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    13 views100 pages

    S01-Questions 100

    Uploaded by

    Mayur Mukaty

    Copyright:

    © All Rights Reserved
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    of 100
    How the difference, between Revenue and Expenses, should be treated by the insurance companies? / eran tee 6 Ate kere, ar oe re ae ToT RE? (#9) is included in the Profit st 3 fe © Repastote shareholders inthe form of dividends. geen: 013 Serer pra Fear oat 1 (©). itis retumed to policyholders./ xi wtetterent wt ater Fear arr (0) tis held in reserve to cover claim costs. a erat era ae ae Fey Pea HF cea ara A (©). None of the A, B, C and O./ 1, af, ot ite ot # at are st ret Your Answer ‘SKIPPED Corect Answer / Description D; Explanation:- It is correct. rE wat €1 Identity the incorrect statement in respect of Insurable Interest in property insurance, /vaf® tar Btn te Fe eet it ore rae ETA The interest of the morigagee Is limited tothe amount of outstanding atthe time of loss. /a=rerTé (Rt eer sat Fret cet rf eea ee ce ar ce A Ae (©) Insurable Interest may also arse out of joint ownership, eq eaten oft ara frets Agreed Bank Clause provides that the claim under the policy is paid to the Bank and receipt of the (©) Bank shall be binding on all parties insured rite em wert rg err rer & Fee hereto ger Sew Re are & ae sak et Ba re rE 1) A Bailee can take insurance on goods held in his possession. / tr saTerzre (aT we aT ITT OF gn elt art rt Bae (©) Partial interest in a property isnot insurable. wa: a Hits Fre Ato Star Your Answer ‘SKIPPED w Correct Answer / Description ; Explanation: - Option € fs incorrect. Partial interest in a property is insurable. Fro E array Ptaft abr fe Aer tren Eiri a ‘To manage the risks, which of the following method is referred to insurance? /sitfanit er ert ae 7 or, ter 1 ra ft tte ery rer 2 (©) Transfer, earaiarcen (©). Prevention) amar (© Avoidance. / sraT-rfn (©). Retention, / ¥eruremt (©. Reduction. waft Your Anse SKIPPED Correct Answer / Description: AA; Explanation: In this method risk is transferred to insurance company. (a taf i sfary, Ata axel Bt wetter Fear ore ein ‘Which of the following statement is conrect? / frerferférer # & iter ar wera wet 27. (Fire insurance can prevent the occurrence of Fire/ aft ter aft wear A AT a1 op, Insurance can compensate economic and non-economic losses tar afte se te. safte ar © rang re ere 8 (©). Love and affection are the examples of Economic losses./ mre ate ae sifite quate % erect Bi “The impact of the Fire can be reduced by installing Smoke-Detectors and Fire Extinguisher ait ‘Aree ate afters ta earfia e are vara a oH AT aT THAT a © Allof the A, B, C and D. ffi, Ai, at ate fi Your answer: SKIPPED Correct Anewer/ Description ; Explanation:-It is correct. All other options are incorrect. Explanation not required. / 7% wit 81 7 ant fewer ert entree AY arent sé Bh Which of the following is not a Insurance Repository?) feferfire it it star arr ter Peet PzFt aft 8 (*) Mls NSDL Database Management Limited/ re cereréteer eerie ite FARR (®). Mls Central Insurance Repository Limited. fer atza titer Penffarett Patz (©) Mis tnsurance Information Bureau, / ar star art 71 (0) Mis SHCIL Projects Limited./ tare crater sive FAAREC (©) Mis Karvy Insurance Repository, fae mrt etter Piaf ‘Your Answer SKIPPED Correct Answer /Deserition: ; Explanation:- Insurance Information Bureau collects Data and Statistics from all the insurance companies. ter awn pet rit Ate oui a Ber ate aif eT eA BI Eine ‘As per Companies’ Act, 2013, which of the following is included in Net-Worth of a company? / ft xf, 2013 ore, ere er ret ee een 1. Paid-up sharo capital. dee ohh 2. Reserves created out ofthe profit. eri eer wera ara 3, Reserves created out of Revaluation of assets, /wfsinFrat prorer eae ay ea? \) Allof the 1, 2 and 3/4, 2 ate 3. aft (©) Only 4 and 2. (eer tte 21 (©. Only 2 and 3. (0) Only 4 and 3. (©) None of the 1, 2 and 3. 1, 2ite 3 i aint sf ont Your Anse SKIPPED Correct Answer / Description 8; Explanation:- 1 and 2 are included but 3 is not included.? 1 ate 2 erfie , efit 3 enfier at th Which of the following statement is incorract?/ Frater it er ar aru ae 87 Insurance Companies’ revenue comes from interest and dividends on investments / tir taftrit =r -erareen ara BY rere & atte Fear re errata Ae The difference between revenue and expense is treated as profit. ere site ar afte street aT writ arr orn th w, ®, Expenses for the insurance company include payment of claims, salary and commission./ ta wv % ait crt, ee atte tera er re ene Insurance Companies’ revenue comes from Premiums, paid by Insured. er vou wr etre tard) saver egret Fb, ay tere rer (©) None of the A, B, G and ©. 4, ft ae 3 A AN at ol Your Anse SKIPPED Correct Answer / Description: BB; Explanation: It is incorrect, Its not treated as profit as the money is held as reserve to moet the claims for policies which are still in force. / @t errr ¥ wr Ht aft rer severe atAS err ser enfeNARre erat A eH Re career ear see # AY oA Ara } ©, Ma ‘Solatium Fund is used to pay the claims of Third Parties in Hit & Run cases, The fund is contributed by 1 enon rt te er et eee wo wee et Fr oe oe er ert are eT 1, Central Government. / a arewre! 