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Insurance Questions Daily-48

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

These 20 Insurance GK MCQs are all about Life and about the general insurance sector.

Questions related to Fire Insurance and maintaining and managing accounting practices Risk Management and its applicability in the present industry, accounting terminology etc. on Insurance GK.

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Q-1- ______________ is an “Add-On” cover under Fire Insurance if the insured Building or its any part is damaged by an insured peril and becomes unfit for further use.

  1. Loss of Rent
  2. Deterioration of Stocks
  3. Spoilage material damage
  4. Damage to electrical wiring due to short circuit

Option-1 Loss of Rent

Q-2- The term “Spontaneous Combustion” in Fire Insurance means__________

  1. Burning by external causes
  2. Fire caused by “Act of God”
  3. Ignition caused due to heavy smoke
  4. Burning resulting from internal heating

Option-4 Burning resulting from internal heating

Q-3- Which Fire policy covers stock at various locations under one Sum Insured ?

  1. Floating policy
  2. Umbrella policy
  3. Declaration policy
  4. Comprehensive policy

Option-1 Floating policy

Q-4- Which “Special Fire policy” is suitable for those businesses where due to the dynamic market conditions, the stock value keeps on fluctuating frequently?

  1. Floater policy
  2. Declaration policy
  3. Reinstatement value policy
  4. Industrial All Risk Insurance policy

Option-2 Declaration Policy

Q-5- The process of settling any disputes regarding the amount of claim payable, if the liability has been admitted by the Insurer, is known as _________

  1. Arbitration
  2. Counselling
  3. Conciliation
  4. Mutual Settlement

Option-1 Arbitration

Q-6- Which clause in the Fire Policy allows automatic regular increase, not 25%, in the Sum Insured throughout the period of the policy?

  1. Renewal clause
  2. Multiplier clause
  3. Escalation clause
  4. Clause of regular increase

Option-3 Escalation clause

Q-7- Which are the conditions, if violated by the insured, shall forfeit the Fire policy as per the rights of the insurers, following the occurrence of a loss?

  1. Insurer can remove or sort the salvage of the property
  2. Insurer can take possession of the damaged building or premises
  3. Insure can enter the building or premises where the loss has occurred
  4. Both 1 and 2
  5. All 1,2 and 3

Option-5 All 1,2 and 3

Q-8- What percentage of the first amount of each and every claim aising out of “Act of God” perils is not covered under the Fire insurance policy?

  1. 1%
  2. 2%
  3. 4%
  4. 5%

Option-4 5%

Q-9- Which of the following loss or damage to any electrical machine, fixture of fitting comes under the “Electrical Risk” exclusions in a Fire Policy?

  1. Damage by over-running
  2. Damage by short circuiting
  3. Loss by leakage of electricity
  4. Both 1 and 2
  5. All 1,2 and 3

Option-5 All 1,2 and 3

Q-10- Under which category the Fire Insurance ‘Perils’ such as Lightning, STFI, Subsidence, Landslide and Rockslide come under ?

  1. Flood perils
  2. Natural perils
  3. Act of God perils
  4. Earthquake perils

Option-4 Earthquake perils

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