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Category: IC56 FIRE INSURANCE CLAIMS – 05

IC56 FIRE INSURANCE CLAIMS – 05

Que. 1 : Q1) A ___________ is a condition or contingency and unless it is performed there is no contract.

   1.  a) Representation

   2.  b) Warranty

   3.  c) Consideration

   4.  d) Underwriting

Que. 2 : Q2) The insured is required to make a __________ or in other legal form of the truth of the claim and of any matters connected therewith.

   1.  a) Reasonable requirement

   2.  b) Principle of indemnity

   3.  c) Declaration of oath

   4.  d) Onus of proof

Que. 3 : Q3) Given below are some statement related to the provisos in a reinstatement value policy. Identify the incorrect option

   1.  a) Proviso 1: stipulates that the reinstatement work must be carried out with reasonable dispatch and incorporates certain time limits

   2.  b) Proviso 2: stipulates that until expenditure has been actually incurred by the insured in reinstatement, normal basis of indemnity will apply

   3.  c) Proviso 3: It relates to pro-rata average. The proviso refers to two time factors, viz. "if at the time of replacement or reinstatement" and the sum insured at the operation of any of the insured perils or at the commencement of any destruction or damage"

   4.  d) Proviso 4:The normal basis of indemnity applies if the insured fails to intimate the insured within 3 months from the data of loss, his / her indention to replace or reinstate the property damaged

Que. 4 : Q4) Who deals with complaints in respect of personal line of insurance and empowered to decide complaints where the value complained, does not exceed Rs.20 lakhs?

   1.  a) Agent

   2.  b) Ombudsman

   3.  c) Principal

   4.  d) Commissioner

Que. 5 : Q5) The stock at manufacturers’ premises may consist of:

   1.  a) Raw materials

   2.  b) Stock-in-progress

   3.  c) Financial goods

   4.  d) All of the above