Que. 1 : Q1) What do ‘Reserves’ refer to in insurance accounting ?
1. a) Estimate for future liabilities
2. b) Funds for future expansions
3. c) Funds available for investments
4. d) Invested funds
Que. 2 : Q2) Which of the below statement is correct with regards to a householders insurance policy?
1. a) A named peril policy may be purchased as a less expensive alternative to a comprehensive coverage policy that tends to offer coverage to most perils.
2. b) A comprehensive policy that tends to offer coverage to most perils; may be purchased as a less expensive alternative to a named peril policy.
3. c) A named peril policy or comprehensive policy comes at the same price.
4. d) With regards to a householders policy, only a named peril policy can be bought and comprehensive policies are not available.
Que. 3 : Q3) The natural peril covered under a standard ﬁre policy is ________.
1. a) Storm
2. b) Riot & strike
3. c) Malicious damage
4. d) Aircraft damage
Que. 4 : Q4) A man insures his property for Rs.500000. The Actual value of the property is Rs.750000. There is loss of Rs.100000. How much will the insurer pay?
1. a) Rs, 100000
2. b) Rs, 500000
3. c) Rs, 83000
4. d) Rs, 67000
Que. 5 : Q5) Which clauses are used for export import policies ?
1. a) London cargo clauses
2. b) American cargo clauses
3. c) East Indian cargo clauses
4. d) Institute cargo clauses