2, State Government, 7194 ENTE 3. Goneral Insurors,/ wre Alara 4. Life Insurers, / fat starerat ) All of the 1, 2, Sand 4/1, 2, 3.ite4 aft, (8). Only 1, 3 and 4./ Wat 1, 3 vfte 41 (©) Only 4, 2nd 4./ rrr 4, 2 ste 41 (0) Only 4, 2nd 3, ("ae 4, 2 ste 31 (©).Only and 2. te 4 are 21 Your Answer SKIPPED Correct newer /Deseiption ; | Explanation: It is correct./ 44 aft @ (*). 60%, tumover. / 50%, ‘pf (©). 60%, Gross Profit 60%, arr=t-rm (© 100%, Gross profit. 100%, srr (©). 50%, Gross profit. 50%, AHe-aTaY (©), 100%, Net profit, 100%, era-are Your Answer SKIPPED Correct Answer /Deseription: C; Explanation: If indemnity period of Consequential Loss (Fire) Policy is six months, the sum-insured should be 100% of - Gross Profit. / aft fterrareer rf (oft) erfiret ver nftgf@l efiy eer eft, ir for rf arwet-arrer er 100% Beh sree SESE Sa In Reinsurance terms, the Reinsurer has the right to decide, whether they should accept the risk or not, fs known a8 aT AY ot, retaraat at ae ae e a otfiro 8 oe sR Stee worn, (*) Ceding. ( #if%r1 (©) Facultative Reinsurance. fea yeréfan (©. Retrocession "perm (2) Quota Share,/ #21 ar (©) Pool Arrangement. # ze Seer Hare ore Bh ‘Your Answer SKIPPED Correct Answer / Description B; Explanation:-It is Facultative Reinsurance where the reinsurer negotiates with each risk with Inguror ae fer greta & aret qredtarwet er eet arr eer ore % Fe are ear A Trading Account is prepared in order to ascertain Gross Profit or Loss made in the goods sold. Which of the following is kept on the Credit side of Trading Account? / ai a ei tare wee ro rf ome we er Ftc BFE ema are Fer nef FEA oe Ws eRe er re Pre i a eee re w (*) Opening Stock of finshed goods, tare sre svat ret (©) Purchases of finished goods. / ere wrest mrfarft (©) Closing Stock offiished goods. / are area (wiifta) tart ree, (©) Cost of goods manufactured. sone eat ea (©).Alof the A,B, © and D. 1, tate anf» ‘Your Answer SKIPPED Correct Answer / Description C; Explanation: Its kept on credit side. Items under option A, B and D are kept on Debit side. 7% Ife par re cere rer Pewee wh tte A skerter seem BAe er Te eT TTT Be Burglary insurance policy dows not Cover mmm FET EN AY ADT AUF annem TL weft (*) Theft of property by foreible entry into the premises, (©) Damage to insured property by burglars. /ftare it area a are auf strAt (c) Tho of property by aw full entry but forcible exit from the promises. / auf st wre wit i, bt cafere torre tere (©) Theft of property committed by law full entry on the premises. Fer re ar wer rer ata seh Loss of cash abstracted from the secured safe by the use of Key is not covered. / ft erate rer age Pn rar en re nt Fer Your Anew SKIPPED Correct Answer / Description ; Explanation: - Option Dis incorrect. Theft of property committed by law full entry on the premises is ‘an exclusion under the policy. / Fewer © sro aftere it Aer ster rer eit oft iret ete 8 akeer teas ereger © Eira Which of the following is an example of distributive expanses? / Rrefafira i fata ar freer ant ar oe ‘saree 8? (6) Warehouse rent. / tacgraa fran (©) Packing charges. / #1 ari (©). Advertising. / Fara ©) Staff salaries. (rere m1 ©. Office expanse. Jafar af Your Answer SKIPPED Correct Answer /Deserption ‘A; Explanation: Itis an example of distributive expenses. / 1g Rrreor 4-5 6 Sere Bl Sinai Protection and indemnity Associations (PA Clubs) insure Ship-owner's liability for-——. "eee ste aft ate (ft eh a era eran ne ee rr tar ——— 6 Fr, oe 1. Cargo. Jeri 2. Crew. 11 3. Damage to Ships in colision. fare # ert aT (*) Only 4 and 2.44 ate 21 (©). All of the 1, 2 and 3. /1, 2 site 3 aft (©. Only 1, and 3. rarer 1, afte 31 (0). Only 2 and 3,/ Maer 2 ate 31 (©) Only 3.44 31 Your Answer SKIPPED Correct Answer / Description: 8; Explanation: Protection and indemnity Associations (P&I Clubs) insure Ship-owner’s liability for Cargo, Crew and Damage to Ships in colision, / xterra rf ie (tt a era rei, ste eae at xi pee Fr, rere tea te eT Eira) In General Insurance, the Insured can be compensated by ———. f area dealt, ifr oaths at — rer area Pear aT awa Hh 1. Reinstatement. fy: PAV 2. Replacement. / afte 3. Repair. (c= 4, Cash payment. / 7562 rat (®) Allof the 1, 2, 3and 4/1, 2, tea anf (©). Only 1, 2 and 3, tat 1, 2 te 31 (©) Only 2 and 3.354 2 ae 31 (©) Only 4 and 3./ rae 4 ate 31 ©. Only 3.4 31 Your Answer SKIPPED Correct Answer /Deseription: A; Explanations:- in General Insurance, the Insured can be compensated by any of the 1, 2, 8 and 4. / ‘woreey teeter, fire rf er Peat oft 4, 2, 3r 4 aver para Perr oer ewe Identify the reasons for classification of risks. / atfirt anffareer ¥ srevit #t marti 1. Each class of risks will have a homogenous charactor. /atfrs Were ai arr itt 2. For proper assessment of common hazards. / ara met after are Fre 3. For reasonable forecast of future losses. / fiver eprarr We fier rer fr (*) Allof the 1, 2 and 3. (Only 1&2, (9) Only 2 and 3. (0) Only 4. (©). Only 3. ‘Your Anew SKIPPED Correct Answer / Description A; Explanation:- 1, 2.4 3 aft sitftre anffaveer % ereer fh Elmar Identify the incorrect statement. | ar eu #1 TAT ‘Motor insurers in the U.K. set up the Motor Insurers Bureau by an arrangement with Ministry of «wy Transport, to pay tied party claims where no insurance was avalable. 