axondendriteplus/IC38-Corporate-Agent-Questions huggingface dataset:
Category: Composite
Question: What happens if the policyholder chooses to take a stand-alone CPA policy?
1. The CPA cover offered as part of the Liability Only or Package policy shall remain in effect
2. The CPA cover offered as part of the Liability Only or Package policy shall be reduced
3. The CPA cover offered as part of the Liability Only or Package policy shall be deleted
4. The policyholder cannot opt for a stand- alone CPA policy
Answer: option 3
Category: Composite
Question: What are some of the important exclusions under the policies?
1. Wear and Tear, Breakdowns, Consequential Loss
2. Loss due to driving with invalid driving license or under the influence of alcohol
3. Use of vehicle not in accordance with `limitations as to use '
4. All of the above
Answer: option 4
Category: Composite
Question: What does the sum insured of a vehicle in a Motor Policy refer to?
1. Motor Value (MV)
2. Insured's Declared Value (IDV)
3. Reinstatement Value (RIV)
4. Market Value (MV)
Answer: option 2
Category: Composite
Question: What does shopkeeper's insurance usually cover?
1. Damage to the shop due to insect infestation
2. Loss of income due to employee absenteeism
3. Damage to the shop structure and contents due to fire or flooding
4. Coverage for employee medical expenses
Answer: option 3
Category: Composite
Question: Which of the following is not an additional cover that can be opted for under a shopkeeper's insurance policy?
1. Personal accident cover
2. Infidelity/dishonesty of employees cover
3. Coverage for loss of stock due to spoilage
4. Legal liability cover
Answer: option 3
Category: Composite
Question: What is business interruption protection in shopkeeper's insurance?
1. Protection against shoplifting
2. Coverage for loss of income due to unexpected events causing interruption of business operation
3. Protection against natural disasters
4. Protection against employee theft
Answer: option 2
Category: Composite
Question: What is FLEXA in Householder's Insurance coverage?
1. Losses from fire, lightning, explosion, and aircraft fall/impact damage
2. Losses from flood and inundation
3. Losses from electrical and mechanical failure of appliances
4. Losses from personal baggage during travel
Answer: option 1
Category: Composite
Question: In Market Value (MV) method who is paid the amount does not replace value of property
1. Insured
2. Agent
3. Broker
4. Insurer
Answer: option 1
Category: Composite
Question: Any lost income or additional expenditure in the event of an unexpected claim are covered under:
1. Health Insurance
2. Shop keeper's insurance
3. Motor Insurance
4. Market Value (MV) Insurance
Answer: option 2
Category: Composite
Question: Compensation for accidents arising out of and in the course of employment is known as insurance for covering
1. Sum assured
2. Legal Liability
3. Baggage
4. Infidelity
Answer: option 2
Category: Composite
Question: Scooters & Motorcycles, Private cars and Commercial vehicles are covered under the following policies except ______
1. fire Insurance
2. Third-Party Insurance
3. Motor Insurance
4. Liability Insurance
Answer: option 1
Category: Composite
Question: _______ does not cover theft by employees, family members or owner. 
1. Consequential Loss Insurance
2. Burglary Insurance
3. Money Insurance
4. Bankers Indemnity Insurance
Answer: option 2
Category: Composite
Question: Which of the following movable and immovable properties can be insured under the Standard Fire and Special Perils Policy
1. Only buildings and plant and machinery
2. Only stocks at suppliers/ customer's premises
3. Both movable and immovable property located at a particular premises
4. None of the above
Answer: option 3
Category: Composite
Question: What is covered under the perils of the Fire policy for commercial risks
1. Riot strike and malicious damage
2. Theft
3. Earthquake
4. Life
Answer: option 1
Category: Composite
Question: What type of enterprises are Bharat Sookshma Policy and Bharat Laghu Policy suitable for
1. Small and Medium Enterprises (SMEs)
2. Large Business Enterprises
3. Both a) and b)
4. None of the above
Answer: option 1
Category: Composite
Question: What is the waiver provided under the Bharat Sookshma Udyam Suraksha policy
1. Waiver of premium payment
2. Waiver of policy coverage
3. Waiver of claim settlement
4. Waiver of underinsurance to the extent of 15%
Answer: option 4
Category: Composite
Question: What does a reinstatement value policy cover
1. Stocks
2. Buildings, plant, machinery, furniture, fixture, fittings
3. Both (a) and (b)
4. None of the above
Answer: option 2
Category: Composite
Question: What is the sum insured for a declaration policy based on
1. Market value
2. A fixed value determined by the insurer
3. The highest value expected to be stored in the godown during the policy period
4. The value of stocks at the beginning of the policy period
Answer: option 3
Category: Composite
Question: What are floater policies
1. Policies issued for covering stocks stored at various specified locations under one sum insured
2. Policies issued for covering stocks on market value basis
3. Policies issued for covering hazardous goods held in storage areas
4. Policies issued for covering industrial complexes only
Answer: option 1
Category: Composite
Question: What does Business Interruption Insurance provide indemnity for
1. Loss of gross profit and increased cost of working
2. Loss of merchandise goods
3. Loss of property damage
4. Loss of standing charges
Answer: option 1
