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EXAM RESULT FOR ENGLISH CHAPTER MOCK TEST 23

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Que. 1 :__________ is the maximum limit of liability of insurer under the policy

Premium

Sum insured

Surrender value

Amount of loss

Que. 2 :_______________ is the consideration or price paid by insured under a contract

Claim amount

Premium

Surrender value

Maturity amount

Que. 3 :A document which provides an evidence of contract of insurance is called________

Cover note

Endorsement

Policy

Certificate of insurance

Que. 4 :The duty of disclosure arises

Prior to inception and continues during the policy

Prior to inception of the policy

After inception of the policy

There is no such duty

Que. 5 :Material fact

Is the value of all material covered in a policy

Is important as it influences the decision of the underwriter

Not important for assessing the risk

Is not important as it has no bearing on the decision of the underwrite

Que. 6 :Fire proposal seeks to know

Process of manufacture

Construction of building

Details of material stored

All of the above

Que. 7 :Premium cannot be received

In cash

By promissory note

By cheque
 By credit card

Que. 8 :The certificate of Motor Insurance

Is not mandatory

Has to be kept with self always

Has to be kept in the car always

Has to be kept in the bank locker

Que. 9 :A warranty

Is a condition expressly stated in the policy

Has to be complied with

Both of the above

None of the above

Que. 10 :Renewal Notice for Motor insurance is issued by

The Insurer before expiry of the policy

The Insurer after expiry of the policy

The Insured after expiry of the policy

The Insured before expiry of the policy

Que. 11 :What is the significance of the principle of contribution?

It ensures that multiple insurers covering the same subject matter; come together and contribute the claim amount in proportion to their exposure to the subject matter

It ensures that the premium is contributed by the insured in equal installments over the year.

It ensures that all the insured who are a part of the pool, contribute to the claim made by a participant of the pool, in the proportion of the premium paid by them

It ensures that the insured also contributes a certain portion of the claim along with the insurer

Que. 12 :As per guidelines, an insurance company has to process an insurance proposal within __________.

7 days

15 days

30 days

45 days

Que. 13 :In case the premium payment is made by cheque, then which of the below statement will hold true?

The risk may be assumed on the date on which the cheque is posted

The risk may be assumed on the date on which the cheque is deposited by the insurance company

The risk may be assumed on the date on which the cheque is received by the insurance company

The risk may be assumed on the date on which the cheque is issued by the proposer

Que. 14 :Which of the below statement is true with regards to cover notes?

Cover notes are predominantly used in life insurance

Cover notes are predominantly used in all classes of general insurance

Cover notes are predominantly used in health insurance

Cover notes are predominantly used in marine and motor classes of general insurance

Que. 15 :Which of the below statement is correct with regards to a warranty?

A warranty is a condition which is implied without being stated in the policy

A warranty is a condition expressly stated in the policy and communicated to the insured separately and not as part of the policy document

A warranty is a condition expressly stated in the policy

If a warranty is breached, the claim can still be paid if it is not material to the risk

Que. 16 :If certain terms and conditions of the policy need to be modified at the time of issuance, it is done by setting out the amendments through __________.

Endorsement

Warranty

Alteration

Modifications are not possible

Que. 17 :Which of the below statement is correct with regards to renewal notice?

As per regulations there is no legal obligation on insurers to send a renewal notice to insured before the expiry of the policy
 As per regulations there is a legal obligation on insurers to send a renewal notice to insured, 30 days before the expiry of the policy

As per regulations there is a legal obligation on insurers to send a renewal notice to insured, 15 days before the expiry of the policy

As per regulations there is a legal obligation on insurers to send a renewal notice to insured, 7 days before the expiry of the policy

Que. 18 :Prposal form is to be filled up by the __________________

Proposer

Insured

Insurer

Agent

Que. 19 :“Proposal form” is to be filled in by the proposer for insurance, for furnishing all material information required by the insurer in respect of a risk, in order to enable
the insurer to decide:

Whether to accept or decline

In the event of acceptance of the risk, to determine the rates, terms and conditions of a cover to be granted

Both of the above

None of the above

Que. 20 :___________________ are important, essential and relevant information for underwriting of the risk to be covered by the insurer.

Policy document

Material Fact

Risk

FPR

Que. 21 :Material facts are the facts connected with the subject matter of insurance which may influence an insurer’s decision in the following:

Accepting or not accepting a risk for insurance

Fixing the amount of premium to be charged

Including special provisions in the contract about the conditions under which the risk would be covered and how a loss would be payable.

All of the above

Que. 22 :Which of the below is a element of proposal form?

Proposer’s name in full

Proposer’s address and contact details

Proposer’s profession, occupation or business

All of the above

Que. 23 :Which of the below is a element of proposal form?

Details and identity of the subject matter of insurance

Sum insured

Previous and present insurance

All of the above

Que. 24 :Most of the non-life insurance policies are insured on _______________ basis.

Annual

Monthly

Weekly

All of the above

Que. 25 :Policy wordings are understood and interpreted as per the following rule:

An express condition overrides an implied condition except where there is inconsistency in doing so.

In the event of a contradiction in terms between the standard printed policy form and the typed or handwritten parts, the typed or handwritten part is deemed to express the intention of

the parties in the particular contract, and their meaning will overrule those of the original printed words.

If an endorsement contradicts other parts of the contract the meaning of the endorsement will prevail as it is the later document.

All of the above

Que. 26 :Policy wordings are understood and interpreted as per the following rule:

Clauses printed or typed in the margin of the policy are to be given more importance than the wording within the body of the policy.

Clauses attached or pasted to the policy override both marginal clauses and the clauses in the body of the policy.

Clauses in italics over-ride the ordinary printed wording where they are inconsistent.
 All of the above

Que. 27 :Printed wording is over-ridden by typewritten wording or wordings impressed by an inked rubber stamp.

Handwriting takes precedence over typed or impressed wording.

Finally, the ordinary rules of grammar and punctuation are applied if there is any ambiguity or lack of clarity.

None of the above

All of the above

Que. 28 :Endorsements normally required under a policy related to:

Variations /changes in sum insured

Change of insurable interest by way of sale, mortgage, etc.

Extension of insurance to cover additional perils / extension of policy period

All of the above

Que. 29 :Endorsements normally required under a policy related to:

Change in risk, e.g. change of construction, or occupancy of the building in fire insurance

Transfer of property to another location

Cancellation of insurance

All of the above

Que. 30 :Endorsements normally required under a policy related to:

Change in name or address etc.

Change of insurable interest by way of sale, mortgage, etc.

Extension of insurance to cover additional perils / extension of policy period

All of the above

Que. 31 :Which of the below is a element of a General Insurance Policy document?

The name(s) and address(es) of the insured and any other person having insurable interest in the subject matter

Full description of the property or interest insured

The location/s of the property or interest insured under the policy and where appropriate, with respective insured values

All of the above

Que. 32 :Which of the below is a element of a General Insurance Policy document?

Period of insurance

The location/s of the property or interest insured under the policy and where appropriate, with respective insured values

Sum insured

All of the above

Que. 33 :Which of the below is a element of a General Insurance Policy document?

Perils covered and exclusions

Any excess / deductible applicable

Premium payable and where the premium is provisional subject to adjustment, the basis of adjustment of premium

All of the above

Que. 34 :Which of the below is a element of a General Insurance Policy document?

Policy terms, conditions and warranties

Premium payable and where the premium is provisional subject to adjustment, the basis of adjustment of premium

Action to be taken by the insured upon occurrence of a contingency likely to give rise to a claim under the policy;

All of the above

Que. 35 :Which of the below is a element of a General Insurance Policy document?

Action to be taken by the insured upon occurrence of a contingency likely to give rise to a claim under the policy

The obligations of the insured in relation to the subject-matter of insurance upon occurrence of an event giving rise to a claim and the rights of the insurer in the circumstances

Any special conditions

All of the above

Que. 36 :Which of the below is a element of a General Insurance Policy document?

 Provision for cancellation of the policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of the insured

Action to be taken by the insured upon occurrence of a contingency likely to give rise to a claim under the policy

He address of the insurer to which all communications in respect of the policy should be sent

All of the above

Que. 37 :Which of the below is a element of a General Insurance Policy document?

The details of the riders if any

Provision for cancellation of the policy on grounds of misrepresentation, fraud, non-disclosure of material facts or non-cooperation of the insured

Details of grievance redressal mechanism and address of ombudsman

All of the above

Que. 38 :Policy cover cannot be used for:

Hire or reward

Carriage of goods (other than personal luggage)

Organised racing

All of the above

Que. 39 :Policy cover cannot be used for:

Race making

Speed testing

Reliability Trials

All of the above

Que. 40 :Policy cover cannot be used for:

Any purpose in connection with Motor Trade.

Carriage of goods (other than personal luggage)

Organised racing

All of the above

Que. 41 :Which of the below is a content of a Motor Insurance Cover Note?

Registration mark and number, or description of the vehicles insured / cubic capacity / carrying capacity / make / year of manufacture, engine number, chassis number

Name and address of the insured

Effective date and time of commencement of insurance for the purpose of the Act. Time……, Date……

All of the above

Que. 42 :Which of the below is a content of a Motor Insurance Cover Note?

Date of expiry of insurance

Persons or classes of persons entitled to drive

Limitations as to use

All of the above

Que. 43 :Which of the below is a content of a Marine Insurance Cover Note?

Marine Cover Note Number

Date of issue

Name of the insured and valid upto

All of the above

Que. 44 :A cover note would incorporate the following:

Name and address of insured

Sum insured

Period of insurance

All of the above

Que. 45 :A cover note would incorporate the following:

Risk covered

Rate and premium: if rate is not known, the provisional premium

Description of the risk covered: for example a fire cover note would indicate identification particulars of the building, its construction and occupancy.
 All of the above

Que. 46 :Which of the below is a method of paying premium?

Cash

Any recognised banking negotiable instrument such as cheques, demand drafts, pay order, banker’s cheques drawn on any schedule bank in India

Postal money order

All of the above

Que. 47 :A proposal form gives which of the following information?

Details of the insured

Details of the physical features both positive and negative - including type and quality of construction, age, presence of firefighting equipment’s, the type of security etc.

Type of cover required

All of the above

Que. 48 :Which of the below is a element of a proposal form?

Proposer’s name in full

Proposer’s address and contact details

Proposer’s profession, occupation or business

All of the above

Que. 49 :Which of the below is a element of a proposal form?

Details and identity of the subject matter of insurance

Sum insured

Previous and present insurance

All of the above

Que. 50 :Which of the below is a element of a proposal form?

Loss experience

Sum insured

Declaration by insured

✔ All of the above

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