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

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?

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

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

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

Which document contains terms and conditions of policy?

A temporary proof of insurance before policy issuance is:

Motor insurance is mandatory under:

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

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

Which risk is not insurable?

A policyholder fails to disclose previous losses. This affects:

In marine insurance, ownership transfer risk is covered by:

Which principle ensures compensation only for actual loss?

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

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

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

Underwriting decision depends on:

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

Premium is calculated based on:

Which is a physical hazard?

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

A person insures goods in transit. Which policy applies?

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

Which reduces risk exposure?

A proposer fills incorrect details unknowingly. This is:

Fire policy covers loss due to:

Which document is required at claim stage?

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

A claim is shared between insurers proportionately. This is:

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

Insurance converts uncertainty into:

A policyholder intentionally increases risk. This is:

Which is NOT covered under standard fire policy?

A marine policy covers:

Which ensures fairness in multiple policies?

Policy renewal means:

A surveyor assesses:

Risk pooling spreads risk among:

Insurance contract is based on:

A proposer signs proposal form. It becomes:

Acceptance of proposal creates:

Which risk is insurable?

Which principle prevents profit from insurance?

A policyholder fails to pay premium. Policy becomes:

Which is NOT a principle of insurance?

A risk that can result in gain or loss is:

Insurance helps in:

Which document is first step in insurance?

A claim is settled after investigation. This ensures:

Insurance provides: