axondendriteplus/IC38-Corporate-Agent-Questions huggingface dataset:
Category: Life
Question: Which policy is suitable for the principal or contractors of a project whereas plant and machinery is being erected as it is exposed to various external risks
1. Contractors Plant & Machinery (CPM) Policy
2. Erection All Risks (EAR) Policy
3. Deterioration of Stock Policy
4. Civil Engineering Completed Risk
Answer: option 2
Category: Life
Question: What is the Industrial All Risks Policy designed to cover
1. Only manufacturing facilities
2. Only storage facilities
3. Industrial properties - both manufacturing and storage facilities
4. Commercial properties
Answer: option 3
Category: Life
Question: What does marine cargo insurance cover
1. Loss of goods during transit within the country only
2. Loss of goods due to sea misadventures only
3. Loss of goods during transit by road and sea only
4. Loss of goods during transit by rail, road, sea, air or registered post
Answer: option 4
Category: Life
Question: Who can insure the cargo under marine cargo insurance
1. Only the seller of the goods
2. Only the buyer of the goods
3. Both the seller and the buyer of the goods, depending on the contract of sale
4. Only the carrier of the goods
Answer: option 3
Category: Life
Question: Under which Act is liability imposed on those who handle hazardous substances
1. Public Liability Insurance Act, 1991
2. IRDA Act 1999
3. Insurance Act 1938
4. Income Tax Act 1968
Answer: option 1
Category: Life
Question: What is the maximum compensation payable for temporary partial disablement under Compulsory Public Liability Policy
1. Rs. 25, 000
2. Rs. 1, 000 per month, maximum 3 months
3. Rs. 12, 500
4. Rs. 3, 000
Answer: option 2
Category: Life
Question: What does Employee’s Compensation Insurance provide indemnity for
1. Legal liability to pay compensation to third parties
2. Legal liability to pay compensation to employees who sustain personal injury by accident or disease arising out of and in the course of employment
3. Legal liability to pay compensation for damage to property
4. Legal liability for pollution liability
Answer: option 2
Category: Life
Question: The earliest kind of risks to be handled through the concept of insurance was losses due to:
1. Train accidents
2. Road accidents
3. Misadventure at sea
4. Earthquakes
Answer: option 3
Category: Life
Question: _______ Insurance covers factories and shopping complexes. 
1. Medical
2. Life
3. Commercial
4. Agricultural
Answer: option 3
Category: Life
Question: For EAR Policies the Premium chargeable depends on the nature of the project, its cost and tenure, the location of execution and ________
1. The Nature of Goods
2. The Period of Testing
3. The Probability of Failure
4. The Apportioned Loss
Answer: option 2
Category: Life
Question: The insurance which provides cover in respect of breakdown of machinery and contractors plant_________. 
1. Marine insurance
2. Universal health insurance
3. Hull insurance
4. Engineering insurance
Answer: option 4
Category: Life
Question: Suggest a Class of Insurance, that will provide the Protection against Loss of Goodwill. 
1. Life Assurance
2. Property Insurance
3. Liability Insurance
4. Personal Insurance
Answer: option 3
Category: Life
Question: Under which type of policy is notice required to be served on the Railways?
1. Life insurance policies
2. Fire insurance policies
3. Marine insurance policies
4. Cargo rail transit policies
Answer: option 4
Category: Life
Question: Who conducts the investigation to determine the cause and extent of loss if the claim amount is small?
1. An officer of the insurer
2. An independent licensed professional surveyor
3. A court of law
4. The insured
Answer: option 1
Category: Life
Question: Why is an investigator's report sometimes necessary to assess a fire claim?
1. To determine the cause of the fire
2. To confirm the value of the insured property
3. To verify the insured's identity
4. To determine the insured's eligibility for coverage
Answer: option 1
Category: Life
Question: Which of the following is NOT true about how motor insurance claims are assessed in India?
1. Motor third party claims involving death and personal injuries are assessed on the basis of doctor’s report
2. Claims involving third party property damage are assessed on the basis of a survey report
3. Motor own damage claim is assessed on the basis of police report
4. The amount to be paid for third party claims is decided by factors like age and income of the claimant
Answer: option 3
Category: Life
Question: What is the purpose of investigation in the context of insurance claims?
1. To assess the amount of loss or damage incurred
2. To ensure that a valid claim has been made and rule out any doubts about the claim
3. To determine whether a claimant has a good driving record
4. To decide whether or not to approve the claim based on the policyholder's past claims history
Answer: option 2
Category: Life
Question: Who hires surveyors and loss assessors?
1. The policyholder
2. The insurance company
3. The government
4. The surveyors and loss assessors themselves
Answer: option 2
Category: Life
Question: What regulations govern the work of surveyors?
1. The Indian Contract Act, 1872
2. The Consumer Protection Act, 1986
3. The Insurance Act, 1938, Insurance Rules 1939, and specific regulations issued by IRDAI
4. The Companies Act, 2013
Answer: option 3
Category: Life
Question: What is the maximum claim amount for which a surveyorneed not be appointed under Section 64 UM of the Insurance Act?
1. For the claim more than Rs. 50, 000 for motor own damage and Rs. 1 lakh for other property damage claims
2. Rs. 1 lakh for motor own damage claims and Rs. 50, 000 for other property damage claims
3. Rs. 50, 000 for all property damage claims
4. Rs. 1 lakh for all property damage claims
Answer: option 1
Category: Life
Question: How should an insurance company fulfill its promise to policyholders?
1. By providing unfair and inequitable service
2. By avoiding payment to policyholders
3. By providing prompt, fair, and equitable service
4. By increasing premiums for policyholders
Answer: option 3
Category: Life
Question: What kind of report may be necessary for cyclone damage claims?
1. A report from the Meteorological office
2. A report from the Fire Brigade
3. A report from the Police
4. A report from the Coroner
Answer: option 1
Category: Life
Question: Why is settling claims professionally important for an insurance company?
1. To avoid paying claims
2. To increase profits
3. To attract more policyholders
4. It is regarded as the biggest advertisement for the company
Answer: option 4
Category: Life
Question: Which inscription was found in the board room of a non- life insurance company?
1. "Honesty is the best policy"
2. "We always pay our claims"
3. "Pay if you can; repudiate if you must"
4. "Insurance is a scam"
Answer: option 3
Category: Life
Question: To apply for a claim, in case of damage caused by flood or cyclone, a report from ______ would be necessary
1. Police Department
2. Meteorological Office
3. Fire Department
4. Surveyor/ Loss Assessor
Answer: option 2
Category: Life
Question: A police report may not be needed in the following case
1. Damage by Cyclone
2. Damage by Fire
3. Damage In Road Accident
4. Damage In Transit
Answer: option 1
Category: Life
Question: The most important function of an insurance company is
1. To settle claims of policy holders on the happening of a loss event
2. To settle balance of policy holders on the happening of a profit event
3. To settle sum amount of policy holders
4. To settle claims of policy holders
Answer: option 1
Category: Life
Question: In case of Fire, claim is assessed on the basis of______
1. An agent report
2. A police report
3. Survey report
4. Policy report
Answer: option 3
Category: Life
Question: To Submit reports to an insurance company, the surveyors and Loss Assessors expected to a) examine the property in question b) Verify the causes and circumstances of the loss c) Estimate the quantum of the loss
1. Only Statement (a) is correct
2. Both (a) & (b) are correct
3. Both (a) & (c) are correct
4. (a), (b) and (c) are correct
Answer: option 4