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Question 1 of 10
1. Question
What is fire insurance designed for?
Correct
Compensation is provided for both direct and indirect loss to property and loss of income/extra expenses due to loss of that protected property.
Incorrect
Compensation is provided for both direct and indirect loss to property and loss of income/extra expenses due to loss of that protected property.
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Question 2 of 10
2. Question
What sort of coverage comes under Standard Fire Policy?
Correct
It is the starting point for all fire insurance coverages.
Incorrect
It is the starting point for all fire insurance coverages.
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Question 3 of 10
3. Question
Which one of the following is included under the forms used to complete the coverage under SFP?
Correct
Personal coverage is included under the dwelling, building, and content forms.
Incorrect
Personal coverage is included under the dwelling, building, and content forms.
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Question 4 of 10
4. Question
What does commercial coverage include?
Correct
Any commercial entity related or intended to make a profit comes under commercial coverage.
Incorrect
Any commercial entity related or intended to make a profit comes under commercial coverage.
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Question 5 of 10
5. Question
What are allied lines in the SFP?
Correct
Postulates of allied lines include earthquake insurance, rail insurance, rain insurance, and so on.
Incorrect
Postulates of allied lines include earthquake insurance, rail insurance, rain insurance, and so on.
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Question 6 of 10
6. Question
Which of the following coverages are normally available in an automobile insurance policy?
Correct
In the majority of cases, first two coverages are compulsory whereas others like collision insurance, OTC insurance are usually purchased under the option of the policyholder.
Incorrect
In the majority of cases, first two coverages are compulsory whereas others like collision insurance, OTC insurance are usually purchased under the option of the policyholder.
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Question 7 of 10
7. Question
When are the benefits of the liability section of the auto policy available?
Correct
This requires a lengthy court case, although the majority of cases are settled out of the court.
Incorrect
This requires a lengthy court case, although the majority of cases are settled out of the court.
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Question 8 of 10
8. Question
Which of the following is not covered under the homeowners insurance policy?
Correct
Commercial coverage is not included under the homeowner’s insurance policy.
Incorrect
Commercial coverage is not included under the homeowner’s insurance policy.
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Question 9 of 10
9. Question
What does the death benefit under workers’ compensation mean?
Correct
A burial allowance is provided alongside additional cash payment to closely related surviving dependent.
Incorrect
A burial allowance is provided alongside additional cash payment to closely related surviving dependent.
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Question 10 of 10
10. Question
Since loss must be definite to make a risk insurable, What will happen if the loss is indefinite?
Correct
A moral hazard generally arises when the insured is able to increase the value of insurance beyond expectations in price.
Incorrect
A moral hazard generally arises when the insured is able to increase the value of insurance beyond expectations in price.