1.Which of the following are eligible for Gobar Gas nsurance Scheme?
a) Khadi & Village Industries Workers b) IRDP Beneficiaries Industries Workers
c) Scheduled Castes/Tribes d) All the above
2. Which of the following statement is true?
Statement A: Insurance is a method of sharing of losses of a ‘few’ by the many.
Statement B: Insurance is a method of transferring the risk of an individual to a group of an individuals.
a) Only Statement A b) Only Statement B c) Both Statements d) Neither of the Statements
3.Which of the following statements is true in relation to Sheep and Goat insurance.
Statement A: Indemnity is provided on the basis of sum insured or market value whichever is less.
Statement B: Salvage value is deducted from claim amount payable.
a) Only Statement A b) Only Statement B c) Both Statements d) Neither of the Statements
4. Under Inland Transit (Rail/Road) Clause ‘C’ the insurance ceases.
a) after 3 days of arrival b) after 7 days of arrival of rail wagon at of rail wagon at destination destination
c) after 15 days of arrival d) on unloading each bale of rail wagon at / package destination
5. Who of the following have to satisfy the qualifications,training and examination requirements for grant of corporate agent’s licence for a firm?
a) All the partners of the firm b) Any two partners of the firm
c) Nominated ‘corporate insurance executive d) Nominated ‘specified persons’
6. Which of the following exclusions does not appear in Cargo Clauses (A)?
a) malicious damage b) ordinary loss in weigh c) insolvency of owners of the vessel d) inadequate packing
7. Which of the following policies can be assigned without the consent of insurers?
a) Compulsory public liability policy b) Marine hull policy c) Marine cargo policy d) Fire policy
8. Under Add-on cover for Architects’ fees under the Fire Tariff the limit of cover is upto _____ % of the adjusted loss.
a) 2.5% b) 5% c) 7.5% d) 10%
9. Which of the following statements is true under Code of Conduct prescribed for Agent under IRDA Regulations?
Statement A: The Agent must disclose his licence to the prospect on demand.
Statement B: The Agent must disclose scales of commission for the product offered for sale, if asked by the applicant.
a) Only Statement A b) Only Statement B c) Both Statements d) Neither of the Statements
10.Which of the following statements is true?
Statement A: The onus of proof that the loss is caused by an insured peril is on the insured.
Statement B: The onus of proof that the loss is Caused by an excepted peril is on the Insurer.
a) Only Statement A b) Only Statement B c) Both the Statements d) Neither of the Statements
11. As per Central Motor Vehicles Rules, 1989, a Cover Note shall be valid for a period of_______ days from the date of its issue.
a) 15days b) 30days c) 45days d) 60days
12.Which of the following statements is correct.
Statement A: Under motor package policy earthquake risk can be covered only at extra premium.
Statement B: Under motor package policy terrorism risk can be covered only at extra premium.
a)Only Statement A b) Only Statement B c) Both the Statements d) Neither of the Statements
13. Which of the following statements is true in relation to personal accident insurance.
Statement A: The sum insured fixed is compared with the average monthly income of the insured.
Statement B: The statement A does not apply if the policy is for Capital Sums only.
a) Only Statement A b) Only Statement B c) Both Statements d) Neither of the Statements
14. The Mediclaim policy excludes any disease (other than first year exclusions) during the first____days of the commencement of the policy.
a) 15 days b) 30 days c) 45 days d) 60 days
15.Which of the following statements is true in respect of Group Mediclaim policy.
Statement A. Cumulative bonus is not available.
Statement B. Health Check-up expenses are payable.
a) Only Statement A b) Only Statement B c) Both Statements d) Neither of the Statements
16. No claim is payable if the insured contracts cancer within a period of_ days from the date of becoming a member of Cancer patients Aid Association.
a) 30 days b) 45days c) 60days d) 90days
17.Which of the following statements is true.
Statement A: Any scheduled commercial bank can become a corporate agent.
Statement B: Any scheduled commercial bank can float a joint venture insurance company.
a) Only Statement A b) Only Statement B c) Both the Statements d) Neither of the Statements
18. Under which of the following phases of the process of Salesmanship, objections
of the client are usually dealt with
a) Prospecting b) Pre-approach c) Sales Interview d) Close of Sale
19.Under IRDA Regulations,which of these statements is true in respect of existing agents at the commencement of the Regulations.
Statement A: Qualifications, training and examination Requirements do not apply.
Statement B. Code of Conduct does not apply.
a) Only Statement A b) Only Statement B c) Both Statements. d) Neither of the Statements
20. An application for agency licence is to be submitted to __________
a) IRDA b) Controller of Insurance c) Designated Person,as specified by an insurer d) Any one of the above
21. Which of the following statements is true.
Statement A. The principle of contribution does not apply to personal accident insurance.
Statement B. The principle of contribution applies to medical expences extension under personal accident insurance.
a) Only Statement A b) Only Statement B c) Both the Statements d) Neither of the Statements
22. Which of the following statements is true?
Statement A: The principle of subrogation supports the principle of contribution.
Statement B: The principle of subrogation supports the principle of indemnity.
a) Only Statement A b) Only Statement B c) Both the Statements d) Neither of the statements
23. Which of the following statements is true?
Statement A. Terrorism is an exclusion under standard fire and special perils policy.
Statement B. Terrorism cover can be granted an extra premium only in conjunction with Riot, Strike and malicious Damage cover
a) Only Statement A b) Only Statement B c) Neither of the Statements d) Both the Statements
24. Which of the following is an additional exclusion under ‘Own Damage’ section of motor cycles and commercial vehicles package policy?
a) consequential loss b) depreciation c) mechanical failures or breakages
d) loss of or damage to accessories by theft unless the vehicle is stolen at the same time
25. In personal accident insurance long-term discount is Available under___________
a) individual policies b) individual policies on family package basis
b)group policies on Government employees d) Group Janata Person Accident policies
26. Transfer of rights and liabilities of an insured to another person who becomes the insured is known as__________
a) endorsement b) subrogation c) consideration d) assignment
27. Which of the following statements is true?
Statement A. Good faith applies in commercial contracts and insurance contracts.
Statement B. Utmost good faith applies in insurance contracts.
a) Statement A only b) Statement B only c) Both the statements d) Neither of the statements
28. Which of the following projects does not fall under Contractors All Risks insurance?
a) Building b) Installation of machinery c) Bridges d) Tunnels
39. Out of the following exclusions which one does not Appear in personal accident policies?
a)Service in armed Forces b) Aviation risk as a passenger in a licensed Aircraft flying out of India
c) In flounce of intoxicating liquor d) Attempted suicide
40.Which of the following covers is suitable for regular Export / import shipments?
a) Annual policy b) Special declaration policy c) Open cover d) Duty insurance
41.If an insurance policy is not stamped as per the Indian Stamp Act the contracrt becomes _________
a) void b) voidable c) illegal d) unenforceable in a court of law.
42.Which of the following statements is true?
Statement A. Marine cargo policies are valued Policies.
Statement B. Marine hull policies are valued Policies.
a) Only statement A b) Only statement B c) Neither of the statement d) Both the statement
43.Which of the following statements is true.