9%. tz Ata df coer saree a ee seme are ater deste op eet Par, Pe Ate er eh a TTT ab wet HE fort ore aT TH (©) Insurance of engines was started in 1872. | fart ter 1872 3 c= germ «The fist Indian general insurance company namely Triton Insurance Company was formed in 1850./ rec areca sorcerer boc, green tacit ft 1850 Hef gE 1 The first Indian taf for fre business was formulated in 1894. / ara sree Fy ger are afte 1994 Ht are er sar (©. None of the A, B, Cand D. ‘Your Answer SKIPPED ( « Correct Answer / Description E; Explanation: - All ofthe A, B, C and D are correct. / oft wan wet &i Einar ‘The Probability of Fire risk would depend 07 ===sssssessse, / oI aitfena i aTOTAT em 1. Nature of construction. / raft spf 2. Goods stored. | #aréta ara 3. Nature of uso. sien sept 4. Location. / ar (®) Only 4, 2nd 3. (®) Only 2, 9.and 4, (©) Only 4 and 2. (0) Allot the 4,2, 3.and 4. (©) Only 4 and 3. Your Anew SKIPPED Correct Answer / Description ©; Explanations:- The Probability of Fire risk would depend on 1, 2, 3 and 4, / sr ite 4h avrrenar ft 4,2, Slr 4 ore Pike wea we hnic Elmar In respect of transit by road only, risks detaches after expiry of from the date of arrival of the vehicle at the destination town /Weaet ew ar & reat sit, sire, sro age Haga TT FRR A manne RT A aT TT ET ITT (®) Seven days. /7 Peat (©) Ten days. / 10 Fen (©). Fifteen days. / 15 fem (©). Thirty days. / 30 Fe (©. Sixty days. / 60 fem Your Answer SKIPPED Correct Answer /Deserption A; Explanations:- In respect of transit by road only, risks detaches after expiry of 7 days from the date of arival ofthe vebcle a the destination tow /oee ec a rere te i, a, ire ne age mrs FARA et aT AT ATT nbn ‘The term "Risk" has several meaning, Which ofthe following may be the correct definition of "Risk"? / sm a & re he et fea ert A 1. It means exposure to events which can be predicted. are narra sa WaT % aerrecer 8 rest saftorareft fra tre 2. Itmeans exposure to danger. Ter wera ae srareT 7 A 3. tmeans chance of bad consequences. ret anf era after hater A 4. tis the exposure to events which cannot be predicted with absolute certainty, / 7g 21 Went sear @ Fe got Pr ae area A TA (*) Allof the 1,2, 3.8 4 (©). Only 1,284 (©) Only 4, ©) Only 1,283. © Only 2,384. Your Answer SKIPPED Correct Answer / Description ; Explanation: - Only 2, 3 and 4 defines Pure-Risks. Point 1 defines speculative risks. / Wer 2, 3 ate 4 gues it fewer swe Bu ater 1 erg stfter ot afore weer Which of the following risk can be covered in Public Liability Policy? / Preféfaer i & tr rr affar refit err ate are Fear nr are #7 (9) Lablity arising out of non compliance of any statutory provision. / Ff ft dere wreath orreet arena em (©). Labilty arising out of fines or penalties ater ar qatar ena ®t art Rem (©) Liability arising out of the accidental polation, / srr ner seve At arf ip) Vabilly assumed by the insured by an agreement, / ry: aati aver starr rev ag A APT aT em (©) Damage to property in the Insured's custody or control. / titer orf Ws wait ar Foro af at epee Your Answer SKIPPED Correct Answer / Description ; Explanation: - Liabilty arising out of the accidental pollution can be covered on payment of additional premium. / arefErar ww sere tt ere Re wt ater sfc Waren wre were eer er ar Elan ‘The underwriter’ job isto 1b Ser TH (A) achieve maximum profit, / afIaraH a IT FAT (@) adhieve maximum profit and retain quality business, / sires erature pear ake errr yore ae, arm achieve maximum profit and deals appropriately with poor quality business. afirran ara are ear ate area rar at star ape afer ae A ae achieve maximum profit, retain quality business and deals appropriately with poor quality business. / (Oh rere ere ac ey, ee rer eee ca fee mre wee ae Tare a fie ee fram achieve maximum profit, retain quality business and not to renew poor quality business/ aft ar SR Se, ere er eee ara, er te MTA TT aT oT wt ANA ETAT ‘Your Answer SKIPPED Correct Answer / Description D; The underwriters job is to achieve maximum proft, retain quality business and deals appropriately ‘with poor quality business. / tr ae er 1m, aeFATH Eo ITH LAT, AAT ATT SURAT AAT TAT sie rere eee at oarare are afer atte eae | ©. © {In engineering insurance, which of the following statement is true?/ toftrfta ater i, referrer ete ar more ere 2 Cost of provisional repairs are not admissible if such repairs constitute part of the final repairs./ area sarc AY errr fbr ah tore eh arceer abr area eT Rear aor (©) Cost of alterations and additions shail not be recoverable./ tad ste stat aft errr ae stent fh Buming of electric motor due to friction in armature is payable under fire policy./ wife if wefu % spree free aitze earn aft fet stare Principle of subrogation is not strictly followed in engineering insurance. / ftefts sin # raiment rater so aro Bart aE Pat sara (©) Allof the A, B, © and D. / vt, ff atte ft aft, ‘Your Answer SKIPPED ‘Correct Answer / Description 8; tis correct. Explanations:- Itis true. Cost of alterations and additions shall not be recoverable. / 7% ree Pear ate tat tracer age atten ort ef Oy) © © Transit clause of the institute Gargo Clause defines duration of cover. The cover commences