IC56 FIRE INSURANCE CLAIMS – 06

Q1.Manoj had taken a fire insurance policy for his shop with a sum insured of Rs. 6,00,000. There was a fire shop and there was a loss of Rs. 5,00,000. The surveyor in his investigation found out that the value of the shop was worth Rs. 7,00,000. How many claims will be paid to Manoj?
 

 a) Rs. 5,00,000

 

 b) Rs. 4,28,571

 

 c) Rs. 5,28,571

 

 d) Rs. 3,28,571

 

Q2.The consumer Forum Act was enacted in ____.
 

 a) 1978

 

 b) 1986

 

 c) 1995

 

 d) 1999

 

Q3.Salvage may be sold at a ___ to a buyer who offers a satisfactory price and it is sold to the highest bidder after giving all interested buyers the opportunity of examining it and giving their offers.
 

 a) Private sale

 

 b) Sale by Tender

 

 c) Through the Insured

 

 d) By public opinion

 

Q4. The question of valuation, for indemnity purposes, of ____ which are destroyed whilst they are still upon the manufacturer’s premises and whilst they are still the property of the manufacturer is beset with several difficulties.
 

 a) Finished goods

 

 b) Stock-in-purchases

 

 c) Raw materials

 

 d) None of these

 

Q5.What is mean by if the peril need not be the immediately preceding cause of the damage; but it must be established that the loss in connection with the peril by a chain of events leading naturally and in the ordinary course of events, from one to the other?
 

 a) Insured perils

 

 b) Excluded perils

 

 c) Both of the above

 

 d) None of these

 

Q6.Missile testing operations are conducted by whom?
 

 a) IRDA

 

 b) RBI

 

 c) Government of India

 

 d) SEBI

Q7.This peril is included so that all damage so caused, whether fire results or not, is covered because there is no specific mention of damage by ____ involving no ignition would not have been covered.
 

 a) Fire

 

 b) Explosion

 

 c) Lightning

 

 d) Strike

 

Q8.Which of the following is correct about Fire policy?
 

 a) Fire policy covers only forest fire

 

 b) Fire policy covers both bush fire and Forest fire

 

 c) Fire policy covers bush fire but excludes forest fire

 

 d) None of these

 

Q9.Proofs and information as may reasonably required by or on behalf of the company have to be submitted. Say whether True or False.
 

 a) True

 

 b) False

 

Q10.Calculate the amount payable for the following?
 

 a) Building = Rs.50,000/-, Machinery = Rs.2,00,000/-, Stock = Rs.50,000/-

 

 b) Building = Rs.1,00,000/-, Machinery = Rs.2,50,000/-, Stock = Rs.60,000/-

 

 c) Building = Rs.60,000/-, Machinery = Rs.1,00,000/-, Stock = Rs.55,000/-

 

 d) Building = Rs.70,000/-, Machinery = Rs.1,00,000/-, Stock = Rs.60,000/-

 

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