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Questions - IC 38
Questions - IC 38
Q2. Under Motor Insurance Ambulance will be classified under which class?
Option 1 : Goods Carrying Vehicles
Option 2 : Passenger Carrying Vehicles
Option 3 : Private Vehicles
Option 4 : Miscellaneous Vehicles
Q4. Under institute cargo clauses (AIR), at extra premium 1 war risks can be covered (2) Strike,
riots and civil commotion risks can be covered.
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is True
Option 4: Statement 2 is True
Q7. Annual gross profit Rs. 1, 20,000/- Calculate the sum insured under consequential loss (fir
policy for a period 9 months.)
Option 1: Rs. 1,20,000/-
Option 2: Rs. 60,000/-
Option 3: Rs. 1,80,000/-
Option 4: Rs.90,000/-
Q9. Which of the following covers in Householders Package insurance is not included in
Shopkeepers Package insurance
Option 1: Personal baggage
Option 2: Legal liability to third parties
Option 3: Fixed Plate glass
Option 4: Television
Q12. Cargo carried by an airline will usually be covered under what class of business?
Option 1 : Marine.
Option 2 : Aviation.
Option 3 : Casualty.
Option 4 : Property.
Q13. A Broker has been bringing significant amount of profitable business to an Insurer. However
one of their Corporate Client is not covered for a particular claim event due to misunderstanding
or administrative error. In this case an Insurer may pay a claim when
Option 1: the insurer makes an ex-gratia settlement
Option 2: an insurer exercises subrogation rights against a negligent third party
Option 3: Settlement is made through the IRDA Claim Scheme
Option 4: the claim applies to compulsory insurance
Q14. Under the private car package policy the towing charges in respect of a damaged vehicle mea
Option 1 : Cost of removal to the nearest repairer
Option 2 : All of the above
Option 3 : Cost of protection to the vehicle
Option 4 : Cost of re-delivery to the insured
Q16. As per Mediclaim policy, 1 Expenses on Hospitalization for a minimum period of 24 hours are
admissible (2) This time limit is not applied if the insured is discharged the same day after specific
treatment e.g. Dialysis.
Option 1: Statement 1 is True
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Both are false
Q20. Which of the following does not appear in the indemnity clause of Workmens Compensation
insurance?
Option 1: Common Law
Option 2: Fatal Accidents Act
Option 3: Employees State Insurance Act
Option 4: Workmens Compensation Act
Q21. Which of the following statements is True? 1 no claim bonus is computed on the Own Damage
premium required for renewal of the policy 2 when there is transfer of interest in the policy from
one insured to another the transfer of no claim bonus is not automatic
Option 1 : Both are true
Option 2 : Statement 2 is True
Option 3 : Statement 1 is True
Option 4 : Both are false
Q22. The basis of valuation adopted under marine open cover is the prime cost freight and
insurance plus ___ % to cover profits.
Option 1: Rail dispatches
Option 2: Inland waterways dispatches
Option 3: Export/import shipments
Option 4: Road dispatches
Q23. The minimum paid up capital required for a General Insurance Company is Rs. ____
Option 1 : 200 crores
Option 2 : 75 crores
Option 3 : 100 crores
Option 4 : 50 crores
Q24. Relevant medical expenses incurred during upto _______ days prior to hospitalization are
treated as part of the claim.
Option 1: 15 day
Option 2: 60 days
Option 3: 45 days
Option 4: 30 days
Q25. A waiting period of ________ months is applicable for payment of a maternity claim.
Option 1 : 12 moths
Option 2 : 10 months
Option 3 : 9 months
Option 4 : 8 months
Q26. Which of the following types of specific treatment are exempted from minimum 24 hours stay
in a hospital?
Option 1: Lithotripsy
Option 2: Radiotherapy
Option 3: All of the above
Option 4: Chemotherapy
Q27. Which of the following are material facts? The fact that previous insurers
Option 1 : Had refused to renew the policy
Option 2 : Charged extra premium
Option 3 : All of the above
Option 4 : Had rejected the proposal
Q31. Which of the following is True under private car package policy? 1 the liability of insurer loss
does not exceed insured declared value less the value of the wreck. (2) The liability losses does
not exceed of repair / replacement less depreciation
Option 1: Statement 1 is True
Option 2: Both are true
Option 3: Statement 2 is True
Option 4: Both are false
Q33. As per IRDA regulation which of the following is not a function of third party administration.