from the time the goods leave the warehouse named inthe policy and terminates mmm ERSTE soi etait fre eran were ear ter ea re sree a Ae are en eh ane sre sa te se CT TT (* On delivery tothe consignees. / re st Pfr er (®) Atfinal warehouse at destination. / sere re aft avr ge (On delivery to any intermediate warehouse used by the Insured for purpose of storage, / area % see atte aren ait He AA oA ater A ere ee (On expiry of 60 days after discharge from the vessel at the final port of discharge / aft Pres atzeae sre mara Bree are 60 AR TAR (©. Any of the A, B, G and D which occurs first. / 1, a, aft fre hi sir oft at rae der ‘Your Anew SKIPPED ‘Correct Answer / Description ; Explanation: - The cover terminates either of the A, 8, C and which ocours first. ere, a tae A or ree te, geree re er © © Eira Aire deliberately caused by the insured is termed a$ -m----wmevnnmmeneee, AT ICT STAAL ATE I ————— 8 (2) Immotation. 1 srg (©) Malicious damage. / farang ft (© Dekberation. | RTM ©) Nuisance. /3¥aa1 © Arson. (erat ‘Your Answer ‘SKIPPED Corect Answer / Description ; Explanation:- A fire deliberately caused by the insured is termed as Arson. / wry @reT aIRETHC sear so rat 1 lan Exporter has exported goods, he faces the risk of Importer inthe other country, defaulting on the payment, Which of tho folowing may cover the risk? Jf Pat rnc ae wr ata ea te gre ge gah Bat 3 ree Ne are er Fee er ir Te wee rent 8? (A) Export Credit and Guarantee Corporation, / Pata aor afte arredt Pera (©) Export Risks and insurance Corporation, (Ataf sf ste str Fra (©) Credit Guarantee and Insurance Corporation, te és sftr Fr (©) Export insurance Corporation / Prater star Fae (©) Export and Import Guarantee Corporation. / Fae te aera ré&t Fa Your Answer SKIPPED Correct Answer / Description ‘A; Explanation:- These risks are insured by Export Credit and Guarantee Corporation. / «= aitférsit cei oft ate rr Terr aren ore Re ae Sima Which of the folowing statement is incorrect in respect of Subrogation?) Fafa & ar ar et swear sae ta ft #2 tay Notaly the right of subrogation arises even before the insurance companies settle the claim. / atte wre, er sot ee ar Pacer we a re A afer ar ara sere ear A (9, Krocetor-Knock agreements a waiver of enforcement of subrogation sights, among the group of Insurers J ate-snteate oot Ato aeePeai ae Ate wf iret eh AY ee BL All insurance policies, except marine cargo, have a condition which gives subrogation rights to (©. insurance companies pratieven before settlement of claim./ sap er eitzsre, aft tr eet ema ee tt ara Peer Be ge At a a rear eflrare et 1 ip) Subrogation ensures that, the Insured does not get compensated, more than once, after 4% safe 8, fer ah a pe air are ear ft Fr (©). None of the A, B, C and D. / 1, a, at ste ft at a ate aft ait ‘Your Aner ‘SKIPPED « Correct Answer / Description ‘A; Explanaltion:- Normally it arises after insurance companies has accepted and paid the claim but in all property insurance, except marine cargo, there is a policy condition which gives the subrogation right even before settlement of the claim. / sam ate 21g aa gar & wa tar erat ara efter Fare bre ogerenre ee Perr @, aA are ra AY eater aah Aton, wee aR A ae 8 aH TT Pre a age ft atten ar ftere eet 81 Eira nd Survey & Loss A i Hospitalization Expenses due to illness or accident can be covered under -———--------—. pea reo sere ae ar er 9 sen ee Fare area (*) Health Insurance Policy. # fete tar wife (©) Personal Accident Policy. / arfra gizar viferan (©) Group Personal Accident Policy. / aye aera gi aff (0). All of the A, B & C. ©. Ony A&B. ‘Your Answer ‘SKIPPED Correct Answer / Description ‘A; Explanation: - Hospitalization Expenses due to illness or accident can be covered under Health Insurance Policy only. | ter €h a astern % reer arereret Ht weft ak ait raven Storr ahh % steer veer fear or erveT t $01: Pr & Pra of Ins. and Survey & Los a Complete the sentence the contract of insurance is ‘ Personal’ in the sense that ——------——- gene te er a aR BA It depends upon a contingency on the occurrence of which, it is intended to provide relief , though such (A) a contingeney may never occur, e.g. an accident. 7g Sa wear 6r arama we Pie ear, aT Bee Tree wart eT &, ereTih elt sealers a eT et at a, FA Te CAT itis not executed until payment of a sum after a loss J it aa re Promfta sft Rear arar aa ae TAT arc oft er pra Jaren ® (©) Itimposes reciprocal obligation ./ 7g TTeeafen aiftcat a ary eT #1 o. It Depends upon compliance of certain condition such as payment of premium , Commercial material Facts Ete. a a aeqerert re Ake car & a fie rar, fe ART Ho SAE ‘The obligation to pay does not run with property, unless of course , there is an express stipulation to (©) the contrary. / errs spe nt zafter tafe 5s arent sera &, sat ar fis Fe ee, cae Arter aE or aren a ft at Your Answer SKIPPED Correct Answer / Description ; Explanation: The insurance contract follows the person not the property concemed. If the Insured sells the property, insurance contract automatically becomes void. / ter ser =xftr wr sere arc fe fee eb oe are Aeron ef oe, at Ate rapt eee ee mre In respect of marine cargo insurance, which of the following policy is not a stamped document? / set