Q-11- Fire policy covers
- All risk policy
- 12 named perils
- Unnamed peril policy
- None of the above
Option-2 12 named perils
Q-12- The gross profit insured under FLOP policy would cover
- Net Profit
- Standing Charges
- Both the above
- None of the above
Option-3 Both Net Profit and Standing Charges are covered under Gross profit for insurance cover.
Q-13- Co-Insurance in Fire Policies pertains to
- Double insurance
- SI distributed over no. of locations
- Insured opting for an higher excess
- Policy shared amongst various insurers
Option-4 Policy shared amongst various insurers
Q-14- Preliminary investigation of loss under Fire Policy includes
- Whether any damaged to adjacent property
- Whether the loss is caused by an insured peril
- Whether the damaged is covered under the policy
- All of the above
Option-4 All of the above includes under preliminary investigation under Fire policy
Q-15- In Fire LOP policies, indemnity period means
- Specified policy period
- Specified reinstatement period
- Specified interruption period opted
- None of the above
Option-3 Specified interruption period opted under Fire policy
Q-16- Rating under Petrochemical tariff is based on
- Pressure and temperature
- Material factor of the raw materials and hold up capacity
- Both 1 & 2 above
- None of the above
Option-3 Both 1 & 2 above are considered as basis for rating under Petrochemical tariff
Q-17- Which of the following statements is incorrect under fire policy subject to agreed bank clause?
- In multiple occupancy building per se ratings is permitted
- Material change in risk does not affect the interest of the Banker
- Insurable interest does not automatically pass onto the legal heir
- Valued policies can be issued whose mkt. value cannot be ascertained
Option-3 Insurable interest does not automatically pass onto the legal heir
Q-18- Which one of the following could not be the basis of valuation of Fire insurance
- RIV basis
- Market value basis
- Original cost basis
- Contract price basis
Option-4 Contract price basis
Q-19- Please indicate which of the following statements is true
- All Fire policies are agreed value policies
- Tsunami is automatically covered in SFSP Policy
- Stocks at Railway Yards can be covered in Declaration Policies
- None of the above
Option-4 None of the above is true
Q-20- Standard Fire policy covers
- Loss due to explosion of boiler
- Loss due to explosion of domestic boiler
- Both 1 and 2
- None of the above
Option-2 Loss due to explosion of domestic boiler
These Insurance GK questions are important for students, those preparation for Licentiate or any other exams require exposures of General insurance. Awareness of Fire and Engineering insurance and other related insurance policies like CAR, CPM, EAR helps in arranging more reliable and informed decision making in deciding of appropriate insurance coverages.