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Category: IC01 PRINCIPLES OF INSURANCE – 04

IC01 PRINCIPLES OF INSURANCE – 04

Que. 1 : Q1) Legislation gives which body the power to specify a code of conduct for surveyors and loss assessors?

   1.  a) Institute of Insurance and Risk Management

   2.  b) Insurance Regulatory and Development Authority

   3.  c) Life Insurance Council

   4.  d) Securities and Exchange Board of India

Que. 2 : Q2) What does Endorsement mean?

   1.  a) Period in which Insurance Cover remains effective

   2.  b) Transfer of rights and Liabilities

   3.  c) Amendments to the standard conditions in the policy

   4.  d) Requirements to disclose material facts

Que. 3 : Q3) Which of these statement is incorrect ?

   1.  a) In life policies, the payment whenever due is a fraction or a multiple of the sum assured plus bonuses, if due,

   2.  b) The insurers liability under the policy is not limited to the sum insured and extended beyond that amount

   3.  c) Sum assured is always stated in the policy document

   4.  d) Sum assured mentioned in policy document becomes the basis for payments to be made by the insurer

Que. 4 : Q4) branch of insurance covers a variety of risks ?

   1.  a) General

   2.  b) Life

   3.  c) Reinsurance

   4.  d) All of the above

Que. 5 : Q5) To collect for a covered loss under property insurance contract, an insurable interest must exist________________.

   1.  a) At the inception of the contract

   2.  b) At the time of loss

   3.  c) Both 1 and 2

   4.  d) Neither 1 nor 2