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Category: IC74 LIABILITY INSURANCE – 04

IC74 LIABILITY INSURANCE – 04

Que. 1 : Q1) What is the primary functions of the law of tort?

   1.  a) To punish the wrongdoer by fine and/or imprisonment

   2.  b) To take an an action for civil cause

   3.  c) To regulated actions and behavior of society

   4.  d) To compensate the injured

Que. 2 : Q2) Which policy coverage is on the lines of an errors and omissions policy to cover liabilities arising out of hacking email frauds, web developing, website maintenance and E-commerce?

   1.  a) Stockbrokers liability

   2.  b) Cybercrime liability

   3.  c) Pollution policy

   4.  d) Market policies

Que. 3 : Q3) Which clause is deliberate, wilful or intentional non-compliance of any statutory provision. Therefore, if insurance coverage is provided for such liability, it would be contrary to public policy and against public interest?

   1.  a) Clause 8.3

   2.  b) Clause 8.4

   3.  c) Clause 8.5

   4.  d) Clause 8.6

Que. 4 : Q4) Which condition requires the Insured to keep accurate record of the annual turnover, and at renewal, declare details of the same, if required by the company?

   1.  a) Clause 9.5

   2.  b) Clause 9.6

   3.  c) Clause 9.7

   4.  d) Clause 9.8

Que. 5 : Q5) Liability insurances are usually protected by __________ although proportional methods of reinsurance may also be resorted to according to the needs.

   1.  a) Surplus treaty

   2.  b) Stop loss treaty

   3.  c) Excess of loss treaty  

   4.  d) Quota share treaty