ICS07 - Miscellaneous Insurance (Surveyor) Mock Test 19
This set focuses on Miscellaneous Insurance (Surveyor) and covers Jewellers Block Insurance, overseas health policies, intellectual property, fidelity guarantees, failed well insurance, personal accident insurance, declaration policies, reinsurance, claim notification, and bullock cart insurance. The questions examine policy eligibility, claim settlement agencies, patents, underwriting conditions, compensation factors, economical coverage, reinsurance premiums, claim notification requirements, and insured risks. These concepts are important for surveyors to understand the scope of different miscellaneous insurance products, policy conditions, exclusions, and claim procedures. The questions also test practical knowledge of specialized insurance policies and the responsibilities of insured persons following an occurrence that may lead to a claim.
1. Jewellers Block Insurance policy had been specially devised for __________.
a) Establishments dealing solely in Gold
b) Establishments dealing solely in Silver
c) Establishments dealing solely in Diamonds
d) Establishments dealing solely in Platinum
e) Establishments dealing solely in imitation jewellery
2. What is a 'Claim Settlement Agency' with respect to overseas health policy / Videsh Yatra Mitra?
- It is an overseas agency with which insurers have entered into an MOU to provide emergency assistance and claims administration services.
- They are medical practitioners appointed by the relevant agency.
- It is that person named in the policy schedule, for whom the appropriate premium has been paid.
a) Only 1
b) Only 2
c) 1 and 3
d) 2 and 3
e) All 1, 2 and 3
3. Mr. X has worked hard and invented a new technology. He wants the right for a time to stop other companies or persons trying to make, use or sell the same invention without the expressed permission of Mr. X. How can Mr. X do this?
a) Mr. X should apply for a Trade Mark
b) Mr. X should apply for a Copyright
c) Mr. X should apply for a Patent
d) Mr. X should register his brand
e) Mr. X should apply for a Service Mark
4. Choose the INCORRECT option. Fidelity guarantee business comprises of:
a) Commercial fidelity guarantees
b) Government bonds
c) Court bonds
d) Life insurance
e) None of the above
5. Which of the following is NOT a condition for claiming under a failed well insurance policy?
a) The wells should be used for developing ground water
b) The wells can be financed by cooperative banks
c) The wells can be financed by commercial banks
d) The wells should be sponsored by National Bank for Agriculture and Rural Development (NABARD)
e) The wells should be sponsored by Cooperative banks / commercial banks
6. What is the primary factor that determines the compensation payable under the personal accident policy?
A) The insured person's age
B) The type of accident (e.g., vehicular, workplace)
C) The policy premium amount
D) The medical treatment received after the accident
E) The policy terms decided during the inception
7. What is the main advantage of a declaration policy?
A) It provides coverage for unpredictable losses
B) It offers a complete cover for all types of properties
C) It ensures a fixed premium throughout the policy period
D) It provides an economical cover while affording full coverage
E) It guarantees a refund of the provisional premium
8. In reinsurance, the reinsurer usually receives a premium from the ceding company. What does this premium payment represent?
a) A fee for investment advice
b) A portion of the reinsurer's profits
c) A share of the ceding company's liabilities
d) Compensation for providing reinsurance services
e) A gift to maintain a business relationship
9. What action must the insured take in the event of an occurrence likely to give rise to a claim?
a) Notify the insurers within 48 hours
b) Notify the insurers within 72 hours
c) Notify the police within 24 hours
d) Notify the insurers within 24 hours
e) Notify the insurers within 7 days
10. What risks are covered under the Bullock Cart Insurance Policy?
a) Theft of the cart only
b) Death of the animal due to accident only
c) Permanent disability of the animal only
d) Death of the animal due to accident, damage to cart, and third-party liability