Statement A. Redressal of Public Grievances Rules, 1998 apply to life and general Insurance.
Statement B. These Rules apply in respect of Personal lines insurances only.
a) Only Statements A b) Only Statement B c) Both Statements d) Neither of the Statements
46. Which of the following is an evidence of the insurance Contract?
a) Payment of premium b) Acceptance of proposal c) Policy of insurance d) insurers Prospecyus
47. Under Add-on cover for Debris Removal expenses Under the Fire Tariff the sum insured cannot exceed _______ % of the total sum insured.
a) 5% b) 7.5% c) 10% d) 15%
48.Which of the following risks covered under institute Cargo Clauses (B) Is not covered under Institute Cargo Clausea (C).
a) Stranding of vessel b) Sea- water damage c) Collision of vessel d) Explosion
49. Which of the following costs are payable under mediclaim policy?
a) Spectacles b) Lenses c) Artificial limbs d) Hearing aids
50. Under the Motor Vehicles Act, the fixed compensation payable for death in ‘hit and run’ motor accident is Rs._______________
a) Rs. 12,500 b) Rs. 25,000 c) Rs. 50,000 d) Rs. 1, 00,000
51. As per Motor Tariff, limits of cover for third party property damage under commercial vehicles policy are –
a) Rs. 1 lac b) Rs. 5 lacs c) Rs. 7.50 lacs d) Rs. 10.00 lacs
52. Architects Fees are covered upto_________% of the claim amount under standard fire and special perils policy.
a) 4% b) 3% c) 2% d) 1%
53. Under IRDA Regulations, every insurer has to underwrite business in the rural sector to the extent of ____% of the total gross premium in the third and further financial years.
a) 2% b) 3% c) 4% d) 5%
54. Under Universal Health Insurance Scheme the maximum sum insured per person or family shall not exceed Rs.______________.
a) Rs. 10,000/- b) Rs. 15,000/- c) Rs. 20,000/- d) Rs. 30,000/-
55. Which of the following materials is considered to be an ‘ advertisement’ under relevant IRDA Regulations?
a) Communications with policyholders b) representations by intermediaries
c) Materials used internally by an insurance company d) Materials used by an insurance company for education of its personnel
56. Under NAIS Crop insurance scheme, what percentage of subsidy in premium is allowed for Small & Marginal farmers by the Government?
a) 25% b) 50% c) 75% d) nil
57. Which of the following does not attract additional premium under motor policies?
a) Electrical/ Electronic items not included in the manufacturer’s selling price b) CNG/LPG fuel kit
c) Fibre glass fuel tanks d) Anti- theft devices
58. Which of the following exclusions does not appear in Bhavishya Arogya policy.
a) Pre-hospitalisation expense b) Post hospitalization expenses c) Hearing aids d) 30 day waiting period
59. Under corporate Frequent Travellers policy the duration of any one trip cannot exceed _______ days
a) 30 days b) 45 days c) 60 days d) 90 days
60. The amount of relief payable under public liability insurance Act, 1991 for permanent total disability Rs._____________________
a) Rs. 12,500/- b) Rs. 25,000/- c) Rs. 50,000/- d) Rs. 1, 00,000/-
61. Which of the following requirements does not apply for granting cash-in safe insurance
a) The safe is burglary proof b) The safe is brand new c) The safe is of approved make d) The safe is of approved design
62. Which of the following losses are not payable under Burglary (Business Premises) policy.
a) Theft of cash from the safe after breaking it open b) Damage to the safe
c) Damage to furniture nearby d) Damage to window panes by breakage through forcible entry by burglars.
63. Which of the following Bonds does not fall under Court Bonds.
a) Administration Bonds b) Excise Bonds c) Liquidator’s Bonds d) Receivership Bonds
64. Which of the following cause of breakage is covered under Plate Glass policy.
a) fire b) explosion c) accident d) riot
65. Under IRDA Regulations every insurer has to underwrite business in the rural sector to the extent of at least __________ % of the total gross
premium in the first financial year.
a) 1% b) 2% c) 3% d) 5 %
66. Which of the following is not an exclusion under cattle policy.
a) Theft of the animal b) Transport by air or sea c) sale of the animal d) surgical operations
67. Under Dog insurance policy ___________ % of the claim amount is paid, the insured to bear the balance.
a) 60% b) 70% c) 80% d) 90%
68. Which of the following crops does not fall under the purview of the Horticulture crop insurance scheme.
a) Chikoo b) Bananas c) Mangoes d) Grapes
69. As per IRDA Regulations which of the following statement is true. Statement A.The Social Sector includes unorganized sector in urban areas only.
Statement B. The Social Sector includes informal sector in both urban and rural areas.
a) Only Statement A b) Only Statement B c) Both Statements d) Neither of the Statement
70. When simple familiar words and short sentences are used a written communication becomes _________________
a) Complete b) clear c) correct d) concrete
71. Which of the following is not a good persuasive skill of an agent
a) Asking open ended question s b) Welcoming the prospect’s objections
c) Pointing out quickly the prospect’s obvious errors in thinking d) Allowing the prospect to talk as much as he wants
72.As per Central Motor Vehicles Rules, 1989, a cover Note shall be valid for a period of ______ days from the date of its issue.
a) 15 days b) 30 days c) 45 days d) 60 days
73.Which of the following statements is correct?
Statement A:Under motor package policy earthquake risk can be covered only at extra premium.
Statement B:Under motor package policy terrorism risk can be covered only at extra premium
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
74.Which of the following statements is true in relation to personal accident insurance.
Statement A:The sum insured fixed is compared with the average monthly income of the insured.
Statement B:The statement A does not apply if the policy is for Capital Sums only.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
75.The Mediclaim policy excludes any disease (other than first year exclusions) during the first _______days of the commencement of the policy.
a) 15 days b) 30 days c) 45 days d) 60 days
76.Which of the following statements is true in respect of Group Mediclaim policy.
Statement A: Cumulative bonus is not available
Statement B: Health Check-up expenses are payble.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
77.No claim is payable if the insured contracts cancer within a period of _____ days from the date of becoming a member of Cancer Patients Aid Association.
a) 30 days b) 45 days c) 60 days d) 90 days
78.Which of the following statements is true.
Statement A: Any scheduled commercial bank can become a corporate agent.
Statement B:Any scheduled commercial bank can float a joint venture insurance company.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
79.Under which of the following phases of the process of Salesmanship, objections of the clients are usually dealt with
a) Prospecting b) Pre-approach c) Sales Interview d) Close of Sale
80.Under IRDA Regulation, which of these statements is true in respect of existing agents at the commencement of the Regulations
Statement A: Qualifications, training and examination requirements do not apply.
Statement B: Code of Conduct does not apply
a) Only Statement A b) Only Statement B c) Both the statement d) Neither of the Statements
81.An application for agency licence is to be submitted to ________.
a) IRDA b) Controller of insurance c) Designated Person , as specified by an insurer d) any one of the above.
82.Which of the following statements is true?
Statement A: The principle of contribution does not apply to personal accident insurance.
Statement B:The principle of contribution applies to medical expenses extension under personal accident insurance
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
83.Which of the following documents have to be stamped as per the Indian Stamp Act?
