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Category: IC56 FIRE INSURANCE CLAIMS – 06

IC56 FIRE INSURANCE CLAIMS – 06

Que. 1 : Q1) Calculate the amount payable for the following?

   1.  a) Building =Rs.50,000/-, Machinery = Rs.2,00,000/-, Stock = Rs.50,000/-

   2.  b) Building = Rs.60,000/-, Machinery = Rs.2,50,000/-, Stock = Rs.70,000/-

   3.  c) Building = Rs.25,000/-, Machinery = Rs.2,50,000/-, Stock = Rs.60,000/-

   4.  d) Building = Rs.70,000/-, Machinery = Rs.1,50,000/-, Stock = Rs.80,000/-

Que. 2 : Q2) As per Condition 6 of the fire insurance policy, the insured shall with_______________after the loss, submit a claim in writing for the loss.

   1.  a) 3 days

   2.  b) 7 days

   3.  c) 10 days

   4.  d) 15 days

Que. 3 : Q3) The assessment of ________ on a building is sometimes more difficult than the assessment of a total loss, because of disagreements over both the extent of the repairs and their cost.

   1.  a) Partial loss

   2.  b) Deterioration

   3.  c) Reconstruction

   4.  d) None of these

Que. 4 : Q4) Under which condition, the insurers have a right to enter and keep possession of the insured premises where there is a loss?

   1.  a) Condition 6

   2.  b) Condition 7

   3.  c) Condition 8

   4.  d) Condition 9

Que. 5 : Q5) Which of the following are rules of construction?

   1.  a) A written document must be construed as a whole and words and phrases must not be constructed in isolation

   2.  b) If a proposal is expressly incorporated in a policy by the terms of the policy, the two should be read together

   3.  c) The intention of the parties must prevail and the intention must be ascertained from the written agreement when the writing is not clear

   4.  d) All of the above