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Category: IC74 LIABILITY INSURANCE – 15

IC74 LIABILITY INSURANCE – 15

Que. 1 : Q1) Under which method, firstly the loss of annual dependency amount from the deceased’s income is ascertained, out of which the amount the victim would have spent on him is deducted?

   1.  a) Nance’s method

   2.  b) Punitive damages

   3.  c) Structured settlements

   4.  d) Multiplier method

Que. 2 : Q2) According to the premium rules, in case of cancellation, Which of the following is the period in case of non-payment of premium?

   1.  a) 60 days

   2.  b) 6 days

   3.  c) 10 days

   4.  d) 16 days

Que. 3 : Q3) What means any allegation in writing made by a complaint that the i) Goods bought by him suffer from one or more defects ii) Services hired or availed of by him suffer from deficiency in any respect?

   1.  a) Report

   2.  b) Consumer dispute

   3.  c) Complaint

   4.  d) Remarks

Que. 4 : Q4) ___________ and group means the items listed out and grouped under public liability Insurance Act, 1991 and the Rules framed thereunder.

   1.  a) Accident

   2.  b) Hazardous substance

   3.  c) Act

   4.  d) Handling

Que. 5 : Q5) Which of the following is correct about Breach of contract?

   1.  a) Duty-Arises from law

   2.  b) Application of duty – All members of the society

   3.  c) Connection between parties required- Yes

   4.  d) Law for determination of damages – Reasonable foreseebility