Option 1 : Administration to a specified hospital without administration fees payment
Option 2 : All of the above
Option 3 : Discharge from specified hospital without payment of covered expenses of treatment
Option 4 : Admission to a specified hospital without deposits
Q35. Turnover is Rs.10 lacs. Cost of production Rs. 7 lacs. Fixed overheads Rs.2 lacs. Calculate the
net profit for consequential loss (fir policy.
Option 1 : 1 lacs
Option 2 : 8 lacs
Option 3 : 5 lacs
Option 4 : 3 lacs
Q37. Under which of the following circumstances reinstatement basis of settlement will not apply
under Fire reinstatement value policy.
Option 1 : insured is unable to replace the damaged property
Option 2 : insured fails to intimate to the insurer within 6 months or any extended time to replace the damaged
property
Option 3 : All the above three
Option 4 : insured is unwilling to replace the damaged property
Q39. When there are several policies on the same subject-Matter, each insurer pays only a
proportion of the loss. This is know as
Option 1: Subrogation
Option 2: Pro-rata Average
Option 3: Contribution
Option 4: Franchise
Q41. Under the private car package policy the towing charges in respect of a damaged vehicle mean
Option 1 : cost of removal to the nearest repairer
Option 2 : cost of re-delivery to the insured
Option 3 : All of the above
Option 4 : cost of protection to the vehicle
Q43. In Respect of Goods insured under marine cargo policy which on safely missing, the
responsibility for the loss lies with
Option 1: Shipping company
Option 2: Port trust authorities
Option 3: Road carriers
Option 4: Railways
Q44. Which of the following statements is True? (1) In fire insurance interest is required both at the
time of taking the policy and at the time loss. (2) In marine hull insurance insurable interest is
required both at the time of taking the policy and at the time of loss
Option 1: Only 2 Both are false
Option 2: Both are false
Option 3: Only 1
Option 4: Both are true
Q45. Which of the following is covered under private car package policy?
Option 1 : Transit of the named vehicle by air
Option 2 : Transit of the insured vehicle by road
Option 3 : Transit of the insured vehicle by rail
Option 4 : All of the above
Q47. Turnover is Rs.20 lacs.Cost of production Rs. 14 lacs. Fixed overheads Rs. 4 lacs. lacs.
Calculate the sum insured for a consequential loss (fir policy.
Option 1: Rs. 6 lacs
Option 2: Rs. 18 lacs
Option 3: Rs, 10 lacs
Option 4: Rs. 2 lacs
Q50. What is covered under the construction phase of the offshore operations of Oil and Gas?
Option 1 : Driving Steel Piles
Option 2 : Vessels
Option 3 : Off-Shore Platform
Option 4 : Drilling Units and Equipment
Q1. What is covered under the construction phase of the offshore operations of Oil and Gas?
Option 1 : Driving Steel Piles
Option 2 : Vessels
Option 3 : Off-Shore Platform
Option 4 : Drilling Units and Equipment
Q2. Under Fidelity Guarantees, the customary time limit for discover of loss is not later than?
month after the resignation of the dishonest employee.
Option 1: 6
Option 2: 12
Option 3: 18
Option 4: 24
Q4. Which of the following is not required for the Underwriting return?
Option 1 : Monthly Claims Paid Settlement
Option 2 : Preliminary Intimation of Claims
Option 3 : Analysis of Number of claims
Option 4 : Summary statement of Gross Premium
Q5. Which of the following is not the correct reason? Insurer requires material information.
Option 1 : To fix the sum insured
Option 2 : To fix terms and conditions of cover
Option 3 : To fix the rate of premium
Option 4 : To decide about acceptance
Correct Answer Option : 1
Q8. Under which of the following fidelity guarantee policies, per capita additional premium is
charged
Option 1: Positions
Option 2: Collective
Option 3: Blanket
Option 4: Floating
Q11. Which of the following appear as exclusions under personal accident insurance?
Option 1 : Accident indirectly caused by insanity
Option 2 : Child birth or pregnancy
Option 3 : Service in the armed forces
Option 4 : All of the above
Q14. As per Mediclaim policy, 1 Expenses on Hospitalization for a minimum period of 24 hours are
admissible (2) This time limit is not applied if the insured is discharged the same day after specific
treatment e.g. Dialysis.