Category: Composite
Question: What risks are covered under burglary insurance
1. Loss of property due to natural calamities
2. Loss of property due to employee negligence
3. Loss of property due to power failure
4. Loss of property following actual forcible and violent entry into the premises or loss followed by actual, forcible and violent exit from the premises or hold up
Answer: option 4
Category: Composite
Question: What is the key clause in the cash cover of the burglary insurance policy
1. Cash lost from the safe following the use of the original key to open is covered only where such key has been obtained by violence or threats of violence or through means of force
2. Cash lost from the safe following the use of the original key to open is covered without any conditions
3. Cash lost from the safe following the use of any key to open is covered
4. Cash lost from the safe following the use of any key to open is not covered
Answer: option 1
Category: Composite
Question: What is meant by PML in First Loss Insurance
1. Probable Maximum Liability
2. Probable Minimum Liability
3. Probable Maximum Loss
4. Probable Minimum Loss
Answer: option 3
Category: Composite
Question: What does Fidelity Guarantee Insurance cover against
1. Fire and theft
2. Natural disasters
3. Fraud and dishonesty of employees
4. Product liability
Answer: option 3
Category: Composite
Question: What is the basis on which Bankers Indemnity Insurance policy is issued
1. Discovery basis
2. Occurrence basis
3. Loss basis
4. Negligence basis
Answer: option 1
Category: Composite
Question: What are the items covered under Jeweler’s Block Policy
1. Furniture and fixtures
2. Electronics and appliances
3. Jewellery, gold & silver articles, diamonds, precious stones, and wrist watches
4. Clothing and accessories
Answer: option 3
Category: Composite
Question: Which policy covers damage due to any cause except those specifically excluded
1. Machinery Breakdown Policy
2. All Risks Policy
3. Boiler Pressure Plant policy
4. Electronic Equipment Policy
Answer: option 2
Category: Composite
Question: Which of the following is covered under Boiler and Pressure Plant Policy
1. Damage, other than by fire, to the boilers and/or other pressure plant and to surrounding property of the insured
2. Damage caused due to fire
3. Damage caused due to natural calamities
4. Damage caused due to wear and tear
Answer: option 1
Category: Composite
Question: What does Electronic Equipment Policy cover
1. Only computer systems
2. Various kinds of electronic equipment, including the entire computer system, keyboards, monitors, printers, etc. , and auxiliary equipment
3. Only auxiliary equipment such as air- conditioning, heating and power conversion
4. Only loss and damage due to burglary, housebreaking, and theft
Answer: option 2
Category: Composite
Question: Who is Electronic Equipment Policy available to
1. Only the owner of the equipment
2. Only the lessor of the equipment
3. Only the hirer of the equipment
4. All of the above, depending on their responsibility or liability
Answer: option 4
Category: Composite
Question: How many sections does Electronic Equipment Policy usually have
1. 1
2. 2
3. 3
4. 4
Answer: option 3
Category: Composite
Question: What kind of machinery is covered under the Contractors Plant & Machinery Policy
1. Machinery used in agriculture
2. Machinery used in the food industry
3. Machinery used in construction
4. Machinery used in the textile industry
Answer: option 3
Category: Composite
Question: Who is the Deterioration of Stock Policy suitable for
1. Cold storage owners and lessees
2. Building owners and lessees
3. Car owners and lessees
4. Boat owners and lessees
Answer: option 1
Category: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
Question: _______ Insurance covers factories and shopping complexes. 
1. Medical
2. Life
3. Commercial
4. Agricultural
Answer: option 3
Category: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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: Composite
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
Category: Health
Question: In the olden days, Chinese traders used to keep their goods in different boats while sailing through treacherous waters. Analyse why?
1. Chinese boats were small and they carried heavy goods
2. The Chinese Government mandated that goods should be distributed among multiple shipping companies so that there is equal distribution of business
3. Chinese traders placed their goods in multiple boats because it provided insurance against total loss
4. Chinese traders placed their goods in multiple boats because it was cheap
Answer: option 3
Category: Health
Question: What is the cost of risk directly proportional to?
1. Probability and impact of the loss
2. Impact of the loss alone
3. Probability of loss and object of insurance
4. Impact of loss and the object of insurance
Answer: option 1
Category: Health
Question: Which of the below statement is incorrect?
1. Under mutuality, the funds of various individuals are combined
2. Mutuality is also known as pooling
3. Under mutuality we have funds flow from one source to many
4. Mutuality provides protection against the economic loss arising as a result of one’s untimely death. This loss is shouldered and addressed through having a fund that pools the contributions of many who have entered into the life insurance contract
Answer: option 3
Category: Health
Question: The earliest type of modern insurance was in the form of protection by business guilds or societies in Europe especially _________ in the 14th century. 
