting company, at its discretion, may reject the offer or accept only a part thereof.

A) Only 1
B) Only 3
C) 1 and 2
D) 2 and 3
E) 1, 2 and 3

3. Which of these statement(s) is/are CORRECT with respect to Personal Accident Insurance Covers?

1. Personal Accident Insurance Cover is a policy of Indemnity.
2. The policy basically covers 'Death' and 'Disablement' sustained in an accident.
3. A fixed compensation is paid for death or disablement arising out of an accident.

A) Only 1
B) Only 2
C) 1 and 2
D) 2 and 3
E) All 1, 2 and 3

4. Salt Works Insurance Policy does NOT apply to:

1. Salt Brine
2. Salt stored on platforms
3. Mud work

A) Only 1
B) Only 3
C) 1 and 2
D) 2 and 3
E) All 1, 2 and 3

5. Who is NOT eligible to receive this insurance policy?

A) Goldsmiths primarily involved in manufacturing
B) Retailers of jewelry
C) Brokers and angadias
D) Wholesale marketers of jewelry
E) Diamontaires dealing exclusively in diamonds

6. What is the sum insured for agricultural pumpsets (up to 5 HP) under the Tribal Package Insurance?

A) 50% of market value
B) 75% of market value
C) 100% of market value
D) 150% of market value

7. Under the PASS Scheme, 'Poor families' are defined in the policy and include landless labour households, families of traditional craftsmen, etc., whose total annual income does not exceed ______.

A) Rs. 5,200
B) Rs. 7,200
C) Rs. 4,200
D) Rs. 6,200
E) Rs. 8,200

8. The factors governing retention limit of the insurer include which of the following?

A) The nature of the risk
B) Location of the risk
C) The nature of the perils covered
D) The insurer's capacity to bear the loss
E) All of the above

9. Under Commercial Fidelity Guarantee, ______ are only suitable for an employer with a large staff and the organisation to make adequate inquiries into the antecedents of his employees.

A) Position Policy
B) Blanket Policy
C) Individual Policy
D) Collective Policy
E) Floating Policy or Floater Cover

10. If a person incurs losses due to theft of his identity and fraudulent usage thereof, he gets compensated under the ______.

A) Web Business Insurance
B) Kidnap and Ransom Insurance
C) Money Policy to Individuals for Withdrawals from ATMs
D) Intellectual Property Insurance
E) Identity Theft Cover