GROUP 3 DAY 3 & 4

1. The Head Quarter of Agriculture Insurance Co. of India Ltd. Is

located

a) Hyderabad
b) Bangalore
c) New Delhi
d) Mumbai

2. Which institution is not amongst the promoters of Agriculture

Insurance Co. of India Ltd.

a) General Insurance Corporation of India

b) All 4 Public Sector General Insurance Companies.
c) Government of India
d) NABARD

3. Authorized share capital of Agriculture Insurance Company

Ltd. is

a) Rs. 1500 crores

b) Rs. 100 crores
c) Rs. 200 crores
d) Rs. 500 crores

4. What is the % of share holding of GIC in Agriculture Insurance

Co. of India Ltd.
a) 20%
b) 25%
c) 30%
d) 35%

5. All the Non Life Insurance companies in India are required to

file their solvency position with IRDA at the interval of
 a) Monthly
b) Quarterly
c) Half yearly
d) Annually

6. As per file and use guidelines of IRDA, the large risks are
where insurances for total sum insured at one location for
property insurance, material damage and business interruption
combined is:
a) Rs. 2500 crores or more
b) The PML is more than Rs.26 crores
c) The total sum insured is more than Rs.26 crores
d) The total sum insured is more than Rs.5 crores

7. Whose certificate is not mandatory while filing a general

insurance product with IRDA as per the file and use guidelines?

a) Certificate by the CEO of the company

b) Certificate by the CVO of the company
c) Certificate by the appointed actuary
d) Certificate by the company’s lawyer

8. What is the minimum share capital for a company to be a

corporate agent of an insurance company?
a) Rs.1 Lakh
b) Rs.5 Lakhs
c) Rs.10 Lakhs
d) Rs.15 Lakhs

9. An employee placed under suspension will not get subsistence

allowance as mentioned below, under any circumstances.
a) 25%
b) 50%
c) 75%
d) None of the above
10. What is not taken into consideration while calculating the
subsistence allowance
a) CCA
b) HRA
c) Hill Station Allowance
d) None of the above

11. Statement I – Major penalty may be imposed on an employee

against whom a major penalty charge sheet has been issued.
Statement II – Minor penalty may be imposed on an employee
against whom a minor penalty charge sheet has been issued.
Statement III – Minor penalty may be imposed on an employee
against whom a major penalty charge sheet has been issued.
Statement IV – Major penalty may be imposed on an employee
against whom a minor penalty charge sheet has been issued

Encircle the most appropriate option

a) Only statements I, II & III are correct
b) Only statements I & II are correct
c) Only statements II, III & IV are correct
d) All statements are correct

12. An assistant can be placed under suspension by

a) Head of the department
b) Disciplinary Authority
c) Appointing Authority
d) All the above

13. The authority competent to impose the penalty of “reduction to

a lower service”
a) Will always be competent to impose the penalty of “removal
from service”
b) Will always be competent to impose the penalty of
“Dismissal”
c) Both a & b
d) Neither a nor b
14. Statement I - In case a domestic enquiry is instituted against an
employee, the competent authority may himself conduct the
inquiry proceedings.
Statement II - In case a domestic enquiry is instituted against an
employee, the Inquiry Officer may conduct the enquiry
proceedings.
a) Only statement I is correct
b) Only statement II is correct
c) Both the statements are correct
d) Both the statements are incorrect

15. Which is the most appropriate in respect of cases pertaining to

public sector general insurance companies
a) Only an officer of the insurance company can conduct
domestic enquiry proceedings
b) A Public Servant may conduct domestic enquiry
proceedings
c) Only a Central Government Officer can conduct domestic
enquiry proceedings
d) None of the above

16. As per general insurance employees’ pension scheme, no

departmental proceedings, if not initiated while the employee
was in service, shall be instituted in respect of a cause of action
which arose or in respect of an event which took place more
than _____________before such institution
a) One year
b) Two years
c) Three years
d) Four years

17. The id of all the websites starts with ‘www’, what is the full
form –
a) Whole World Web
b) World Wide Web
c) Wide World Web
d) Word Wide Web
18. PSU Insurance Company websites do not have the following
details for the public
a) Right to Information Act
b) Various insurance policies
c) Registration number allotted by the IRDA
d) The promotion policy for the employees of the company.

