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Insurance MCQ Daily-25

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Insurance MCQ daily proved very useful to all Insurance aspirants or insurance savvy who regularly seek insurance knowledge.   

These 20 Insurance MCQ’s is all about the Insurance Regulatory Development Authority(IRDA) newly launched products.

As per IRDA’s new Guidelines, two new standard products, namely, ‘Bharat Sookshma Udyam Suraksha(BSUS)’ and ‘Bharat Laghu Udyam Suraksha(BLUS)’ are being introduced for covering micro and small level businesses respectively as detailed hereunder against Fire and Allied Perils replacing the Standard Fire and Special Perils (SFSP) Policy for the respectively applicable risks.

These Guidelines shall come into effect on 1st April 2021.

Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha shall be mandatorily issued by general insurers for the respectively applicable risks, both fresh and renewal with effect from 1 st April 2021.

No insurer shall change or alter any part of the wordings of these documents.

Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha shall fall under the ‘Retail’ category of products.

The definition of ‘Retail products’ as provided for in the Product Filing Procedures for General Insurance Products Ref. IRDAI/NL/GDL/F&U/030/02/2016 dated 18th February 2016 (Product Filing Guidelines) shall stand modified to include Bharat Sookshma Udyam Suraksha and Bharat Laghu Udyam Suraksha.

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Q-1- IRDA launched new products for risk cover upto _______.

  1. ₹ 5 Crore
  2. ₹ 50 Crore
  3. ₹ 100 Crore
  4. ₹ 500 Crore

Option 2 IRDA launched ‘New Products’ for risks having sum insured upto ₹ 50 Crore.

Q-2- What is the name of product for risk cover having sum insured ₹ 50 Crore?

  1. Bharat Laghu Udyam Suraksha(BLUS)
  2. Bharat Sookshma Udyam Suraksha(BSUS)
  3. Bharat Laghu Udyam Sookshma Suraksha(BLUSS)
  4. Bharat Sookshma Laghu Udyam Suraksha(BSLUS)

Option-1 Bharat Laghu Udyam Suraksha, where the total ‘value at risk’ exceed ₹ 5 Crore but does not exceed ₹ 50 Crore.

Q-3- What is the name of product for risk cover having sum insured ₹ 5 Crore?

  1. Bharat Laghu Udyam Suraksha(BLUS)
  2. Bharat Sookshma Udyam Suraksha(BSUS)
  3. Bharat Laghu Udyam Sookshma Suraksha(BLUSS)
  4. Bharat Sookshma Laghu Udyam Suraksha(BSLUS)

Option-4 Bharat Sookshma Udyam Suraksha, where the total ‘value at risk’ does not exceed ₹ 5 Crore.

Q-4- These both new launched products of IRDA are effective from

  1. 1st April 2021
  2. 10th April 2021
  3. 15th April 2021
  4. 1st May 2021

Option-1 Effective from 1st April 2021, the ‘All india fire Tariff’ stands denotified for all risks with ‘value at risk’ upto ₹ 50 Crores.

Q-5- These both new products covers ‘dwellings’ also?

  1. Yes
  2. No
  3. Yes,having risk value upto ₹ 50 Crores
  4. Can’t say

Option-2 These both new products provide coverage ‘value at risk’ upto ₹ 50 Crores, except DWELLINGS.

Q-6- Both BSUS & BLUS provides coverage for theft with in _____days from the occurence of and proximately caused by any of insured events.

  1. 5 days
  2. 7 days
  3. 10 days
  4. 15 days

Option-2 Coverage of Theft with in 7 days from the occurence of and proximately caused by any of insured events.

Q-7- What is the excess limit under Bharat Sookshma Udyam Suraksha(BSUS)?

  1. ₹ 5,000 for each claim
  2. ₹ 10,000 for each claim
  3. ₹ 5,000 for each claim, subject to minimum of ₹ 10,000
  4. 5% of each claim, subject to a minimum of ₹ 10,000

Option-1 The excess limit under Bharat Sookshma Udhyam Suraksha(BSUS) is ₹ 5,000 for each claim.

Q-8- Under Bharat Sookshma Udyam Suraksha(BSUS), stock coverage as an add on coverage by

  1. floater policy
  2. declaration policy
  3. both above
  4. none of above

Option-2 stock coverage as an add on coverage under declaration policy.

Q-9- Under insurance is waived off upto ______

  1. 5%
  2. 10%
  3. 15%
  4. 20%

Option-3 Under insurance is waived off upto 15%.

Q-10- Under Bharat Laghu Udyam Suraksha(BLUS), stock coverage as an add on coverage by

  1. Floater policy
  2. declaration policy
  3. Both above
  4. None of above

Option-3 Stock as an add on can cover both as Floater cover or Declaraion policy basis.

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