Document A: Endorsement on a fire policy to increase the sum insured.
Document B: Marine Open Cover for export shipments
a) Document A Only b) Document B Only c) Both the documents d) Neither of the documents
84.Which of the following statements is true?
Statement A: The principle of subrogation supports the principle of contribution.
Statement B: The principle of subrogation supports the principle of indemnity.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
85. Which of the following statements is true?
Statement A: Terrorism is an exclusion under standard fire and special perils policy
Statement B: Terrorism cover can be granted at extra premium only in conjunction with Riot, Strike and Malicious Damage cover.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
86. Which of the following is an additional exclusion under “Own Damage’ section of motor cycles and commercial vehicles package policy?
a) consequential loss b) depreciation c) Mechanical failures or breakages
d)Loss of or damage to accessories by theft unless the vehicle is stolen at the same time.
87. In personal accident insurance long-term discount is available under _____________
a) individual policies b) individual policies on family package basis c) group polices on Government employees
d) Group Janta Personal Accident policies.
88.Transfer of rights and liabilities of an insured to another person who become the insured is known as _________
a) endorsement b) subrogation c) consideration d) assignment
89.Which of the following statements is true?
Statement A: Good faith applies in commercial contracts and insurance contracts
Statement B: Utmost good faith applies in insurance contracts
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
90.Which of the following projects does not fall under Contractors All Risk Insurance?
a) Building b) Installation of machinery c) Bridges d) Tunnels
91.Out of the following exclusions which one does not appear in personal accident policies?
a) Service in armed forces b) Aviation risk as a passenger in a licensed aircraft flying out of India
c) Influence of intoxicating liquor d) Attempted suicide
92.Which of the following covers is suitable for regular export/import shipments?
a) Annual policy b) Special declaration policy c) Open over d) Duty insurance
93. If an insurance policy is not stamped as per the Indian Stamp Act, the contract becomes
a) void b) void able c) illegal d) unenforceable in a court of law
94.Which of the following statements is true?
Statement A: Marine cargo policies are valued policies.
Statement B: Marine hull policies are valued policies
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
95.Which of the following is taken into account to fix rates of premium for the policy under Public Liability Insurance Act, 1991.
a) Limit of Indemnity- Any One Accident and Any One Year
b) Limit of Indemnity Any One Accident Any One Year and Turnover.
c) Limit of Indemnity. Any One Accident and turnover
d) Limit if Indemnity. Any One Year and Turnover.
96. Cumulative bonus under personal accident policy means the capital sum insured is increased by ____ % at each renewal of he policy.
a) 5% b) 10% c) 15% d) 20%
97.Which of the following statements is true?
Statement A:Redressal of Public Grievances rules, 1998 apply to life and general insurance.
Statement B:These Rules apply in respect of personal lines insurances only.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
98. Which of the following is an evidence of the insurance contract?
a) Payment of premium b) Acceptance of proposal c) Policy of insurance d) Insurers’ Prospectus.
99.Under Add-on cover for Debris Removal expenses under the Fire Tariff the sum insured cannot exceed _____ % of the total sum insured.
a) 3% b) 7.5% c) 10% d) 15%
100. As per policy condition, insurance under standard fire and special perils ceases when insured premises are unoccupied for more than ___ days.
a) 15 b) 30 c) 60 d) 90
101.Which of the following risks covered under Institute cargo Clauses (B) is not covered under Institute cargo Clauses (C).
a) Stranding of vessel b) Sea-water damage c) Collision of vessel d) Explosion
102.Which of the following statements is true?
Statement A: Fire policy contains an arbitration condition
Statement B: Marine cargo policy does not contain an arbitration condition
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
103.All Mediclaim documents must be filled with the Third Party Administrator within ______ days from the date of discharge from the hospital.
a) 3 days b) 7 days c) 10 days d) 15 days
104. Under Motor Vehicles Act, the amount of compensation for death, on the basis of ‘no-fault’ liability is Rs._______
a) Rs.25,000 b) Rs.50,000 c) Rs.1,00,000 d) Rs.2,00,000
105. Which of the following costs are payable under Mediclaim policy?
a) Spectacles b) Lenses c) Artificial limbs d) Hearing aids
106.Under the Motor Vehicles Act, the fixed compensation payable for death in ‘hit and run’ motor accident is Rs._____
a) Rs.12,500 b) Rs.25,000 c) Rs.50,000 d) 1,00,000
107.As per Motor Tariff, limits of cover for third party property damage under commercial vehicles policy are -
a) Rs.1 lac b) Rs.5 lacs c) Rs.7.50 lacs d) Rs.10.00 lacs
108.Architects’ Fees are covered unto ______% of the claim amount under standard fire and special perils policy.
a) 4% b) 3% c) 2% d) 1%
109.Under IRDA Regulations, every insurer has to underwrite business in the rural sector to the extent of _____ % of the total gross premium in the third and further financial years.
a) 2% b) 3% c) 4% d) 5%
110.Under Universal Health Insurance Scheme the maximum sum insured per person or family shall not exceed Rs.________
a) Rs.10,000/- b) Rs.15,000/- c) Rs.20,000/- d) Rs.30,000/-
111.Which of the following materials is considered to be an ‘advertisement’ under relevant IRDA Regulations?
a) communications with policyholders b) representations by intermediaries
c) materials used internally by an insurance company d) material used by an insurance company for education of its personnel.
112.Under NAIS Crop insurance scheme what percentage of subsidy in premium is allowed for Small & Marginal farmers by the Government.
a) 25% b) 50% c) 75% d) nil
113.Which of the following does not fall under Traiffs?
a) Fire insurance b) Consequential loss (fire) insurance c) Boiler insurance d) Cattle insurance
114. Which of the following does not attract additional premium under motor policies?
a) Electrical/Electronic items not included in the manufacturer’s selling price b) CNG/LPG fuel kit
c) Fibre glass fuel tanks d) Ant theft devices
115. Listening to the customer is a part of _____ of an agent.
a) high morale b) analytical skills c) communication skills d) good behaviour
116. Which of the following exclusions does not appear in Sprinkler Leakage cover under standard Fire and special perils policy
a) Repairs to the building b) Repairs to sprinkler installation
c) Defects in construction known to the insured d) Defects in construction not known to the insured
117.Which of the following exclusions does not appear in a Bhavishya Arogya policy.
a) Pre-hospitalization expenses b) Post-hospitalization expenses c) Hearing aids d) 30 day waiting period
118. Under Corporate Frequent Travellers policy the duration of any one trip cannot exceed _____ days
a) 30 days b) 45 days c) 60 days d) 90 days
119. The amount of relief payable under Public Liability Insurance Act, 1991, for permanent total disability is Rs._______.
a) Rs.12,500/- b) Rs.25,000/- c) Rs.50,000/- d) Rs.1,00,00/-
120.Under Electronic Equipment insurance, compulsory excess is applied in respect of ___________
a) Section 1 (Damage to equipment) b) Section 2 (Damage to external data media)
c) Section 3 (increased Cost of Working) d) All of the above sections
121.Which of the following requirements does not apply for granting cash-in safe insurance.
a) The safe is burglary proof b) The safe is brand new
c) The safe is of approved make d) The safe is of approved design
122.Which one of the following losses are not payable under Burglary (Business Premises) policy.
a) Theft of cash from the safe after breaking it open
b) Damage to the safe
c) Damage to furniture nearby
d) Damage to window panes by breakage through forcible entry by burglars
123.Which of the following Bonds does not fall under Court Bonds.
a) Administration Bonds b) Excise Bonds c) Liquidator’s Bonds d) Receivership Bonds
124.Which of the following cause of breakage is covered under Plate Class policy
a) fire b) explosion c) accident d) riot
125. Under Bankers Blanket policy ‘excess’ clause applies for the loss arising from ___________
a) fire b) riot c) burglary d) dishonesty of employee
126.Under IRDA Regulations every insurer has to underwrite business in the rural sector to the extent of at least % of the total gross premium in the first financial year.
a) 1% b) 2% c) 3% d) 5%
127.Which of the following in not an exclusion under Cattle policy.
a) Theft of the animal b) Transport by air or sea
c) Clandestine sale of the animal d) Surgical operations
128.Breach of which of the following conditions in the policy will prevent the insured from recovering only a particular loss, the policy remaining unaffected.
a) Condition precedent to the contract b) Condition subsequent to the contract
c) Condition precedent to liability d) Condition subsequent to liability
129.Which of the following documents is common to claims processing under marine import policies and inland transit (Rail/Road) policies.
a) Bill of Lading b) Invoice c) Copy of Protest d) Lost Overboard Certificate
130. Under ADD-on cover for Architects’ fees under the Fire Tariff the limit of cover is upto _____% of the adjusted loss.
a) 2.5% b) 5% c) 7.5% d) 10%
131.Which of the following risks are automatically covered without extra premium under Institute cargo Clauses (A)
a) Country damage b) Inherent Vice c) War and Kindred perils d) Strikes, riot and civil commotions
132.Which of the following statements is true under code of Conduct prescribed for Agents under IRDA Regulations?
Statement A:The Agent must disclose his licence to the prospect on demand
Statement B:The Agent must disclose scales of commission for the product offered for sale, if asked by the applicant.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
133.Which of the following statements is true?
Statement A:The onus of proof that the loss is caused by an insured peril is on the insured
Statement B:The onus of proof that the loss is caused by an excepted perils is on the insurer.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
134. Which of the following exclusions does not appear in Cargo Clauses (A)?
a) malicious damage b) ordinary loss in weight c) insolvency of owners of the vessel d) inadequate packing
135.Which of the following policies can be assigned without the consent of insurers?
a) Compulsory public liability policy b) Marine hull policy c) Marine cargo policy d) Fire policy
136.Which of the following is the correct meaning of Sum insured under the policy?
a) Replacement value b) Agreed value c) Amount paid for total loss d) The maximum limit of liability under the policy
137.To which of the following, the Employees’ State Insurance Act, 1948 applies?
a) Employees of State Government b) Employees of Central Government
c) Employees of Public Sector Manufacturing Companies d) Industrial Employees as defined in the Act.
138.Cover under Corporate Frequent Travellers’ policy is not available for persons over the age of _______
a) 50 years b) 60 years c) 65 year d) 70 years
139.Under the Standard Fire & Special Perils policy there is an ‘excess’ limit for each claim arising from perils other than ‘Act of God’ perils. Which of the following limits is correct.
a) Rs.2,500/- b) Rs.5,000/- c) Rs.10,000/- d) Rs.15,000/-
140.Which of the following risks does not require additional premium under Money (Transit) policy?
a) Riot b) Strike c) Robbery d) Terrorism
141.Which of the following are eligible for Gobar Gas Insurance Scheme?
a) Khadi & Village Industries Workers b) IRDP Beneficiaries c) Scheduled Castes/Tribes d) All of the above
142.No Claim Bonus under Motor policy can be allowed only if the policy is renewed within ______days of its expiry.
a) 15 days b) 30 days c) 60 days d) 90 days
143.Which of the following statements is true?
Statement A: Insurance is a method of sharing of losses of a ‘few’ by the many.
Statement B:Insurance is a method of transferring the risk of an individual to a group of individuals.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
144.Which of the following statements is true in relation to Sheep and Goat insurance.
Statement A: Indemnity is provided on the basis of sum insured or market value whichever is less.
Statement B:Salvage value is deducted from claim amount payable
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
145.Under Inland Transit (Rail/Road Clause ‘C’ the insurance ceases.
a) after 3 days of arrival of rail wagon at destination
b) after 7 days of arrival of rail wagon at destination
c) after 15 days of arrival of rail wagon at destination
d) on unloading each bale/package
146.Who of the following have to satisfy the qualifications, training and examination requirements for grant of corporate agent’s licence for a firm?
a) All the partners of the firm b) Any two partners of the firm
c) Nominated ‘corporate insurance executive’ d) Nominated ‘specified persons’
147. Which of the following crops does not fall under the purview of the Horticulture Crop insurance scheme.
a) Chikoo b) Bananas c) Mangoes d) Grapes
148.Which of the following is not a good persuasive skill of an agent.
a) Asking open ended questions
b) Welcoming the prospect’s objections
c) Pointing out quickly the prospect’s obvious errors in thinking
d) Allowing the prospect to talk as much as he wants
149.As per IRDA Regulations which of the following statement is true/
Statement A:The Social Sector includes unorganized sector in urban areas only
Statement B: The Social Sector includes informal sector in both urban and rural areas.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
150.Under Dog insurance policy ______ % of the claim amount is paid, the insured to bear the balance.
a) 60% b) 70% c) 80% d) 90%
151.When simple familiar words and short sentences are used a written communication becomes ________
a) complete b) clear c) correct d) concrete
152.Which of the following statements is true?
Statement A: Insurer pays Rs.9,000 for total loss of a case of textiles during transit insured for Rs.10,000 but having a C.I.F. value of Rs.9,000 only
Statement B: Insurer pays Rs.2,000 in respect of a cargo insurance claim of Rs.2,000 under a marine cargo policy subject to a franchise of Rs.1,000.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
153. Which of the following statements is true?
Statement A: Adverse claims experience in Motor insurance will attract a loading of 100 percent over the Tariff rates.
Statement B: With a total loss claim on a motor vehicle, the policy is returned to the insurers.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
154. Which of the following statements is true?
Statement A:Insurance reduces uncertainty of loss happening for the individual.
Statement B:There is a legal obligation on the part of insurers to advise the insured that his policy is due to expire on a particular date.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
155.Which of the following statements is true?
Statement A: Primary function of the arbitrator is to decide on the question of liability under the insurance policy and then to decide on the quantum of claim to be paid.
Statement B:There is a. condition in Fire and most Miscellaneous Insurance policies which provides that the insurer shall not be liable for any claim after expiration of 12 months from the happening of loss or damage, unless the .claim is subject of pending legal action or arbitration.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
156.Which of the following statements is true?
Statement A:A Letter of Subrogation must be duly stamped.
Statement B:“Protest" is filed by the master of a vessel before a Notary Public
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
157.Which of the following statements is true?
Statement A:In Marine Cargo insurance, instead of a proposal form, Insurers use a Declaration Form to know all material facts.
