IC 38 Mock Test Non-Life 2 (50 Exam-level Questions)

1. A factory owner takes fire insurance but deliberately hides the fact that hazardous chemicals are stored. A fire occurs due to those chemicals. What is the likely outcome?

2. A person insures the same property with two insurers and suffers loss. Which principle applies?

3. After settling a claim, insurer recovers amount from third party responsible. This is:

4. A shopkeeper insures goods worth ₹5 lakh for ₹3 lakh. Loss of ₹2 lakh occurs. Claim payable?

5. Which document contains terms and conditions of policy?

6. A temporary proof of insurance before policy issuance is:

7. Motor insurance is mandatory under:

8. A policyholder intentionally causes damage to claim insurance. This is:

9. A fire caused due to lightning is covered under fire policy. This relates to:

10. Which risk is not insurable?

11. A policyholder fails to disclose previous losses. This affects:

12. In marine insurance, ownership transfer risk is covered by:

13. Which principle ensures compensation only for actual loss?

14. If insured has no financial interest in property, contract is:

15. A person insures neighbor’s property without interest. This violates:

16. A change in policy terms during policy period is done through:

17. Underwriting decision depends on:

18. A motor accident claim involves third party injury. This is covered under:

19. Premium is calculated based on:

20. Which is a physical hazard?

21. A claim is rejected due to policy conditions not met. This shows:

22. A person insures goods in transit. Which policy applies?

23. Loss must be measurable in monetary terms. This refers to:

24. Which reduces risk exposure?

25. A proposer fills incorrect details unknowingly. This is:

26. Fire policy covers loss due to:

27. Which document is required at claim stage?

28. A policyholder informs insurer about change in risk. This shows:

29. A claim is shared between insurers proportionately. This is:

30. A building insured for ₹10 lakh suffers ₹5 lakh loss. Claim paid:

31. Insurance converts uncertainty into:

32. A policyholder intentionally increases risk. This is:

33. Which is NOT covered under standard fire policy?

34. A marine policy covers:

35. Which ensures fairness in multiple policies?

36. Policy renewal means:

37. A surveyor assesses:

38. Risk pooling spreads risk among:

39. Insurance contract is based on:

40. A proposer signs proposal form. It becomes:

41. Acceptance of proposal creates:

42. Which risk is insurable?

43. Which principle prevents profit from insurance?

44. A policyholder fails to pay premium. Policy becomes:

45. Which is NOT a principle of insurance?

46. A risk that can result in gain or loss is:

47. Insurance helps in:

48. Which document is first step in insurance?

49. A claim is settled after investigation. This ensures:

50. Insurance provides: