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Your Result Mock Test 03

Result Fail

No of Questions 25
Question Attempted 25
Total Marks 25

Your Marks 11
Percentage Obtained 44%

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~ DETAILED RESULT ~

Q (1):  If computers are covered under a fire policy and in case of breakdown of the computers due to short
circuiting:-

1. a) The claim is payable in full

 (Your answer is incorrect)

2. b) The claim is payable as non st and ard

 

3. c) The claim is not payable

 (This is the correct answer)

4. d) The claim is payable on the value of the computers @ 40% depreciation p.a.
 

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Q (2):  The turnover of a business consists of

1. a) Variable charges and st anding charges

 

2. b) St and ing charges and net profit

 

3. c) Variable charges and net profit

 

4. d) Variable charges, standing charges and net profit

 (Your answer is correct)

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Q (3):  Indemnification for stocks in Fire policy is an

1. a) Invoice value
 

2. b) Market value or cost whichever is less

 (This is the correct answer)

3. c) Reinstatement value

 (Your answer is incorrect)

4. d) Book value
 

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Q (4):  Fire Insurance Policy does not cover damage to property even as add-on cover due to___________.

1. a) Floods
 

2. b) Earthquake
 

3. c) Fire
 

4. d) Bombing due to war

 (Your answer is correct)

  Explanation : The policy delivers cover against any kind of damage caused due to a fire-related accident; however,
it does not cover for damages or destruction caused to the property insured by own natural heating, fermentation,
spontaneous combustion.

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Q (5):  For a single owner which is not true in respect of partial insurance under Fire policy?

1. a) Sum Insured of Plinth and; foundation of a building can be excluded for Earthquake peril.
 (Your answer is

incorrect)

2. b) Sum Insured of Plinth and foundation of a building can be excluded for Fire perils
 

3. c) Sum Insured of Boilers can be excluded from the total Sum Insured.
 

4. d) Both a and c

 (This is the correct answer)

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Q (6):  In case of Fire and Accident Insurance, Insurable interest must exist

1. a) At the time of loss only

 (Your answer is incorrect)

2. b) At inception of insurance only

 

3. c) Both at inception of insurance and at the time of loss

 (This is the correct answer)

4. d) No insurable interest is required

 

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Q (7):  Worldwide which was the first class ofGproperty insured under fire insurance
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1. a) Residential buildings
 (Your answer is correct)

2. b) Factories
 

3. c) Ports
 

4. d) Small Scale Industries

 

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Q (8):  Rate for terrorism cover indemnity limit beyond 1000 crs are driven by

1. a) Fire tariff

 (Your answer is incorrect)

2. b) General Insurance council of India

 

3. c) Re-Insurance
 (This is the correct answer)

4. d) TAC
 

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Q (9):  Declaration policy for Fire is given for

1. a) Seasonal fluctuating stocks

 (Your answer is correct)

2. b) Building
 

3. c) Property in course of construction

 

4. d) Industrial locations
 

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Q (10):  The subject matter of Fire Insurance needs to be clearly specified so that

1. a) There is no ambiguity in the subject matter of insurance

 (Your answer is incorrect)

2. b) Rates are correctly charged

 (This is the correct answer)

3. c) Exclusions of policy are applicable

 

4. d) None of above
 

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Q (11):  Minimum and maximum policy period under long term policy for dwelling is

1. a) 2 year and 15 years

 

2. b) 5 year and 10 years

 

3. c) 3 year and 10 years and above

 (This is the correct answer)

4. d) 1 year and 10 years

 (Your answer is incorrect)

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Q (12):  The peril of fire in a fire policy does not include damage caused by

1. a) Earthquake following fire

 

2. b) Only smoke damage

 (This is the correct answer)

3. c) Damage caused by use of water to extinguish fire

 

4. d) Theft/ robbery following fire

 (Your answer is incorrect)

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Q (13):  Q13) Value of foundation and plinth if not included in Sum Insured will render a building claim due to
fire

1. a) payable in full

 (This is the correct answer)

2. b) payable after application of average

 (Your answer is incorrect)

3. c) payable in full after collection of extra premium

 

4. d) payable as non-standard
 

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Q (14):  The fire insurance policy in India does not provide for compensation for losses arising out of

1. a) Theft
 (Your answer is correct)

2. b) aircraft damage
 

3. c) implosion or explosion
 

4. d) lightning
 

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Q (15):  Implosion in fire insurance means

1. a) Inward burst

 (Your answer is correct)

2. b) Sudden burst with loud report

 

3. c) Damage caused by corrosion

 

4. d) Damage caused by tempest

 

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Q (16):  The Total Sum Insured in Petrochemical Tariff in a single complex/compound should exceed

1. a) Rs100 Cr
 (Your answer is incorrect)

2. b) Rs200 Cr
 

3. c) Rs50 Cr
 (This is the correct answer)

4. d) Rs250 Cr
 

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Q (17):  Minimum SI for floater declaration policy

1. a) Rs.5 Crores
 

2. b) Rs.10 Crores
 

3. c) Rs.15 Crores
 

4. d) Rs. 2 Crores

 (Your answer is correct)

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Q (18):  The Industrial All Risks Policy covers compulsory as well as optional covers / perils. Listed below are
some compulsory covers / perils. List the odd one (optional cover / peril) out.

1. a) Fire and All Special Perils

 

2. b) Machinery Loss of Profit Cover

 (Your answer is correct)

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3. c) Electronic Equipment Insurance
 

4. d) Burglary (free)
 

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Q (19):  Which of the following statements is true ? 1. Terrorism is included in Riot, Strike and Malicious
Damage. 2. Terrorism is a separate cover at extra premium without Riot, Strike and Malicious Damage

1. a) 1 is true
 

2. b) 2 is true
 (Your answer is correct)

3. c) Both are true

 

4. d) Both are false

 

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Q (20):  Earthquake zones are based on

1. a) claims reported from which EQ hit areas

 

2. b) based on past claim experience

 (Your answer is incorrect)

3. c) seismic zone as per geographical division

 (This is the correct answer)

4. d) none of the above

 

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Q (21):  If a policy is cancelled at the option of insured

1. a) Premium adjustment is made on pro-rata basis

 (Your answer is incorrect)

2. b) Premium cannot be refunded

 

3. c) Premium adjustment is made on short period basis

 (This is the correct answer)

4. d) Policy cannot be cancelled by the insured

 

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Q (22):  Loss due to normal cracks appearing on account of subsidence on part of the site on which the
building stand s
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1. a) Fire policy will cover the loss without any extension
 

2. b) Claim is payable on repair basis

 (Your answer is incorrect)

3. c) Claim is not payable

 (This is the correct answer)

4. d) Fire policy would have covered the claim had an extension been taken.
 

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Q (23):  Extension to cover customer premises means

1. a) supplier premises

 (Your answer is incorrect)

2. b) Customer not able to take delivery of goods manufactured by insured

 (This is the correct answer)

3. c) suppliers who is not able to supply the good required by the Insured
 

4. d) none of the above

 

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Q (24):  FIRE INSURANCE for a period exceeding 12 months cannot be issued except

1. a) DWELLING
 (Your answer is correct)

2. b) GODOWN and WAREHOUSES

 

3. c) SHOPS
 

4. d) OFFICE - PREMISES
 

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Q (25):  Co-Insurance in Fire Policies pertain to

1. a) S.I. distributed over no. of locations

 

2. b) Policy shared amongst various insurers

 (Your answer is correct)

3. c) Double insurance
 

4. d) Insured Opting for an higher excess

 

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