saree te ae, Pre er a oat ee te AP (*) Specific policy. Faire wafrfh (©). Open policy. / arr Pe Certificates of insurance issued in respect of Open cover. / se sre aera Pre ay her TENT 1 (P). Open cover. / sitet Faz | (© Special Declaration Potioy / Fit tree fet Your Answer ‘SKIPPED Correct Answer / Description D; Explanations:- Open Cover is not a Policy but an agreement between Insured and Insurer regarding terms, conditions and premium rates. /siter-arre sft T&T & afer steer ®t ste tara 9 ate Fre, et are foray ce areateer erat © inte ‘The material facts related with motor insurance are 1. Details of diver. yrere ar fare 2. Date of purchase. / sréte ft arf 3. Description of vehicle. / args a Free 4. Absence from work. J 3 eqaFEAFH (®) Allof the 1,2, Sand 4/1, 2, 3a 4 aft (©). Only 4, 2.and 3./ 41, 2 a7 31 (©) Only 2, Sand 4.) xe 2, 3 te 41 (0). Only 2 and 3./ ae 2 ate 31 (© Only 1 and 3/3546 4 ste) Your Answer SKIPPED Correct Anewer/ Description B; Explanation:- Option 1, 2 and 3 are related with motor insurance, Option 4 is related with Life and Hoalth insuranco #Frwer 1, 2 ae 3 ate ae arre ag eeh Fewer a fee ae rene ar eter nd Bee ta a afta meayeT eT ——— 2 Consumer Forums are set Up under semen TT TH AY RITA seme WH fran (A) The Consumer Protection Act, 1984,/ svitenr sient fifty, 19841 (®)-The Consumer Protection Ac, 1986, / writen tear fF, 19851 (©. The Gonsumer Protection Act, 1986. / sitet eeu af& rr, 19861 (P) The Consumer Protection Act, 1987. / srvirerr ever stfirferry, 19871 (©). The Consumer Protection Act, 1988, sraitet erearr afarftrr, 19881 Your Answer SKIPPED ‘Correct Answer / Description ; Explanation: itis correct / wa wit 2 Cine ene Loss Reduction techniques, include rats Reece 2a, Bae ——— 4. Separation. yr 2. Duplication (Back-up). / re (4-577) 3. Diversification, / FAferaTt 4. Atoration. (feat (®) allot the 1, 2, 3nd 4.14, 2,3.te-4 anit (©) Only 4, 2nd 4./ rr 4, 2 te 41 (©) Only 2, 8 and 4./ er 2, 3 ste 41 (0) Only 4, 2nd 3, ae 4, 2 ate 3, © 4,3.and 4/4, 3 ate 4 1 Your Answer SKIPPED Correct Answer / Description ; Explanation:- Loss Reduction techniques, include Separation, Duplication (Back-up) and Diversification. / ne rptrereor eeottt it qeraprr,afeararcr (@re-ara) fte Pree eft I Sree Motor insurance business was started by ‘weer 1898 ope fbr rere (A). Engineering Offices Association. / oft sifvar wit finger (®) Railway Passengers Assurance Company. /ra aft weaitte +rfh (©) Motor Insurers Bureau, / tee trite =r (0) Mercantile Accident and Guarantee Insurance Company. / wHaree qxfea ate rtd tert dove (©) Law Accident insurance Society Ltd / tf xweftite far ster PARE Your Anew SKIPPED Correct Answer / Description ; Explanation: « Motor insurance business was started by Law Accident Insurance Society Ld in 1896. eit rete eed Rafe cre tee aren errr 1898 A ope Flor are a rom 1898, J == Enron Identify the material facts related with life insurance. / afta har # afta secret roit A reat Fe 4. Absence from work. /-54 3 aeysFRAF1 2. Smoking and drinking, / srr ste srr 3. Hobbies. / ret 4. Family history of hereditary ness, / snr terét ar arftaree xfer (*) Only 2, Sand 4.) 452, 3 ste 41 (©) Only 2and 4, 304 2 3 41 (©. Only 4, 2and 4.) ae 1, 2 te 41 (0) Only 1 and 4,/ ae 1 alte 41 (E) All of the 1, 2,3 and 4./1,2, 3384 wah Your Answer SKIPPED Correct Answer / Description E; Explanation: Ail are the material facts related with ife insurance.) «ft saa tur & aafita wararyot wath Smee re Under Machinery Breakdown Policy, which of the following risk is an exclusion? / wefterét aowxrae rife eatery, Part ter ar ofr ore 2 (*) Loss or damage due to Fire and allied por, / am te arx mrt reo pT a eh (p) L088 oF damage whilst being dismantied for overhauling. / sere ar Peet PW pean eT waft (©) Loss oF damage whilst being shifted within premises. fare are eater fit re wr nf (P) All of the A, B & C. /enft A, B,4Cr © Only B&O. rr B wa CI Your Answer SKIPPED Correct Answer / Description A; Explanation: - Loss or damage due to Fire and allied perils are exclusion which can be covered under Standard Fire and Special Peril Policy. / rm ate wtarax eee sereor wr are anf et eat eet RY are afk ote fhe ln feae enfRreh s sted ere Per oer ree 3nd Sur Regarding Householder’s Insurance, identify the incorrect statement. /ygeareft er vif ater sere are ETT A (*)Itis a Named Perils Insurance Policy. (x fits ar oft (©) t.comes under the category of Retail Insurance Produet./ a eqzer se serra ft of oar i (©) Theft risks of contents is not covered. sett tft rat ont ff Roa a o) “Al isks" means that any risk thatthe contract does not specially excludes is automaticaly Covered. / er fre era Rat ir rere a, ee rr Householders" insurance is a comprehensive policy that seeks to address all the above situations. / gear aftr cow rr ofa it ite aro ef MAE wre AEC eR eee Your Answer SKIPPED Correct Answer / Description ; Explanation: - Option C is incorrect. Theft and larceny risks of contents is covered. / Firwet wft were fi verre it ane wt ere Fer err ) Elmar Neon Sign Insurance Policy excludes -———mm—-n-—mnne=. J rate are ter TRAY =A a (*) Loss oF damage due to short circuiting. / i aFERE sem pear at af (©) Fire and allied petits. (ar ste stax sree (©). Loss or damage by