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0% found this document useful (0 votes)
144 views100 pagesS01-Questions 100
Uploaded by
Mayur MukatyCopyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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
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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:
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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(
«
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
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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
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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
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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
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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
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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
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‘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
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‘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
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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
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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
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«
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
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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
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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
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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
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‘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
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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
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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
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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
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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
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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
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‘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
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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
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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
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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
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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
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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
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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
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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
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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
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(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
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‘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
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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
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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
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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
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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
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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
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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
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®
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
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®
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
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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
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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
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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
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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. (
