Q-11- The full form of ‘SCR Policy’ is
- Shipment Collapse Risks Policy
- Single Consignment Risk Policy
- Shipment Comprehensive Risks Policy
- None of above
Option-3SCR Policy is also known as ‘Shipment Comprehensive Risks Policy’, which is also commonly known as Standard Policy.
Q-12- From following which is the Credit Insurance Policies of ECGC ?
- Small Exporters Policy
- Export Turnover Policy
- Multi Buyer (ITES) Policy
- Multi Buyer Exposure Policy
- Shipment Comprehensive Policy
- None of the above
Option-6 All above are the credit policies of ECGC.
Q-13- The terms ‘Burglary’ and ‘Housebreaking’ are
- having different meaning
- having same meaning and used interchangeably
- term Burglary is used in Insurance nor Housebreaking
- None of above
Option-2 Burglary or Housebreaking both terms are having same meaning and used interchangeably.It means theft following upon an actual forcible and violent entry of or exit from the premises by the person or persons committing such theft.
Q-14- The terms ‘Theft’ and ‘Robbery’ are
- having different meaning
- having same meaning and used interchangeably
- term Burglary is used in Insurance nor Housebreaking
- None of above
Option-3 The term ‘Theft’ means the dishonest misappropriation of Insured’s property with the intention of permanently depriving the Insured of the property by the person or persons other than the insured’s employees or their representatives acting on behalf of the insured.Whereas the term ‘Robbery’ means the theft of contents at the insured premises using unforeseen, aggressive and violent means against the insured and / or their employees.
Q-15- The meaning of term ‘Hold Up’ in Insurance is
- Holding off the claim
- Holding off the entry
- forcible removal by actual or threatened violence against the Insured or Employee(s) of the Insured
- None of above
Option-3 “Hold-up” means forcible removal by actual or threatened violence against the Insured or Employee(s) of the Insured.
Q-16- For any claim under Insurance the ‘Onus of Proof’ duty lies on
- Insurer
- Insured
- Both Insured or Insurer
- None of Insured or Insurer
Option-1 In any action, suit or other proceedings where Insurer alleges that by reason of the above provisions any damage is not covered by this Insurance, the burden of proving that such damage is covered shall be upon Insured.
Q-17- Below are the exclusions under the Asset policies, EXCEPT
- Any loss having accidental in nature
- Loss or damage due to war and nuclear perils
- Loss or damage due to wear and tear and gradual deterioration
- Loss or damage due to actions of any lawfully constituted authority
Option-1 Any loss having accidental in nature is covered under the Asset policies subjected to that loss did not specifically excluded and cause of loss can be prove by Insurer.
Q-18- The sum insured under EAR policy should represent
- Cost of erection
- Cost of Building
- Cost of Plant & Machinery
- including the cost of erection, buildings or the plant and the machinery, along with customs duty and the freight charges
Option-4 The sum insured is equal to the total value of the project including the cost of erection, buildings or the plant and the machinery, along with customs duty and the freight charges.
Q-19- Who was the First chairman of ECGC ?
- Shri T C Kapur
- Shri Morarji Desai
- Shri Ratilai M Gandhi
- Shri T T Krishnamachari
Option-3 Shri Ratilai M Gandhi was the First chairman of ECGC.
Q-20- ECGC was set up on the recommendation of
- Kapur Committee
- Jindal Committee
- Nehru Committee
- Malhotra Committee
Option-1 ECGC was set up on the recommendation of Kapur Committee.
These Insurance GK questions are based on Accounting standards and Practices followed in industry. Awareness of e-IA and practices followed in manage and maintaining various accounting standards.