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Category: IC74 LIABILITY INSURANCE – 09

IC74 LIABILITY INSURANCE – 09

Que. 1 : Q1) Under the provisions of the employee’s compensation Act,2009, how much is the minimum amount payable on the death of an employee while performing his duties?

   1.  a) Rs.100000

   2.  b) Rs.120000

   3.  c) Rs.140000

   4.  d) Rs.160000

Que. 2 : Q2) The amount of claim payable is also subject to limits under:

   1.  a) Indemnity rules

   2.  b) Voluntary/compulsory excess

   3.  c) Amount claimed

   4.  d) Regulatory limits

Que. 3 : Q3) No liability will attach to the policy if the claim is fraudulent or insurance has been continues in consequence of material misstatement. Say whether True or False.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 4 : Q4) Provision for IBNR is determined on a portfolios basis with the input from actuaries and would form part of the rating. Which of the following factors are generally taken into account?

   1.  a) Changes in the social environment

   2.  b) Development in the technology

   3.  c) Change in the trade practices

   4.  d) All of the above

Que. 5 : Q5) Liability underwriter is required to be quite familiar with the _________ associated with any proposal in addition to the evaluation of physical risk.

   1.  a) Legal risk evaluation

   2.  b) Physical risk evaluation

   3.  

   4.