19. A dissatisfied customer will lodge his/her grievance through the

company’s website by browsing
a) Company’s own Grievance Redressal cell
b) Ombudsman
c) IRDA’s site
d) GIPSA’s site

20. Which one of the following public sector insurance companies

is having a staff strength of more than 20000 employees?
a) National Insurance Company Ltd
b) New India Assurance Company Ltd
c) Oriental Insurance Company Ltd
d) United India Insurance Company Ltd

21. An employee of Public Sector Insurance company can view the

promotion results
a) by logging on to his Co’s website using his/her ID and
Password
b) by going to company’s web site
c) by going to GIPSA’s website
d) by going to NIA website

22. Which of the following areas does not come under obligation in
the formation of Company’s Website

a) Downloading system
b) Hindi Version of Contents
c) Contents of RTI Act
d) Contact Address
23. From the customer point of view which one is not the most
inappropriate information one should have in the Company’s
website
a) Product Information
b) Financial health of the Company
c) Number of Hyperlinks provided in the HOME page
d) Bilingual presentation

24. Which should be the most important feature for any Company’s
website
a) Scrolled information
b) Number of links
c) Time taken to access
d) Visitor’s status

25. Sum Insured under C L (Fire) Policy is

a) Turnover basis
b) Average of earlier 3 years T.O.
c) Gross Profit
d) Current Financial year’s Turnover

26. Gross Profit means-

i) Net profit plus variable expenses
ii) Net Profit plus Standing Charges
iii) Sales less variable cost
iv) Sales plus standing expenses
a. (i)
b. (iv)
c. (i) and ( ii)
d. (ii) and (iii)

27. Annual turnover under Fire (C L) policy is –

a. Last financial year’s turnover
b. Average three years T.O.
c. T.O. from the date of interruption to twelve months of the
preceding year
 d. Current year’s T.O.

28 Which of the following is taken into consideration for

arriving at the adequacy of sum insured under Fire
Consequential loss insurance policy
a. Gross profit of the current policy
b. Previous financial year Turnover
c. Standard Turnover
d. Annual Turnover

29. Which of the following statement(s) is/are not relevant to

Industrial all risk Policy
I IAR policy can be issued for a petrochemical risk
having sum insured more than Rs.100 crores
II No depreciation applied on partial and total losses
arising out of Machinery Breakdown claims
III Selection of machinery is permitted under Machinery
breakdown sum Insured
IV Fire Loss of profit cover is compulsory and Machinery
Loss of profit cover is Optional

a. (i) and (iii)

b. only (ii)
c. (ii) and (iv)
d. only (i).

30. Which of the following statement is incorrect in case of

Reinstatement value policies.
a. Reinstatement of the affected property should be
completed with in 12 month from the date of loss
b. In case reinstatement not effected, then the claim can
be settled on Market value policy basis
c. Value at the risk at the time loss will be taken to
arrive the adequacy of sum insured
d. It permits to settle the Claim on market value basis.
 31 Under Standard Fire consequential loss insurance
the Time Excess applicable is
a. 5% of the claim amount or first 3 days of gross profit
which ever is higher
b. 5% of the claim amount or first 7 days of gross profit
which ever is less
c. As applicable Material Damage policy
d. Nil

32.The sequence to be followed in the fire claim settlement is

a. Assessed loss less Depreciation, pro-rata average,
salvage and
Excess
b. Assessed loss less salvage, depreciation, pro-rata
average and excess
c. Assessed loss less depreciation, salvage, pro-
rata average and excess
d. Assessed loss less pro-rate average, depreciation
and excess.

