Property and Liability Insurance - 1.1

• Transport operators can take special declaration policy.
  False
• What questions does the proposal form contain?
  Proposer's name , Proposers occupation , Sum insured
• The Standard Fire Policy does not cover expenses incurred on the architect's fees, in excess of :-
  3% of claim amount
• The person is said to have "Insurable Interest" in the property when he is likely to suffer financially if the property is lost / damaged.
  True
• Sum insured - It should be clearly specified in the policy
  Boiler - Fixed closed vessel in which steam is generated.
  Risk covered - Theft & burglary
  Risk not covered - Damages falling under manufacturer's guarantee.
• If the insured selects four additional sections other than section I and II under office protection shield, he is allowed a discount on premium @ :-
  0.15
• Escalation Provision under MCE Policy is permitted
  once at a time of inception
• The amount of compensation payable under 'No Fault Liability' in case of death is Rs. :-
  Rs. 50000
• What are the main elements of a contract?
  Offer & acceptance , Capacity to contract , Consideration
• In Fire Insurance, Mid Term Revision i.e. increase or decrease in Sum Insured is not permitted.
  False
• Theatres can be categorized under the following Public liability :-
  Non industrial risks
• Standard Fire Policy does not cover expenses incurred on Architect/ Surveyors Fee, incurred by insured on occurrence of loss in excess of ________% claim amount.
  0.03
• Which of the following are exclusions to motor package policy?
  Depreciation , Consequential loss