Statement B:If there is under insurance in a Fire policy, a partial loss is paid subject to condition of average.
a) Only Statement A b) Only Statement B
c)Both the statements d) Neither of the Statements
ci)
158.Which of the following statements is true?
Statement A: Majority of trade risks are uninsurable.
Statement b: A risk of trade can be insured.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
159.Which of the following statements is true?
Statement A:In India no company is allowed to transact both insurance and banking business.
Statement B:Banks can be associated with insurance business by becoming a corporate agent for a remuneration.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
160.Which of the following statements is true?
Statement A:In Motor Insurance short period covers/Renewals are not permissible for Liability Only policies.
Statement B:In Mediclaim Insurance, Domiciliary Hospitalization benefits include expenses for treatment of psychiatric disorders.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
161.Which of the following statements is true?
Statement A:As per Central Motor Vehicles Rules, 1989, a Cover Note shall be valid for a period of 60 (sixty) days from the date of its issue.
Statement B:In case of motor claims, "structured formula" basis applies to both fatal and non-fatal claims.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
162.Which of the following statements is true?
Statement A:Maximum No Claim Bonus allowed for all types of vehicles is 50 percent.
Statement B:On receipt of the Survey Report, an insurer shall within a period of 30 days offer a settlement of the claim to the insured.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
163.Which of the following statement is true?
Statement A:No cover is available under Commercial Vehicle Package Policy for damage to the towed vehicle or property conveyed thereby.
Statement B:Under General Regulations (Tariff), TPPD cover for Private Cars limited to Rs. 7.50 lakhs.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
164.Which of the following statements is true in connection with Motor Insurance?
Statement A:Consent of MACT is not required in case of compromise settlement of T.P. claims.
Statement B:Pending cases with MACT, when liability under policy is not in doubt are placed before the Lok Adalat
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
165.Which of the following statements is true?
Statement A: In Marine Insurance what is provided is commercial indemnity and not pure indemnity.
Statement B:Insurances of person are not contracts of strict indemnity.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
166.Which of the following statements is true?
Statement A:Principle of Contribution applies to Personal Accident policies as these are not contracts of indemnity.
Statement B:Contribution applies where the insurable interest covered under all the policies is the same.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
167.Which of the following statements is true?
Statement A:Warranty is a condition precedent to the contract and must be complied with strictly whether it is material to the risk or not.
Statement B:If breach of warranty does not contribute to or aggravate the loss, losses are treated as non-standard claims.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
168.Which of the following statements is true?
Statement A:Damage by water used to extinguish fire is not covered under Fire policy.
Statement B:Wherever the Employees' State Insurance Act, 1948 applies, the Workmen's Compensation Act ceases to operate.
a) Only Statement A b) Only Statement B c) Both the statements d) Neither of the Statements
169.Which of the following statements is true?
Statement A:Sum Insured under Fire policy stands reduced to the extent of the amount of claim paid and is reinstated on payment of pro-rata premium.
Statement B:Payment of a claim under Fidelity Guarantee policy automatically terminates the policy.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
170.Which of the following statements is true? Ombudsman is appointed by the Central Government under the provisions of:
a. Consumer Protection ACT, 1986 b.Redressal of Public Grievances Rules, 1998
c. Motor Vehicles Act, 1988 d.None of the above.
171.Which of the following statements is true?
Statement A:Fire policy includes loss, damage and expense caused by acts of terrorism.
Statement B:Terrorism cover can be granted under the Fire policy by paying additional premium and at the discretion of the underwriter.
a) Statement A only b) Statement B only
c) Both statements d) Neither of the statements
172.Under a Fire policy, value of the property insured is Rs.10,00,000, sum insured is Rs. 8,00,000 and loss by fire is Rs. 2,00,000. What is the amount of claim payable?
a) Rs.1,50,000 b) Rs.1,60,000 c) Rs.1,80,000 d) Rs.2,00,000
173.Goods invoiced at Rs.1,00,000 CIF are insured for Rs.1,10 000 under Institute Cargo Clauses (A). They have arrived damaged by contact with sea water, and the surveyor has agreed an allowance of 20% for damage sustained. What is the amount of claim payable under. the insurance. Survey fees amount to Rs.500.
a) Rs.20,500 b) RS.22,500 c) Rs.25,000 d) Rs.20,000
174.State whether the following statements are true?
Statement A:Larceny may be covered under a Burglary (Business Premises) Policy on payment of additional premium.
Statement B:An "All Risks" Insurance policy covers all losses.
a) Statement A only b) Statement B only c) Both statements d) Neitheof the statements
175.The amount of compensation payable under Motor Vehicles Act, 1988 on "no-faults" basis for death claim is Rs. --- and for permanent disablement claims it is Rs. —.
a) Rs. 25,000 and Rs. 12,500 respectively b) Rs. 60,000 and Rs. 20,000 respectively
c) Rs. 50,000 and Rs. 25,000 respectively d) Unlimited in both cases.
176.Claims under Own Damage section of Motor policies covering private cars exceeding 1500 C.C. are subject to a compulsory deductible of Rs.-----
a) Rs. 1,50C b) Rs.500 c) Rs. 1,000 d) No compulsory deductible.
177. Which of the following statements; is true?
Statement A:Section 165 of Motor Vehicles Act, 1988 empowers State Governments to set up Motor Accident Claims Tribunals for adjudicating upon Third Party claims.
Statement B:Where claims are negotiated with the third party to accept a compromise settlement, consent of M.A.C.T. is not required.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
178.Which of the following statements is true?
Statement A: Small losses which occur frequently may be absorbed by the firm as actual operating expenses of the business.
Statement B:Small losses which occur frequently need to be insured.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
179.Which of the following statements is true?
Statement A:Sharing of Agent's commission is a punishable offence under the Insurance Act.
Statement B : Unprofessional behaviours are subject to penalties under the regulations,
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
180.I.R.D.A. regulations for Insurance Brokers require direct broker to have minimum amount of capital of Rs.-------
a) Rupees one crore b) Rs.50 lakhs c) Rs. 25Lakhs d) Rs.30 lakhs
181. Which of the following statements is true?
Statement A:Marine cargo claims are paid to the claimant who produces the marine policy duly endorsed in his favour.
Statement B:Claims for Total Loss on vehicles subject to hire-purchase agreements are paid to financiers.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
182.Which of the following statements is true?
Statement A:Workmen's Compensation policy can be extended at extra premium to include certain diseases mentioned in the Workmen's Compensation Act.
Statement B:Workmen's Compensation policy does not specify any Sum Insured.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
183.Which of the following statements is true?
Statement A:Burglary (Business Premises) Insurance covers theft by persons lawfully on the premises.
Statement B:Fidelity Guarantee Policies stimulate time limit for discovery of loss.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
184.Which of the following statements is true in relation to Plate Glass Insurance policy?
Statement A:Breakage of glass due to fire or explosion is not covered.
Statement B:There has to be a fracture of glass through its entire thickness.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
185.Which of the following statements is true?
Statement A:Householders' Insurance covers also loss/damage to personal baggage due to accident/misfortune whilst travelling anywhere in India.
