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Category: IC74 LIABILITY INSURANCE – 03

IC74 LIABILITY INSURANCE – 03

Que. 1 : Q1) The premium rates of a professional liability policy for an individual are charged on the basis of______________.

   1.  a) Annual fees/turnover

   2.  b) Annual indemnity limit

   3.  c) Number of clients

   4.  d) Number of years of experience

Que. 2 : Q2) Which of the following is correct with regards to the premium calculation under the employee’s liability insurance policy?

   1.  a) The premium rates are to be calculated based on the age of the employees

   2.  b) The premium rates are to be calculated on the number of the employees

   3.  c) The premium rates are to be calculated based on the total earning of the employees

   4.  d) The premium rates are to be calculated based on the health status of the employees

Que. 3 : Q3) What is the right of an insurer who has paid a loss under a policy to recover a proportionate amount of the loss from other insurers who are also liable for the loss?

   1.  a) Utmost good faith

   2.  b) Insurable interest

   3.  c) Contribution

   4.  d) Subrogation

Que. 4 : Q4) What means any tangible property after it has left the custody or control of the insured, which has been designed, specified, formulated, constructed ?

   1.  a) Property

   2.  b) Pollution

   3.  c) Injury

   4.  d) Product

Que. 5 : Q5) Who refers to the occupier’s duty towards them is to keep the property in a good state of repair and this duty also extends to take care against what may happen beyond the property limits where a person may be lawfully passing?

   1.  a) Children

   2.  b) Licensee

   3.  c) Passers-by

   4.  d) Trespassers