1. Spain
2. France
3. Germany
4. Italy
Answer: option 4
Category: Health
Question: In terms of Breach of Utmost Good Faith, which of the following is not correct
1. Concealment is Intentional Non- Disclosure
2. Concealment is Innocent Non-Disclosure
3. Fraudulence is Intentional Misrepresentation
4. Hiding existence of a disease is intentional Non-Disclosure
Answer: option 2
Category: Health
Question: Life Insurance Corporation of India(LIC) was set up under which of the following acts?
1. Life Insurance Corporation Act, 1956
2. The Insurance Act, 1938
3. Life Insurance Companies Act, 1912
4. Indian Insurance Companies Act, 1928
Answer: option 1
Category: Health
Question: Which of the following social security scheme is a Health Insurance plan?
1. PMVVY
2. PMFBY
3. PMJAY
4. PMSBY
Answer: option 3
Category: Health
Question: Explain difference between peril and hazard. 
1. Peril is the cause of loss and hazard is the consequence of that loss
2. Peril is the direct cause of loss while hazard increases/decreases the probability of loss
3. Hazard is the direct cause of loss while peril increases/decreases the probability of loss
4. Peril is probability of loss while hazard is related to impact of loss
Answer: option 2
Category: Health
Question: Losses caused by an earthquake are ______
1. Critical
2. Collaborative
3. Corollary
4. Common
Answer: option 1
Category: Health
Question: Who is protected under the In-Contestability Clause included under a Life Assurance Policy?
1. Insurer
2. Insured
3. Insurance Agent
4. Insurance Broker
Answer: option 2
Category: Health
Question: Who among the Following, is Likely to be Exposed to Accidental Hazard, in His or Her Occupation? Choose the Most Appropriate Option. 
1. Medical-Professional
2. Tourist-Guide
3. Demolition-Experts
4. Marketing-Executive, Who is regularly on the Field. 
Answer: option 3
Category: Health
Question: Who among the Following, is Likely to be Exposed to Health-Hazard, in His or Her Occupation?
1. Yoga-Instructor
2. Film-Stunt-Artist
3. Dancer in a Night-Club
4. Person, Exposed to Mining Dust
Answer: option 4
Category: Health
Question: Why Do, Insurers need Material Information?
1. For Documentation Purposes. 
2. Decide on the Risk- Acceptance, and the Terms and Conditions, Associated. 
3. To Comply with the Regulatory Requirements. 
4. To Improve the Customer-Service. 
Answer: option 2
Category: Health
Question: Compare: Gambling and Insurance. 
1. Gambling and Insurance, Both, are the Same. 
2. Gambling has No Insurable Interest involved, but Insurance does have. 
3. Insurance has Only Profitable Outcomes, while, Gambling could result in Losses. 
4. Gambling is Legally Enforceable, but, Insurance is Not. 
Answer: option 2
Category: Health
Question: Select a Scenario, that showcases the Principle of Uberrima Fides. 
1. Timely Payment of Premium. 
2. Disclosing All Material Information on the Insurance Proposal- Form. 
3. Faking All Material Information on the Insurance Proposal- Form. 
4. Disclosing All Irrelevant Information on the Insurance Proposal- Form. 
Answer: option 2
Category: Health
Question: Label the Interest, that the Insured has, in the Subject-Matter of Life Assurance. Choose the Most Appropriate Option. 
1. Speculative Interest
2. Wager Interest
3. Insurable Interest
4. Indemnity Interest
Answer: option 3
Category: Health
Question: Which priciple of insurance implies if the same property is insured with more than one insurance company
1. Contribution
2. Uberrima fides
3. Subrogation
4. Proximate cause
Answer: option 1
Category: Health
Question: ____________________is a corollary principle of Indemnity
1. Insurable Interest
2. Uberrima fides
3. Subrogation
4. Proximate cause
Answer: option 3
Category: Health
Question: Examine the conditions mentioned below and tell us which is not a valid condition for returning a policy during the free look period. I: Option must be exercised within 15 days of receiving the policy document II: Communication has to be in writing III: Communication can be verbal or written
1. I only
2. II only
3. III only
4. I and III
Answer: option 3
Category: Health
Question: Section 45 (Indisputability Clause) of Insurance Act, protects the Insured, from Rejection of Claim, by the Insurer; provided the Policy has completed --. Choose the Most Appropriate Option. 
1. One Year
2. Three Years
3. Five Years
4. Seven Years
Answer: option 2
Category: Health
Question: As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the Issue of Policy, What Does the Beneficiary Receive as the Claim?
1. Nothing
2. Premium, Paid by the Life-Assured. 
3. (2 × Premium), Paid by the Life-Assured. 
4. Full Face-Amount of the Policy. 
Answer: option 4
Category: Health
Question: What Does, First Premium Receipt (F. P. R. ), signify?
1. Free-Look Period has ended. 
2. It is the Evidence, that the Policy-Contract has begun. 
3. Policy cannot be cancelled, Now. 
4. Policy has acquired a Certain Cash-Value. 
Answer: option 2
Category: Health
Question: Identify the Document, that evidences a Contract, between the Insurer and the Insured. 
1. Proposal-Form
2. Claim-Form
3. Nomination-Form
4. Policy-Document
Answer: option 4