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Category: IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 11

IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 11

Que. 1 : Q1) In which of the following is not applicable in a RIV policy

   1.  a) Designation of property

   2.  b) Under insurance

   3.  c) Depreciation

   4.  d) Salvage value

Que. 2 : Q2) What is meant by “Per Se” rating?

   1.  a) “Per Se” rating means cover for each risk shall commence 15 days after the receipt of premium.

   2 b) “Per Se” rating means premium rates shall be charged on short period scale on full sum insured for the balance period i.e., up to the expiry of the policy.

 3.  c) “Per Se” rating means cover shall be granted for the entire property under one or more policies.

   4 d) “Per Se” rating means each risk will be charged as its own merits at applicable rate of premium.

Que. 3 : Q3) Which of the following are standing charges?

   1.  a) Insurance premiums

   2.  b) Rent

   3.  c) Interest on loans from banks

   4.  d) All of the above

Que. 4 : Q4) Which of the following is true under Re-instatement value policies?

   1.  a) The replacement / Reinstatement need not be carried out

   2.  b) The replacement / Reinstatement shall be completed within 12 months

   3.  c) The insured need not intimate his intension to do the replacement / Reinstatement

   4.  d) All the above

Que. 5 : Q5) Grouting charges are covered under special peril of Earthquake

   1.  a) as part of sum insured if included

   2.  b) as loss minimization expenses

   3.  c) can not be covered under (a)  & (b)

  4.  d) can be covered under extension as add-on