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Category: IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 16

IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 16

Que. 1 : Q1) With regards to burning intensity, ‘metal goods and hardware’ will be classified under which of the below category?

   1.  a) Burn instantly

   2.  b) Burn with great intensity

   3.  c) Burn moderately

   4.  d) Incombustible or burn very slowly

Que. 2 : Q2) Average clause becomes applicable when

   1.  a) Sum insured is lower than the value of risk at the time of loss

   2.  b) Properties insured situated at more than one location

   3.  c) Insured is a partnership firm and they prefer to accept claim in the proportion of value of amount invested by each one of them

   4.  d) None of the above

Que. 3 : Q3) If the building insured or containing the insured property becomes unoccupied and so remains for a period of more than how many days, that the insurance ceases to attach, unless sanction is obtained by the insured from the Insurer

   1.  a) 30 days

   2.  b) 7 days

   3.  c) 60 days

   4.  d) None of the above

Que. 4 : Q4) Reinstatement value policy can be given to

   1.  a) Stocks

   2.  b) Bldg. , Plant & Machinery

   3.  c) Stock in Process

   4.  d) All the above

Que. 5 : Q5) A trader has stocks stored in more than one warehouse. If he wants to insure the stocks, which policy is suitable for him?

   1.  a) Key man insurance policy

   2.  b) Floater policy

   3.  c) Declaration policy

   4.  d) All Risk policy