Statement B:Neon Sign insurance covers damage by overrunning, over-heating or strain
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
186. I.R.D.A., 1999 has stipulated minimum requirement of paid-up share capital at Rs.---- for life assurance business.
a) Unlimited b) Rs.100 crores c) Rs. 300 crores d) Rs. 500 crores.
187.I.R.D.A., 1999 has laid down maximum interest of a foreign company or non-resident in insurance enterprise at not more than ------- percent of total share capital.
a) 25 percent b) 26 percent c) 49 percent d) no limit
188.I.R.D.A., 1999 has stipulated maximum holding of shares by individual promoter to be not more than ------- percent of the share capital,
a) 10 percent b) 8 percent c) 25 percent d) 26 percent
189.Which of the following statements is true?
Statement A:Statutory limit of liability for third party property damage is Rs.6,000.
Statement B:Limit for Third Party Property Damage cover is Rs.7,50,000 in respect of private cars policies.
a) Statement A only b) Statement B only Both statements d) Neither of the statements
190.State which of the following statements is true?
Statement A: Insurable Interest need not exist at the time of effecting Marine Cargo insurance.
Statement B:Settlement of marine cargo claims follows the principles of strict indemnity.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
191.State which of the following statements is true?
Statement A:Cover Note is an unstamped insurance document providing temporary cover.
Statement B:The sum insured under a Fire Policy stands reduced to the extent of the amount of claim paid.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
192.State which of the following statements is true?
Statement A:The last cause responsible for a loss is usually the proximate cause
Statement B:If an insured peril is followed by the happening of an excepted peril, as a new and independent cause, there is a claim, excluding loss/damage caused by the excepted peril,
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
193.Slate which of the following statements is true?
Statement A:Insurer has paid a claim for short landing of one case imported textiles. The cargo owner can recover his loss from the ocear carrier also.
Statement B:A building is insured against fire and earthquake risks with insurer A and for fire peril only with insurer B. Fire damages the building. Principle of contribution will apply.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
194.Which of the following statements is true?
Statement A:An innocent misrepresentation will make an insurance contract void able.
Statement B:A stipulation that a Motor Cycle will not be used without a side-car attached is called a "warranty".
a) Statement A only b) Statement B only Both statements d) Neither of the statements
195.Which of the following statements are true in relation to Personal Accident insurance?
Statement A:If insurers disclaim liability, insured has to file a suit in a court of law within 6 months from the date of such disclaimer.
Statement B: Sum Insured is compared with the average monthly income of the insured, but this restriction is not strictly applied if the policy is for Capital Sum only.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
196.Concerning the role of T.A. C., state which of the following statements is true?
Statement A:Every decision of T.A.C. is valid only after it has been ratified by the ,IRDA.
Statement B:Unless exempted specifically for any class of business, the rates and terms determined by T.A.C. are binding on all insurers.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
197.Which of the following risks covered under Institute Cargo Clauses (B) are not covered under Institute Cargo Clauses (C)
Statement A:Discharge of cargo at port of distress.
Statement B:Earthquake, volcanic eruption, lightning.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
198.Which of the following statements is true in connection with Mediclaim Policy?
Statement A:Mediclaim Policy covers treatment arising from pregnancy and child-birth.
Statement B:Mediclaim Policy does not cover dental treatment or surgery unless requiring hospitalization
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
199.Under Institute Cargo Clauses (Air), insurance terminates on expiry of ------days after unloading of cargo from aircraft at final place of discharge.
a) 60 days b) 30 days. c) 7 days d) 14 days.
200.Under Sec. 64-UM of the Insurance Act, 1938 no claim equal to or exceeding Rs. ------- on any insurance may be paid by the insurer unless Survey Report is obtained from a licensed Surveyor.
a) Rs. 10,000 b) Rs. 20,000 c) Rs. 25,000 d) Rs. 30,000
201.Which of the following statements is true?
Statement A:Doctrine of Contribution operates when two policies relate to the same subject-matter but different interests.
Statement B:Doctrine of Contribution operates when the policies have been in force at the time of the loss.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
202.In Motor Insurance, the insured vehicle shall be .treated as a constructive total loss if the total cost of retrieval and/or repair exceeds -------- percent of the IDV of the vehicle.
a) 70 % b) 75 % c) 80% d) 85%
203.Which of the following statements are true in relation to Motor Insurance?
Statement A:If no claim is made or pending during the preceding first year of insurance,the No Claim Bonus allowed will be 25% of Own Damage premium.
Statement B:The entitlement of No Claim Bonus shall follow the fortunes of the original insured and not the vehicle or the policy.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
204.Which of the following statements are true in relation to Motor Insurance'
Statement A:As per Motor Vehicles Act, 1988, compensation allowed on the principle of "no fault" is Rs. 50,000 for death of third party and Rs.25,000 for permanent disablement.
Statement B:Solatium allowed in respect of "hit and run" motor accidents is Rs.25000 for death and Rs.12500 in respect of grievous hurt to third party.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
205.Which of the following statements are true in relation to Personal Accident Insurance?
Statement A: No compensation is payable in respect of death, injury or disablement whilst under the influence of intoxicating liquor or drugs.
Statement B:War risk cover can be granted to Indian personnel or experts working in foreign countries on civilian duties at additional premium.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
206.Which of the following statements is true?
Statement A:Cargo policy is assigned by blank endorsement, that is, mere signature of policy holder without specifying the assignee. Notice to insurer is not necessary.
Statement B:Hull policies include a clause requiring that assignment shall be by specific endorsement.
a) Statement A only b) Statement B only c) Both statements
207.Which of the following statements is true?
Statement A:Terrorism cover in Fire Insurance is not given in isolation without Riot, Strikes and Malicious Damage cover.
Statement B:Every claim under Terrorism cover in Fire Insurance will be subject to a deductible.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
208.Which of the following statements is true?
Statement A:While the subject-matter of insurance is property, life or liability, the subject-matter of insurance contract is the insurable interest therein.
Statement B:Insurance eliminates risk.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
09.Which of the following statements is true?
Statement A:Utmost Good Faith and Insurable Interest are conditions expressed in every policy of insurance.
Statement B:The cause which is truly proximate is that which is proximate in time. It is the latest cause that must be regarded.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
210.Which of the following statements is true?
Statement A:Fire insurance is concerned with capital loss whereas Loss of Profits insurance is concerned with revenue loss.
Statement A:Indemnity Period in Loss of Profits Insurance does not extend beyond the expiry date of the insurance.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
211.Section VIII of Fire Policy allows specified "ADD-ON" covers at additional premium. Which of the following perils can be an "ADD-ON" cover?
a) Forest Fire b) Aircraft damage c) Lightning d) Explosion
212.Which of the following statements is correct?
Statement A: No-fault liability claims arising out of handling hazardous substances are paid out of the Solatium Fund.
Statement B: Principle of "no-fault" means the claimant need not prove negligence on the part of the motorist.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
213.Which of the following risks are automatically covered without extra premium under ICC (B) ?
a) War risks b) Earthquake, volcanic eruption and Lightning c) Strikes risks d) Damage by rough handling
214.Which of the following statements is true?
Statement A: One of the functions of IRDA is to regulate maintenance of Solvency Margin of insurance Companies.
