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The answers are highlighted in bold.
1.Which of the following statements is true?
Statement A: Arbitration condition appears in all insurance policies.
Statement B Arbitration condition appears only in Marine Cargo policies.
a) Neither of the statements is true
b) Statement A only
c) Statement B only
d) Both statements are true
2. Out of 1000 pedal cycles, each valued at Rs. 20000/-, 5 are stolen on an average every year. The rate of premium for each motorcycle in % may be indicated.
3. The duty of disclosure of material fact arises
a) Only at the time of renewal
b) Only during the proposal stage
c) Only during the policy period if there is change of risk
d) All the above
4. Which of the following statement is true?
a) Insurance facilitate free investment of capital in business
b) Insurance encourages commercial and industrial development
c) Insurance contributes to national productivity
d) All the three above
5. Third party Administrator’s ‘cash less’ services mean?
a) Admission to a specified hospital without admission fees payment
b) Admission to a specified hospital without deposits
c) Discharge from specified hospital without payment of covered expenses of treatment
d) All of the above
6. What is the amount of claim payable if the loss is Rs.8000 under a policy with a sum insured of Rs.1 lakh and excess limit is Rs.10,000/-.
7. Which of the following statements is true?
Statement A: The POS is at fault, if the policy sold does not meet the proponent’s needs.
Statement B: The POS is responsible to ensure that the proposed policy meets the needs of the prospects.
8. Which statement is true?
Statement A: Subrogation applies only under contracts of indemnity
Statement B: Contribution applies only under contracts of indemnity
9. What it is called in risk management when insured gets his property insured.
10. Under IRDA guidelines which of the following is eligible to become a corporate agent.
4. All three a, b & c is eligible to become a corporate agent
11. Which of the following statements is true?
1. Compensation to victims of ‘hit and run’ motor accident are payable out of ‘Solatium Fund’.
2. Compensation for victims of motor accident on ‘no-fault’ basis is awarded by the Motor Accident Claims Tribunal.
a) Only 1 is true
b) Only 2 is true
c) Both are true
d) Both are false
12. What is total loss in motor insurance?
a) When vehicle is stolen and declared untraced?
b) When vehicle is so badly damaged that cannot be repaired?
c) When the vehicle is so damaged that repair cost is going to be more than 75% of IDV.
d) All of the above
13. Following are the number of categories in which the vehicles are broadly classified
14. How much is the discount for vehicles specially designed for blind person?
15. Tariff rates can be