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Category: IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 18

IC57 FIRE AND CONSEQUENTIAL LOSS INSURANCE – 18

Que. 1 : Q1) Consequential Loss (Fire Policy) covers:

   1.  a) Loss of profit due to damage to factory

   2.  b) Loss of Goodwill

   3.  c) Material wear & tear in machinery

   4.  d) Losses due to foreign exchange fluctuations

Que. 2 : Q2) To constitute FIRE, number of elements required

   1.  a) Two

   2.  b) Three

   3.  c) Four

   4.  d) Five

Que. 3 : Q3) Which of the following is covered under RSMD peril?

   1.  a) Total or partial stoppage of work

   2.  b) Loss of rights of possession of buildings and machinery

   3.  c) Visible physical damage by external violent means

   4.  d) None of the above

Que. 4 : Q4) It is not the duty of the insured in the event of a claim under a fire policy to

   1.  a) Save as much as possible of the insured property

   2.  b) Take all reasonable steps to extinguish the fire

   3.  c) Shift the operations immediately

   4.  d) Diminish their loss

Que. 5 : Q5) The silent risk rate would not be charged if the following is more than the silent rate

   1.  a) Manufacturing rate

   2.  b) Storage rate

   3.  c) Earthquake rate

   4.  d) In any case silent rate would only be charged