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Category: IC74 LIABILITY INSURANCE – 17

IC74 LIABILITY INSURANCE – 17

Que. 1 : Q1) Under Which clause, the exclusion relates to war and invasion risks which are not regarded as insurable risk under normal commercial insurance policies?

   1.  a) Clause 8.7

   2.  b) Clause 8.9

   3.  c) Clause 8.12

   4.  d) Clause 8.15

Que. 2 : Q2) What means service of any description which is made available to potential users and includes the provision of facilities in connection with banking, processing, housing constructions etc?

   1.  a) Sales

   2.  b) Services

   3.  c) Goods

   4.  d) None of these

Que. 3 : Q3) According to the cancellation condition clause, the policy can be cancelled any time by either of the party by giving a written notice of___________

   1.  a) 7 days

   2.  b) 14 days

   3.  c) 21 days

   4.  d) 30 days

Que. 4 : Q4) An injured party who is not a party to the contract may have a claim against the seller the claim will have to be based on which of the following?

   1.  a) Guarantee give by the seller

   2.  b) Negligence

   3.  c) Breach of condition

   4.  d) Breach of warranty

Que. 5 : Q5) Which is a payment of compensation for damages in installments rather than in a lump sum, and has now become a common feature of liability claims in the U.S.A and the U.K.?

   1.  a) Structured settlements

   2.  b) Punitive damages

   3.  c) Nance’s method

   4.  d) Multiplier method