One of the following is an optional cover under IAR Policy…Option a. MLOP b. FLOP c. Machinery Insurance d . Boiler and pressure plant policy. (ans. a). Q 2. The reinstatement value policy (fire) shall not be given to a. stock b. machinery c. building d. plant (ans. a). Q.3. The rate of premium for a consequential loss policy is a. basis rate b. percentage of indemnity period c. both of the above d. None of these. (ans. c). Q 4. In the IAR policy, the underinsurance waiver is up to a. 15%, b. 25% c 10% d. None of these/ (ans. a.) Q. 5. Which one from below is excluded from the scope of the petrochemical tariff? a. plants where hydrocarbon is not used, b. LPG bottling Plant c. a and b are correct d. None of the above is correct. (ans. c). Q. 6. Which one of the following is not a part of the Engineering Department? a. EAR b. CAR c.. IAR d.. CECR (ans. c). Q 7. If ex gratia payment is allowed, it is due to… a Underinsurance b. contribution c. subrogation d. loss outside the scope of policy (ans. d.). Q. 8 The ex gratia settlement of the claim is? a. normal claim b. Sub-standard claim c. penalty claims d. out of grace settlement. (ans d) Q.9. point out which one of the following policies is not issued for more than 12 months. a. MCE b. CAR c. SCE d. CPM (ans. d) Q.10. What is the basis of the sum insured in the machinery breakdown policy a. Market value b. replacement value c. agreed value d. none of these. (ans. b). Q.11. Which is not applicable for the reinstatement value clause under the fire policy? a. Designation of Property clause b. Depreciation c. Under Insurance d. Salvage value. (ans. b) Q. 12. A surveyor should be appointed within a. 12 hours b. 72 hours c. 24 hours d. 36 hours. (ans. 72 hours. Q.13. The onus of proof against breach of policy conditions is on the the ..a. Insured b. Insurer c. Banker d. Surveyor.(ans. b). Q. 14. The onus of proof of loss lies with a. insurer b. insured c. banker d. all the above. (ans. b). Q. 15. EML stands for -a. Estimated maximum loss b. Estimated minimum loss c. Estimated minor loss d. Estimated minute loss. (ans. a). Q. 16. If insurance is cancelled by the insurer, the refund to the insured shall be done based on -a short period scale b. pro rata basis c. only a is right d. only b is right. Q.17. The National Fire Code of India has classified the fire resistance of buildings as under: a. class I fours hours of resistance, b. class II three hours of fire resistance c. class III two hours of fire resistance d. class four, one hour of fire resistance. (ans d). Q. 18. Minimum sum insured required for fire declaration policy is – a. one crore b. two crore c. five crore d. ten crore. (ans a). Q. 19. Under the Fire floater policy, the premium is charged at the highest rate applicable to the insured’s property at one location, subject to ……….loading? a. 25% b. 10% c. 3% d. 2% (ans. b). Escalation clause under fire policy would allow the following percentage: a. 25% b. 10% c. 30% e. 50% (ans a). Q. 20. Sum insured required for fire floater policy (minimum)- a. 2 CR b. 3 CR c. 1 CR d. 5 CR (ans a) . Q.21 For which of the following goods can a fire policy be issued based on contract price- a. FMCG b. Imported goods c. Goods in the manufacturing process d. Goods of local manufacturers (ans. b) Q. 22. Which clause of the policy decribes sum insured and perils covered? a. recital b. imperative c. functional d. operative (ans d). Q.23. When there are two separate policies available for the same property, one under fire and one under Marine and loss is due to fire, which step is correct from the following: a. The fire policy will operate. b. only the marine policy will operate c. Marine policy will operate first, and then, if anything remains, fire policy can operate. The claim is not payable. Q. 24 As per IRDA (Insurance Surveyors and Loss Assessors) regulations 2015, it is mandatory to appoint an independent surveryor for fire loss if claim estimate of loss is higher than Rs…..? a. 100000 b. 50000 c. 300000 d. 400000 (ans 100000) .