accidental external means. / arefean arg arartt 8 Raa aT aha (©. Only Aand B. fa A wa at ©.Alof the A, B&C. WHA, BaCI Your Answer ‘SKIPPED ‘Correct Answer / Description ‘A; Explanation: - Loss or damage due to shor circuiting is an exclusion. Elna Which of the folowing is applicable to Insurance Ombudsman? / Prefer # & at tar rrr rary ‘Brave? (Not a judicial authority =a rere fh (©) Right to summon witness. arg at qari er sferet (©) Its decision is based on documents submitted./ grat Prota weqa Fr ae searaait ye arene 2 «) Personal submission by both party allowed but no lawyers permitted JS war srer sae av eg ge argh, Ae heat ara (©). Appointed by Governing Body of Insurance Council. / tar afere amet Frere are Fei ‘Your Answer SKIPPED Correct Answer / Description BB; Explanation:- Its incorrect. No right to summan witness. / were garter aeftrere aft ata Innere Government suddenly losing vole of confidence may cause financial loss to the members of the ‘economy, It is Lace ore Rarer er ret soe acest t Pe AT Br ree Be BE (A) Dynamic Risks. / wfaefter sitar Certafive Peer (©) Financial Risks. / Feta snfern (©. Fundamental Risks, / ff afar (0) Speculative Risks./ gt strat (©) Catastrophic Risks./ wera sire ‘Your Answer SKIPPED Correct Answer / Description ‘K; Explanation:- Political upheavals or Government suddenly losing vote of confidence may cause financial loss fo the members of the economy, I is a Dynamic Risks, / erafye see qeer a ATETE er barren wer aft afore sarc Fe per ater he ee efter are SRC Which of the following statement is incorrect? Frsfifirr it fer ar set eer 82 Premium, paid by each member, is proportionate to the risk, he is exposed to./ well arcen arer yar ear ae free, sr re at aa We eee (©) Insurance Industry works on Concept of Pooling. Atri yf Rater ere a eet (o, The embers, who are exposed othe same risk, contbule money tothe pool! ern, rk art singer errr ae, ee ea TT we (©). Member's contribution is known as Premium./ wer tre st soe rH eT aah Person As shipping Plastic omaments and person Bis shipping Gold omaments. In this case premium (© paid by A and B wil bo equal =f A enfant #8 Fe ee a afte af Bate srt AY trae cer erm ate eter rer be ae fie mT ‘Your Answer SKIPPED Correct Answer / Description E; Explanation: Iti incorect. Premium paid by B will be higher J era i ot rer arr Far ar ‘Aras are eo Professional Liability Insurance Policy covers Negligance. Which of the following professionals can be covered under this policy? rents eer er taf rer 8 were ret ar tre seer Preafinfrer Pr aierrore rare Pear a arn 8? 1. Architect. /regeeret 2. Doctors. / teed 3. Accountant. / Sarre 4. tawors, tet (9) Only 2, 3 and 4./ ert 2, 8 sted (©. Only 4, 2 and 3, ae 4, 2 ate 31 (©). Only 4, Sand 4, / 35 4, 3 ste 41 (©) Only 4, 2nd 4./ 4, 2 te 41 (©).Allof the 4, 2,8 and 4. ‘Your Answer SKIPPED Correct Answer / Description E; Explanation:- Professional Liability Insurance Policy covers all ofthe 1, 2, 3 and 4 for negligence and Subsequent liability for damages. /1, 2, 3.ate 4 erfty sxraenrfite: enfin ata offeret erceart fer, wrt 4, 2, 3 ote 4 arfiter & ote peer Fre are ft ra th Which of the following defines the admissibility of constructive tolal ss (CTL)?/ fafifirr i i ter er everest a Café fre Per eT Recovery or repair cost is exceeding the saved value of subject matter.) wayeft ar weer arrere Fitter ae at a AeA a (®) Loss of Species. / et ft gift (©) Subject matter cease tobe thing ofthe kind insured. / Fre ce A sa a AAA aT A (0) Insured is ietrievably deprived ofthe subjact mater. fe oft Fer cea ter we ea aah (©) All of the A, B, C and D. / 1, ff, eft afte ty Your Answer SKIPPED Correct Answer /Deserption ‘A; Explanation: It is constructive total loss. Options B, C and D are actual or absolute total loss(ATL). 7 ag err rer Fee ae A ares a pt er (et “ Tati ee Identify the exclusions in Personal Accident Policy. / oxftrrar grea wfirtt i aforcor ot sree wit 1, Service in armod forces, /-werex wet # Fam, 2. Suicide. | arene 3. Influence of iquor or drugs. era ar ara sr STATA 4, Service in underground mining. / fr arr feat (4, 2and 3.14, 2.te3 1 ©.1,2,9.nd 4 (©) Only 2and 3. (©) Only 3. ©. Only 2. ‘Your Answer SKIPPED Correct Answer / Description ‘A; Explanation:- 1, 2 and 3 are exclusions. / 1, 2 ate 3 afgencm #1 ‘Which of the following profession have legal support by way of partiamentary act? / Frferfire # & Pat ‘aya aterdb ri oe ap arn 8? 1. Chartered Accountants, / =1é# (ars#qm1 2. Surveyors and Loss Assessor. / were sfx erf futewi 3. Medical Doctors. / Fafrarr Farsi (8. Only 4. (©. Only 2. (9) Only 3. (©) Allof the 1, 2 and 3. Only 1&3. ‘Your Answer ‘SKIPPED Correct Answer / Description E; Explanation:- Surveyor's profession has no statutory body. The Institute of Insurance Surveyors and ‘Agjusters is stil under consideration for up gradation to "Cherter Institue", rte tate 3. wee it AE wire rr aft ree ake ne est a aE eer 6 see ee Pare nC CET t Regarding varlous Miscollaneous Insurance policies, identify the incorrect statemont, /FAf rw ff tet vant ae, eu gE RL Employees Compensation Insurance covers the employee for death, disablement or injury caused by (*) accident during duty hours (art eff a ear taht tee ser Farce ey, aoe Site 6 Feces Industrial Alrisks Policy is a package policy which covers Fire, Burglary, Machinery Breakdown and (©) Business Interruption. / fe ater etn re tar aA fe Rt ere, aoe, et wer sake ornare art Faz Fh (0, Avalon Insurance covers damage to Air-craft, Liabilities to Freight, Passengers and Third Party. / fae eater crea, aeF RP gz, tata ate eT eT Boiler and Pressure Plant Policy covers loss or damage due to Fire or explosion. / ataere att zara ata sae er ar tee rer ewe a nh Ee He (©. None of the A, B, Cand D. ‘Your Answer SKIPPED Correct Answer / Description ; Explanation:- It is incorrect. Loss or damage due to fire is not covered, the loss due to-fre can be ‘covered under Fire Policy. / = mere ona & A are er acre area Re ae 8 sar WS Teor cave aft aft eter ster ere Fear er erve e © Eman finn Risks due to economic, social or political changes are known as ~~ crete fret ero FAR mannan OTT TET (*). Speculative risks. / gr iran (©) General risks. Fame sim (©) Pre Risks, / 4s (©) Dynamic sks. J fer stra (© Uncertain risks. / affresh ‘Your Answer ‘SKIPPED (Correct Answer / Description ; Explanation:- Risks due to economic, social or politcal changes are known as Dynamic Risks. / aries, rere ar roi ert oreo inca we aren ser ners Regarding "Representations", which of the following statement is incorrect? /safafafirat % at #, ‘Pra fre te a ataera 27 a) Misrapresentation must be material to alow repudiation J aright orga 8% Rc were art a eer safen Representations must be sticly and iterally complied with. (rare ware & ste efecn e t arra Feat rer safer (c Representations donot normally appear onthe potey./ ars ae ec Wear (areata aa we wet aa (©) None ofthe A, B and Cx, ite at arate fh © Allof the A, B and C. /, tate tart ‘Your Answer SKIPPED ‘Correct Answer / Description: B; Explanation:-Itis incorrect. This statement is in respect of Warranties. Representations need be substantially correct. (rar org wort arch We ater HBr rar wen ee aw ET era ET © Regarding Surveyors, identify the incorrect statement, wre Rafe err rr rT we (*). Surveyor may be an individual, Company or a fim aire trot, or arr a ae «g) SUIVEYor have no rte to play in fe insurance because the principle of indemnity does not apply to ite insurance / sera ater & writere ft are sft ort & eitfs exflry fit sor Flracter otter after ere errant wre i (c) The Insurance Act requires that for al claims a report must be obtained from a eensed surveyor. / fear afin Fare Fre omer A, rk ert Bs Frey erate rer eraferorent ere Peer rer oft orth eerfte (0) The Surveyor is a part of Genoral Insurance Business. witre reer teniVtey Frater wer ere Rear (©). None of the A, B, Cand ©. /, ot, of ote ot Ht a ing oft or Your Answer SKIPPED Correct Answer / Description ; Explanation:- The insurance Act requires that, for all claims, exceeding 50,000/- for motor and 41,00,000%- for others, a report must be obtained from a licensed surveyor. / ser frat Ws sree, ve W Fre, 50,000 / - & atfitee tte are We fre 1,00,000 / = & anf, erat ert We Fre, es eredter ser ero ar Fear rar ont rf Me Which of the following is unlikely to be a rating factor in Fire Insurance? / Ffirfrer i & Fite ver are afta re er er tare At (A) Occupation of building, / fafer Frater er errr (®). Security of building. / wart erent (©) Deductibes. (©) Construction of building. war Fro (©) Location of building, | wer er err Your Answer SKIPPED Correct Answer / Description B; Explanations:- Security of building is nota rating factor in Fire Insurance, / were tare, aft star it ge or Sere TA aT a Elmar Identity the reason which is necessary to fix rate of premium on a fair and equitable basis. / 7 afr oft errretee ere: we fir ote Feeney reer revit ETAT (Insurance premium depends upon past experience. / tar sine Fart arg Pfc cat Bh .) Premium varies according to degree of hazards ofthe property concemmed./ fier afew A ere orga fier Fr a Premium depends upon classification of various types of property according to hazards involved. / re Fae ere rere ate FAN sere aa ee Fe ec (©) Only A&B. Fam ATH BL © Allof the A,B & 0. /7rf A, BCI Your Anew SKIPPED Correct Answer / Description ; Explanation: - Insurance premium depends on these three broad principles. / tr sifirea ea ath ee ae vai re Fre weet ©, Ena ‘Which of the following is not a insurable risk? / 57% % ate a Ate ater aifeae et 8? (*) An event where an accidental element is involved. 196 eat st we ref ex enfe h (©) Inherent vice under marine cargo policies. ee wt eft ate Fr (o) Maceidental event which may occur but not bound to occur / eater eat tt rt & Aen 7 eaten a The risk must be capable of measurement in terms of money. /sirFaw 4%: ew are H ae ar safer, (©The object ofthe contract must be legal. / exc a secrsoepht er see ‘Your Answer SKIPPED Correct Answer / Description i; Explanation: - inherent vice is excluded in marine cargo policies, it refers to natural and inevitable loss or damage to perishable commoditios, /sraffite ater erat sere erfitelt weare & are ery rer ®, ve, errant ate araPert appar er era ere ere tert © Ena Regarding Engineering Insurance, which of the following is known as. Construction Phase Policies? / ‘ener ate ar, aR Ba ae RH aT TAT 8? (A). Boiler and Pressure vessels