Statement B: Every insurance company will have to appoint an actuary approved by IRDA.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
215.Which of the following facts need not be disclosed by a proposer in the absence of inquiry :
a) Matters of law b) refusal to renew policy by insurer c) past claims record d) over-insurance.
216.Which of the following statements is true?
Statement A: "Salvage Loss" indicates loss on sale of salvage after a cargo claim is paid.
Statement B: "Salvage Loss" refers to the amount payable representing the difference between insured value of goods and net proceeds of their sale.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
217.Which of the following statements is true?
Statement A: IRDA performs all functions of the Controller of Insurance under the Insurance Act, 1938.
Statement B : IRDA prescribes the rates of premium to be charged for all classes of general insurance business.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
218.Which of the following statements ;s true?
Statement A: Particular Average is the average of various losses sustained by cargo.
Statement B: Particular Average means partial loss of the subject-matter insured in marine insurance.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
219.The principle which ensures, where there is more than one insurance, the insured cannot recover more than his loss., is called ---------
a) Subrogation b) Contribution c) Insurable Interest d) Utmost good faith
220.When we say that an insurance contract is VOIDABLE, it means
a) Insurer does not pay the claim b) Insurer has to pay the claim
c) Insured is required to take legal recourse d) Insurer has the option to pay or not to pay the claim
221.Which of the following statements is true? Under an F.O.B. contract of sale
Statement A: Seller is responsible till goods are placed on board the carrying vessel.
Statement B: Buyer's responsibility attaches once the goods are placed on board the vessel.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
222.Special Declaration Policy is a floating policy issued to clients whose annual estimated dispatches exceed Rs.-------
a) Rs.50 lakhs b) Rs.1 crore c) Rs. 2crores d) Rs.10crores
223.Which of the following statements is true? Under a C.I.F. contract of sale
Statement A: Buyer is responsible for arranging the insurance
Statement B : Seller is responsible for arranging the insurance
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
24.In case of Fire and Accident Insurance Insurable interest must exist
a) at the time of loss only b) at inception of insurance only
c) both at inception of insurance and at the time of loss d) no insurable interest is required
225.Which of the following statements is correct?
Statement A: An Agency can be terminated if the Agent's licence is cancelled or not renewed
Statement B: A person canvassing insurance business or receiving commission therefore without holding a valid licence is liable to punishment.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
26.Which of the following statements is true in marine cargo insurance?
Statement A:Loss caused by delay is excluded even if such delay is caused by an insured peril.
Statement B:Loss caused by delay is payable if such delay is caused by an insured peril.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
227.Which of the following statements is true in case of marine cargo insurance?
Statement A: An Open Cover is not stamped
Statement B: An Open Policy is a stamped document
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
228.What is the amount of claim payable if the sum insured is Rs.3,00,000 excess clause 3 percent and the loss is Rs.50,000?
a) Rs. 40,000 b) Rs. 30,000 c) Hs. 41,000 d) Rs. 52,000
229.What is the amount of claim payable if the sum insured is Rs. 50,000 franchise clause is 5% and the loss is Rs. 3,000 ?
a) Rs. 3,000 b) Rs. 1,500 c) Nothing is payable d) Rs. 500
230.Which of the following statements is true?
Statement A: Insurance on Duty shall not be valid if affected after arrival of carrying vessel at destination port.
Statement B:Increased value insurance, on the other hand, may be affected after arrival of the vessel at destination port.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
231.Which of the following statements is true?
Statement A: A declaration signed by the proposer on the proposal form converts the representations made by him into warranties.
Statement B:The pro-rata condition of average does not apply to Motor Insurance cover.
a) Statement A only b) Statement B only c) Both statements d) Neither of the statements
232. Which of the following risk is covered under Horticulture Plantation Insurance policy?
a) Drought condition b) Forest free c) Delay in the onset of d) Cold waves and heat waves monsoon
233. If the insurer disclaims liability for any claim under fire policy the insured has to file a suit in a court of law within _________ calendar months form the date of disclaimer.
a) 12 b) 6 c) 9 d) 24
234. Under the nationalized set-up which of the following function is ‘ not ’ performed by the Branch offices?
a) Collocation of premium b) Appointment of inspectors (development staff) c) Issue of policies d) Issue of cover notes
235. Under the Consumer Protection Act the District Forum can entertain a complain if the compensation claimed is less than Rs __________ lakh.
a) 10 b) 5 c) 1 d) 2
236. Which of the following policies does not fall under Public Liability Policies?
a) Products liability b) Employers liability c) Directors and Officers liability
237. Which of the following risks are covered under pet Dog Policy?
a) Death by poisoning and third party liability b) Death by discase and death by accident
c) Death by disease death by poisoning d) Death by accident and death by poisoning
238.Which of the following principles of law prevents an insured from making a profit out of his loss?
a) Insurable interest b) Caveat Emptor c) Utmost good faith d) indemnity
239.Which of the following perils is not covered under the Standard Fire and Special Perils Policy?
a) Subsidence b) Landslide c) Flood d) Earthquake
240.Employers liability under the ________ is not covered under Table ‘B’ cover the tariff.
a) Factories Act b) Workmens’s Compensation Act c) Fatal Accident Act d) Common Law
241. Under mediclaim policy occurrence of the same illness after lapse of __ days is considered as fresh illness for purpose of reimbursement of covered expenses.
a) 15 b) 7 c) 3 d) 45
242.Under inland Transit (Road) Clause. ‘A’ the cover terminates after expiry of ____ Days after arrival of the vehicle at the destination town.
a) 30 b) 7 c) 3 d) 15
243. Under Horticulture/Plantation policy _______
a) Both fertilizers stores in the insured field and crops stored after harvesting are excluded b) Fertilisers stored in the insured field are covered
c) Crops stored after harvesting covered d) Both fertilized and crops
244.Which of the following is ‘not’ a contract of indemnity in strict sense?
a) Fidelity guranantees b) Liability insurences c) Burglary insurances d) Personal accident insurances
45. To obtain agency licence both of Life and general insurance the applicant must complete ______ hours practical training.
a) 150 b) 100 c) 50 d) 200
246.Which of the following perils is ‘not’ covered under Standard Fire Special Perils Policy?
a) Landslide b) Bush Fire c) Forest Fire d) Subsidence
247.The minimum sum insured under Fire Floater Declaration policy is Rs. ______ crore.
a) 1 b) 3 c) 4 d) 2
248.Which of the following losses is ‘not’ excluded under Products Liability Policy?
a) Product guarantee b) Pollution c) Cost of repair of defective d) Cost of replacement of defective product defective product
249. Under the nationalized set-up the agent is expected to secure a minimum premium amount of Rs. _______ a year. If he is working in places where population is less than 5 lakhs.
a) Rs. 7,500 b) Rs. 10,000 c) Rs. 15,000 d) Rs. 5,000
250. Under group personal accident policies which of the following discounts is not available?
a) Long term Policy b) Off duty c) Claims experience d) Exclusion of ‘Death’ benefit
251.Medical Reports is required in addition to proposal form under Overseas Mediclaim Policy if the proposer traveling to countries (other than North America) is aged above _____Years.