33.Under Electronic equipment policy there is no coverage

available for
a. System software
b. Application software
c. Punched tapes
d. Increased cost of working

34. An Advanced Loss of Profit policy

indemnifies the Principal or the project owner for
a. The loss of revenue arising out of delay in the completion of
the project due to other contractor’s delay which is not in the
scope of the policy holder.
b. The loss of revenue arising out of delay in receipt of project
consignment due to accident during transit period
c. The loss of revenue arising out of delay in completion of
project due to operation of an insured peril covered
under SCE/CAR policies
d. The loss of revenue arising out of delay in completion of
project due to Speculative or trade risks which relates to
political, social or economic reasons or shortcomings in the
management

35. An Insured has taken Standard Fire and Special Perils

Policy covering his fixed assets and stocks. He has opted for
Rs.5,00,000 as voluntary deductible for other than AOG perils.
His property got damaged due to Fire. While settling this fire
claim the excess applicable is

a. Rs. 10,000/- as compulsory Excess

b. 5% of claim amount or subject to minimum of Rs 10,000/-
c. Rs.5,00,000/- only
d. Both compulsory excess of Rs.10,000/- and Voluntary
excess of Rs 10,00,000/-.

36.Mark the most unlikely answer below.

a. In Contractor All Risk Policy fragile items are not covered

automatically
b. Contractor All Risk Policies are issued where the scope of
project is only Civil construction
c. Storage Cum erection policies are issued for erection and
commissioning of Electro Mechanical machineries.
d. Storage Cum erection policies are issued where the
scope of project involves civil construction, testing and
commissioning of Electro Mechanical machineries.

37.Which of the statement given below is most relevant in

case of engineering operational policies and Business
Interruption policies.
 a. In case mid term increase in sum insured, the premium
chargeable is on pro-rata basis for the un expired policy
period.
b. In case mid term increase in sum insured, the premium
chargeable is on short period basis for the un expired
policy period
c. In case mid term increase in sum insured and renewed
with the same or enhanced sum insured with same
insured then refund on premium arising out of difference
between short period and pro-rata premium is made.
d. In case mid term increase in sum insured and
renewed with the same insurer then refund on
premium arising out of difference between short
period and pro-rata premium is made

38. An insured has taken fire policy covering plant and

machinery under Standard Fire and special peril policy. Due
to direct impact of Lightning strike on out door Transformer
No.1 and got exploded and got fire. Due to this the out door
transformer No 2 and other surrounding properties are also
got damaged. The liability under the fire policy is
a. Entire claim is payable
b. Entire claim is not payable
c. Only Transformer No. 1 is payable
d. Other than transformer No.1 is payable

39.Which of the following is not a “unfair Trade practice”

a. Misrepresentation of policy features,benefits,or
coverage.
b. Defamation by giving any false ,maliciously
critical or derogatory communication-written or
oral that injures another’s reputation.
c. Rebating, Twisting and Churning by commission,
ask them to drop the policy for selling another
policy, use values of one policy for buying
d. An agent develops a long term relationship
with after sale service also thereby the client
has little or no direct contact with the
insurance company

40. In case CBI seeks sanction for prosecution

of an employee of a public sector general
insurance company and the competent
authority does not intend to accord
sanction, which would be the most
appropriate option
a) CBI would initiate action against the
Competent Authority
b) The CVO of the company will resolve the
dispute between the CBI and the
Competent Authority by taking final
decision regarding the course of action
c) The matter will be reported to CVC and
the competent authority will take further
action after considering CVC’s advice.
d) None of the above

40. Chief Technical Examiner’s Organisation

functions under the administrative control of
a) CPWD
b) GIPSA
c) IRDA
d) CVC

41.Complaint under the Public Interest

Disclosure should be addressed to

a) CMD
b) CVO
c) CBI
d) CVC

42.Encircle the most appropriate option

 A person who complains under Public Interest
Disclosure is referred to as
a) Detective
b) Sleuth
c)Spy
d) Whistle - blower

43.Under which section of MV Act 1988, no

person shall allow any other person to use a
vehicle in a public place unless the vehicle is
covered by an insurance policy complying
with the requirements of the Act
a) 146
b) 147
c)148
d) 149

44.Section 161(3) of MV Act pertains to

a) Structured compensation
b) No fault liability
c) Hit and run compensation
d) None of the above
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