Policy. / atvare site zara ara ifr (®) Marine cum Erection Policy. / Fi we eer sift (©. Deterioration of stock policy. / eta era at tifa (©) Machinery Loss of profit Policy. weer sro 3s anf are (©) Contractors Plant & Machinery. /2¥ear« twa weft faeft Your Anwwe SKIPPED Correct Answer / Description 6B; Explanation: - Gontractors All Risks (CAR), Erection All Risks (EAR) and Marine cum Erection (MCE) are the construction phase policies. / are yet shfére wf (ateeare, Pater got shee ere (Eecare) site weer opt ever rt (mare) bene Rea re Bh England's First Fire Insurance Company, “The Fire Office was opened in. tedtter ire, ree afar ——— it star rar (1480 (©) 4840 (©1866 () 1666 ©1680 ‘Your Answer SKIPPED Correct Answer / Description E; Explanations:- England's First Fire insurance Company, "The Fire Office” was opened in 1680, 10 ingure Brick and Frame Homes. / tr ot seeft sore tedfter oe," wore affar* 1680 vitor wars, ne eae Da Fer et er to Pe ra Lists fret ore Ena Regarding Principle of Contribution, identify the incorrect statement, atara % ftraia * are i, ara at tears 1, The Insured does not profit by making separate claims from mutiple companies forthe same accident/ ger uf fe ea eer ey rt SETAE Each insurer pays their proportionate share of the loss./ wee ture Pte amv argent feet at ‘aereret eaT BI (2. Itis applied onty to Contract of indemnity. J Wet erg -argan re ar er #t Principle of Contribution apply to General Insurance and Life Insurance. (ders mr Raiia araren et she rae ato cea ta 1 (©) Itis a corollary of Principle of Indemnity./ az afirgf % feat 1 ww av-Fitaie & ‘Your Answer ‘SKIPPED ® Correct Answer / Description ; Explanation:- Principle of Subrogation and Contribution do not apply to Life insurance and Personal Accident insurance Policies. / sear site aterare 5 fitter oftae ater atte oaftrere: gear dtr wafers re ary al Ba a Regarding hazards and risk exposure, which of the following statement is incorrect? / wast ate ohare overran # aber err er eer 7 «9, Widow openings on successive floors just below each other help spreading fre rom one storey to another.| fee wee re ose ge A Rr At Pe a Bw ee Te Te om eT Heavy machinery should preferably be on upper floors.) wrt weft ®t afta: 8 fet rear safe (o, Unenclosed staiways allow fee passage to fire and smoke wr fit ae rc srs Pre Pai ro ora 27 8 «o) Soe storey bulding is normaly superor to a mutstoried isk Wt TT gare at te ag AP sini Br gare et 81 (© None of the A, B, C and Ov, At, ate a a a ah ‘Your Answer SKIPPED ® Correct Anewer/Deserption B; Explanation: It is incorrect. Machinery should preferably be on lower floors to obviate the risk of crashing through a fire-weakened floor. 7 ere fi rex wt fr roca fre ina Sr so ee yee a are Pe He ET SUT \Which ofthe folowing institutions provide a mechanism for transfer and pooling of savings and deposits? frerfirfiver i fr ter arr eteerer wer slr ora Ws wreertereer ft efter Free fier seer eee? 1. Life and General Insurance Companies. fret ttc rate ert nf 2. Banking companies. / te raft 3, Mutual fund companies. / ereyaraire uP 4. Non-banking companies. / tft tt (Only 1&2. (©) Only 4, 2nd 3. (©. Allof the 1,2, 3&4 (©) Only 1. (© Only 184. Your Answer SKIPPED Correct Answer /Deserption ©; Explanation: All ofthe 1,2, 3& 4 provide a mechanism for ranster and pooling of savings and oposite. / aft aren tke se peer ft fe 3 er oe re ee Bi Elmar 0 To submit report to an insurance company the surveyor have to——. tar aut a feats sar Fe ¥ Prenat — sor 41. Examine the property in Quantum. aft arora eae 2. Verily the cause and circumstances ofthe loss. / Trt sare sre afeeaht gfe art 3. Estimate the Quantum of the loss. pear fee seq ra (Only 4. (©) Only 2. (4 and 2. (©) 2and 3. (8.4, 2and3. ‘Your Answer SKIPPED Correct Answer / Description E; Explanations not required. / endear areata sat &t inne ‘Which of the following measures are taken by risk underwriters? aifaam % atar-crare aver Faraferfara # @ ‘erat sere var rar 87 1. Deciinature, / efter! 2. Restriction of cover. / Fact uftdt 3. Loading of premium. /sfiftres #t ifm 4. Imposition of excess. / fer 2h ft (Only 3. (©. Only 3 and 4. (©. Only 2, 3.and 4. (0) Any of the 4, 2, 3 and 4. (©) Only 2.and 3. Your Answer SKIPPED Correct Answer / Description D; Explanation:- Any measures may be taken by underwriter / 1, 2,3 ate 4a aig at abeeereee arer {int ofa flee ot are Elmar In Motor Trade Policy, which of the following section extends insurance to any vehicle attached to the insured vehicle for the purpose of being towed? / tex x fet, Fre it ate ar rq iter ares oper fib afte or ee are at tT wear wT A? (®) Section 1 © Section 2. (©. Section 3. ©) Section 4 (©) Section 5. Your Answer SKIPPED Correct Answer / Description ; Explanation: - Section 3 extends insurance under Section 1 & 2 to any vehicle attached to the Insured vehicle for the purpose of boing towod. / are 3 aN irer rt & oper Aft eft arr areet tao rarer weet 8 If the Applicant is suffering from Cancer Stage-4, the Insurance company may -———---——-—. / af antes fare Fa HAA 8, Arta eh ——— (*) accept the proposal ata standard premium / ra seas we earar eftare ee are (©) decline to accept the proposal. (

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