a) 45 b) 50 c) 55 d) 60
252. Which of the following risks are automatically covered without extra premium under Institute Cargo Clause (A)?
a) Strikes riot and civil commotion b) Breakage and leakage c) Breakage only d) Leakage only
253. Which of the following Acts does ‘not’ affect insurance of cargo sent by sea?
a) The Carriers Act 1865 b) The Bill of Langind Act 1855 c) The Multi-modal d) The Indian Contract Act 1872 Transportation Act 1993
254. Renewal of personal accident policies when the insured completes 70 years is subject to ______
a) reduction of capital sum insured b) loading of premium c) medical examination d) restriction of cover for ‘death’ only
255. The clause in open cover which limits the liability of insurers at any time or places before shipment is known as ______
a) Location clause b) Limit per bottom clause c) Basis of valuation clause d) Declaration clause
256. Which of the following covers in Householders policy is not included in shopkeepers policy?
a) Television b) Pedal cycles c) Fixed Plates Glass d) Legal liability towards employees
257. Under electronic Equipment Policy Cover is granted only for equipment which have completed at least _______ months trouble free operations.
a) 3 b) 6 c) 9 d) 12
258. The liability of the owner of the motor vehicle to pay compensation for death claims on no-fault basis under the Motor vehicles Act 1988 is _____
a) Rs 50,00 b) Rs 10,000 c) Rs 25,000 d) Unlimited
259. The compensation for death under Solatium scheme is _____
a) Rs 1,00,000 b) RS 25,000 c) Rs 50,000 d) RS 12,500
260. Which of the following commodities is most susceptible to sea-water damage?
a) Electronic items b)Cotton c) Liquid Cargo d) Sugar
261. Which of the following is ‘not’ taken into account in loading the pure premium rate to arrive at the final rate of premium?
a) Margin for investments b) Agency commission c) Expenses of management d) Margin for reserves
262. Breath of which of the following conditions in the policy will prevent the insured from recovering a particular loss the policy remaining unaffected?
a) Condition subsequent to the liability b) Condition subsequence to liability
c) Condition precedent to the contract d) Condition subsequent to the contract
263. The Mediclaim policy is available upto a maximum sum insured of Rs _______ lakhs
a) 4 b) 5 c) 2 d) 3
264. Under Floater Decalaration (Fire) Policy the minimum premium under the adjustment clause is ______% of the total premium.
a) 80 b) 25 c) 50 d) 60
265. An agent if his licence is cancalled by the designated person can apply for a fresh licence after a period of _______ years from the date of such cancellation.
a) 5 b) 2 c) 3 d) 4
266. Which of the following insurances is governed by market agreement?
a) Honey bee b) Silk Worm c) Plantation d) Poultry
267. The insurance under Overseas Medical Policy does not operate beyond ______ days of continuous absence from India.
a) 180 b) 60 c) 90 d) 120
268. Which type of the following fidelity gurantee policies is suitable to an insured who fears that more than one employee may act in collusion and cause a loss?
a) Group b) Floating c) Collective d) Individual
269. The principle of indemnity is applied in practice through _______
a) franchise clause b) deduction for depreciation c) extra premium d) excess clause deduction
270. Silkworm insurance excludes diseases contracted within ______ days from the date of commencement for risk.
a) 10 b) 15 c) 20 d) 5
271.The motor Tariff prescribes discounts in premium for the following. Which discounts is available to private cars and motor cycles only and not to other vehicles?
a) Voluntary excess (Own damage section) b) Deletion of Riot Strike risks
c) Deletion of Earthquake risks d) Membership of recognized Automobile Association
272. Which of the following losses are ‘not’ payable under the business premises burglary policy?
a) Theft of cash from the safe b) Damage to the safe when it was broken
c) Damage to contents in the premises open d) Breakage of window panes by burglars
273. Which of the following is ‘not’ considered as a material fact?
a) The previous insurers policy b) The insured had cancelled his policy
c) The previous insurers had cancelled the policy d) The previous insurers had rejected the proposal
274. Which of the following policies are freely assignable without the consent of insurers?
a) Fire b) Marine Cargo c) Marine hull d) Burglary
Problems
275.Out of 400 houses, each valued at Rs.20,000/- 4 houses get burnt, on an average, every year. What should be the contribution of each owner to pay for the losses of 4 houses.
a) Rs.200/- b) Rs.400/-
c) Rs.600/- d) Rs.800/-
276. Value of the property is Rs.3,00,000 and it is insured for Rs.2,40,000. If a loss occurs of Rs 60,000, what will be the amount of claim payable under a Fire policy?
a) Rs. 48,000/- b) Rs. 46,000/- c) Rs. 42,000/- d) Rs. 8,000/-
277. The same property is covered under two fire policies, A for Rs.10,000 and B for Rs.20,000. If there is a loss of Rs.6000 payable, the amounts of claim payable under Policy A and Policy B are Rs._______ and Rs. ________respectively
a) Rs. 3,000 Rs. 3,000 b) Rs. Nil Rs. 6,000 c) Rs. 1,000 Rs. 6,000 d) Rs. 2,000 Rs. 4,000
278. A policy with a sum insured o' Rs. 1 lakh is subject to a 'franchise' limit of Rs. 10,000/- what is the amount of claim payable if the loss is Rs.8000/-.
a) Rs.2000/- b) Rs.10000/- c) Rs.18000/- d) Nil
279.Calculate the total premium payable under a Fidelity Guarantee (Floating) policy for an amount of Rs.5 lakh to cover 10 employees if the rate of premium is 1 % and per capita charge is Rs.5/-.
a) Rs. 550 b) Rs.5,050
c) Rs.5,100 d) Rs.5,200
280.Calculate the premium under a Money (Transit) policy if:
Limit for anyone loss is Rs.1 lakh
Estimated amount of money in transit is Rs.10lakhs
Rate of premium is Re.1/ per mile
a) Rs.100 b) Rs.1,000
c) Rs,11,000 d) Rs.10,000
281.Out of 1000 pedal cycles, each valued at Rs.2000, 5 are stolen on an average every year. The rate of ‘pure premium’ for each cycle is the value of each cycle.
a) ½% b) 1% c) 2% d) 5%
282. Out of 400 houses, each valued at Rs. 20,000. 4 houses get burnt, on an average, every year. What should be the contribution of each owner to pay for the losses of 4 houses.
a) Rs. 200 b) Rs. 400
c.Rs. 600 d) Rs. 800
283. Under Fire Declaration policy
Sum insured: Rs.1crore
Rate of premium: Re.1.per mille and
Average of monthly declarations Rs.70 lakhs.
Calculate the provisional premium and refund
Premium.
a) Rs.10.000 and b) Rs.1,00,000 and
Rs.7,000 Rs.7,000
c) Rs.1,00,000 and d) Rs.10,000 and
Rs.3,000 Rs.3000
284. Turnover : Rs.20 lacs;
Cost of Production : Rs.14 lacs;
Fixed overhead : Rs.4 lacs;
Net profit : Rs.2 lacs.
Calculate the sum insured for a consequential loss
(fire) policy.
a) Rs.20 lacs b) Rs.14 lacs
c) Rs.6 lacs d) Rs.2 lacs
