Property and Liability Insurance - 1.3

• Principle of ________ arises if the same subject matter is insured with two or more insurers.
  Contribution
• How does a Civil Liability arise?
  By tort , By murder , By contract
• Permanent Total Disability Cover' is available under Cattle Insurance by additional premium.
  True
• ________ insurance takes care of properties like money, plate glass, cattle, television etc.
  Miscellaneous
• Householder policy is issued for :-
  Residence
• The most effective and powerful cause which has brought out the loss is called ________ cause.
  Proximate
• The legal duty of utmost good faith arises under :-
  Common law
• When dispatch is at carrier's risk, ________% discount is allowed on applicable rates.
  10
• Third party liability cover under MCE Policy is
  Upto Rs. 1 Crore
• A Surveyor is required for assessing the losses exceeding Rs. ________.
  20000
• Which of the following are exclusions to EEI policy ?
  Hailstorm , Malicious damage' , Aesthetic defects
• Long term policies discount is available under cattle insurance.
  True
• The total sum insured under section I A i.e. building and B contents of shopkeeper's policy should not exceed Rs.________/-.
  10, 00,000
• What does Liability Insurance comprise of?
  Product liability policy , Public liability policy , Employers liability (Workmen Compensation) policy
• Cattle insurance does not cover claim within fifteen days from date of risk covered.
  True
• Following policies are issued under Engineering department :-
  Errection All Risk , Boiler Explosion , Electronic Equipment
• In Fidelity guarantee under Shopkeeper insurance, the sum insured is ________ of the sum insured under section 1 or Rs.100000 whichever is less.
  0.1

Property and Liability Insurance - 1.2

• An employer is responsible for Workers Compensation in case the worker sustains injury while working for the employer. This 'is an example of ________ liability.
  Absolute
• In Fire Declaration policy, if declarations are not received within a specified period then :-
  The full sum insured under the policy shall be deemed to have been declared
• The owner of unimproved land is exposed to reduction in value of land.
  True
• ________ risks affect a larger strata of society e.g. unemployment, inflation etc.
  Fundamental
• What loss does an All Risk policy not cover?
  Arising from mildew , Arising from war
• If the policy is cancelled at the option of the Insurer, refund of premium shall be :-
  On pro-rata basis
• Proposal Form is to be signed by the agent.
  False
• Boiler Explosion Policy is issued for
  one year.
• Which of the following are tangible personal property?
  Pets , Furs , Motor cycle
• For extension of cover under Boiler Explosion Policy for Owner’s Surrounding Property the premium is charged
  25 % of basic rate.
• No claim bonus - Is a discount allowed on own damage premium at the renewal.
  Replacement of parts made of glass - Nil depreciation
  Depreciation / wear and tear - Is excluded from motor insurance policy
  Ambulance - Misc. type of vehicle
• Loss or damage due to willful misconduct of Assured can be covered by additional premium under ICC-A clause.
  True
• Minimum premium for open policy is :-
  Rs. 5,000/-
• There are three policies covering the same building, which is damaged due to fire and the loss incurred is Rs.60,000/-. If policy A covers a sum insured of Rs.300,000/-, B of Rs.200,000/- and C of Rs.100,000/-, then amount of claim payable under each policy will be :-
  A-30,000 B-20,000 C-10,000
• Which of the following are covered under electronic equipment insurance?
  Electronic data processing machine , Telecommunication equipment , Electro medical installations
• The insurance contract terminates after over side of goods from overseas vessel after the expiry of :-
  60 days
• External causes like carelessness of worker can be covered under Machinery Breakdown policy.
  True

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