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Category: IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 08

IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 08

Que. 1 : Q1) Which of the following must occur before a loss under consequential loss (fire) policy becomes payable.

   1.  a) Insured peril must occur

   2.  b) Property damaged by the insured peril

   3.  c) Insureds business is interrupted

   4.  d) All of the above

Que. 2 : Q2) Which of the following method of wages insurance has the feature of ‘carry over provision’?

   1.  a) Insurance for full indemnity period

   2.  b) Annual method

   3.  c) Period basis

   4.  d) Dual basis of insurance

Que. 3 : Q3) Which of the statements is True or false under fire insurance? (1) Escalation clause applies to building and machinery only. (2) Escalation clause applies to fluctuating stocks.

   1.  a) Statement 1 is True

   2.  b) Statement 2 is True

   3.  c) Both are true

   4.  d) Both are false

Que. 4 : Q4) All insurance under Fire Policy ceases on expiry of how many days from the date of fall or displacement of any building

   1.  a) 30 days

   2.  b) 45 days

   3.  c) 15 days

   4.  d) None of the above

Que. 5 : Q5) Fire at Supplier’s Premises can be a part of

   1.  a) A Material Damage Fire Policy

   2.  b) An LOP policy

   3.  c) Is a stand alone policy

   4.  d) Has no relevance