Q-11- What is the excess limit under Bharat Laghu Udyam Suraksha(BLUS)?
- ₹ 5,000 for each claim
- ₹ 10,000 for each claim
- ₹ 5,000 for each claim, subject to minimum of ₹ 10,000
- 5% of each claim, subject to a minimum of ₹ 10,000
Option-4 The excess under Bharat Laghu Udyam Suraksha(BLUS) is 5% of each claim, subject to a minimum of ₹ 10,000.
Q-12- As an inbuilt cover any addition, alteration and erection of property is covered upto ______ of the sum insured for that item
- 10%
- 15%
- 20%
- 25%
Option-2 Any addition, alteration and erection of property is covered upto 15% of the sum insured for that item.
Q-13- In above, limit for any addition, alteration and erection of property is covered _________ stocks
- Including
- Excluding
- Including upto 10%
- Including upto 10%
Option-2 limit is 15% of SI, which is any addition, alteration and erection of property is covered excluding stocks.
Q-14- Debris removal expenses are covered upto ________ of the claim amount.
- 1%
- 2%
- 3%
- 4%
Option-2 Debris removal expenses are covered upto 2% of the claim amount.
Q-15- Start up cost is covered
- upto ₹ 2 lakhs for Laghu and upto ₹ 4 lakhs for Sookshma
- upto ₹ 3 lakhs for Laghu and upto ₹ 3 lakhs for Sookshma
- upto ₹ 4 lakhs for Laghu and upto ₹ 2 lakhs for Sookshma
- upto ₹ 5 lakhs for Laghu and upto ₹ 1 lakhs for Sookshma
Option-4 Start-up cost incurred in respect of insured risk consequent upon a loss or damage due to insured events upto ₹ 5 lakhs for Laghu and upto ₹ 1 lakhs for Sookshma.
Q-16- Is there any provision to exclude inbuilt perils to reduce premium of policy?
- yes, it can be removed
- no, it can’t be removed
- yes, but the limit should be 10% of total sum insured
- yes, but the limit should be 15% of total sum insured
Option-2 There are no provision in the policy to exclude Inbuilt Perils.
Q-17- Can Sum insured increase/decrease during the policy period?
- No, once policy placed it can’t be change
- Yes, SI can be increase/decrease subjected to payment of premium
- Yes, SI can be increase/decrease upto 10% subjected to payment of premium
- Yes, SI can be increase/decrease upto 15% subjected to payment of premium
Option-2 At the request of insured, Sum Insured under the policy can be increased/decreased subjected to payment of premium.
Q-18- Whether there is Floater provision in the both BSUS & BLUS policies?
- Yes
- No
- Cover in BSUS but not in BLUS
- Cover in BSUS but optional in BLUS
Option-4 Floater is an inbuilt cover in Bharat Sookshma Udyog Suraksha(BSUS) but it is an optional cover under Bharat Laghu Udyog Suraksha Policy(BLUS).
Q-19- Whether there is option to increase sum insured limits for inbuilt covers?
- Yes
- No
- Yes, subjected to payment of premium
- only increase is allowed, subjected to additional premium
Option-1 Presently, Sum insured limits of built in covers are fixed as per IRDA guidelines.
Q-20- Under these products where will Co-operative housing society fall?
- Bharat Laghu Udyam Suraksha(BLUS)
- Bharat Sookshma Udyam Suraksha(BSUS)
- Both in above
- Neither in above
Option-3 Co-operative housing society will come under Bharat Sookshma or Bharat Laghu Udyam Suraksha as per their ‘Value at Risk’.
Midterm increase in Sum insured under both Bharat Sookshma Udyam Surasha(BSUS) and Bharat Laghu Udyam Suraksha(BLUS) is very interesting to know. During mid-term, there will be no impact on policy wording due to Sum insured increase. But at the same time on renewal, applicable policy wording as per the sum insured will be selected while policy issuance.