Option 1: Both are true
Option 2: Statement 2 is True
Option 3: Statement 1 is True
Option 4: Both are false
Q16. Which of the following statement is True? (1) State commission can entertain appeals against
the order of the district forum. (2) National commission can entertain appeals against the order of
the state commission.
Option 1: Both are false
Option 2: Statement 2 is True
Option 3: Statement 1 is True
Option 4: Both are true
Q18. A trader has stocks stored in more than one warehouse. If he wants to insure the stocks,
which policy is suitable for him?
Option 1: All Risk policy
Option 2: Key man insurance policy
Option 3: Declaration policy
Option 4: Floater policy
Q20. Which of the following risk covered under institute cargo clauses ( are not covered under
cargo clauses )
Option 1: Stranding of vessel
Option 2: Collision of vessel
Option 3: Explosion
Option 4: Sea water damage
Q21. Which of the following is not available under group Mediclaim policy?
Option 1 : Group discount
Option 2 : Maternity extension
Option 3 : Cumulative
Option 4 : No claim bonus
Q22. Turnover is Rs.20 lacs.Cost of production Rs. 14 lacs. Fixed overheads Rs. 4 lacs. Net Profit
Rs.2 lacs. Calculate the sum insured for a consequential loss (fir policy.
Option 1: Rs. 6 lacs
Option 2: Rs. 18 lacs
Option 3: Rs, 10 lacs
Option 4: Rs. 2 lacs
Q23. Under which of the following clauses, the insured has to bear a part of the loss.
Option 1 : Excess clause
Option 2 : All the above clauses
Option 3 : Franchise clause
Option 4 : Pro-rata average
Q24. Which of the following is True in relation to personal accident insurance.(1)the cover is on 24-
hour basis (2) The geographical area of cover is India
Option 1: Both are true
Option 2: Statement 2 is True
Option 3: Statement 1 is True
Option 4: Both are false
Q25. Reserves for incurred but unreported claims come under the heading
Option 1 : Unexpired Premium
Option 2 : Technical Reserves
Option 3 : Accounting reserves
Option 4 : Asset Liability reserves
Q26. How much is the amount of claim payable , if sum insured is Rs. 2 Lakhs, the excess limit is Rs.
20,000/- and the loss is Rs. 25,000 /-
Option 1: Rs.15,000
Option 2: Rs. 20,00
Option 3: Rs. 25,000
Option 4: Rs.5000
Q27. Gross profit, in the context of consequential loss (fi policy means.
Option 1 : Net Profit and standing charges
Option 2 : Turnover minus variable and standing charges
Option 3 : Net profit and cost of production
Option 4 : Net Profit and variable charges
Q28. Relevant medical expenses incurred during upto _______ days prior to hospitalization are
treated as part of the claim.
Option 1: 15 day
Option 2: 60 days
Option 3: 45 days
Option 4: 30 days
Q30. The definition of proximate cause includes which of the following features of the cause?
Option 1 : Dominant
Option 2 : Operative
Option 3 : All of the above
Option 4 : Effective
Q32. Which of the statements is correct? (1) Subrogation does not arise in personal accident
insurance. (2) Contribution does not arise in personal accident insurance
Option 1: Neither is correct
Option 2: Statement 1 is True
Option 3: Statement 2 is True
Option 4: Both are correct
Q34. Which of the following statements is True.1 the duration of cover for marine risks is for the
entire voyage on a warehouse to warehouse basis. 2 the duration of cover for war risks is
restricted to the time when the goods are waterborne and not on land.
Option 1: Statement 1 is true
Option 2: Both are false
Option 3: Statement 2 is True
Option 4: Both are true.
Q35. Which of the following property is covered under the fire policy if expressly stated in the polic
Option 1 : books of account
Option 2 : all the above
Option 3 : business books
Option 4 : computer system records
Q37. Which of the following risk covered under institute cargo clauses ( are not covered under
cargo clauses )
Option 1: Sea water damage
Option 2: Stranding of vessel
Option 3: Collision of vessel
Option 4: Explosion
Q38. Under IRDA guidelines which of the following policies fall under Exposure rated products.
Option 1 : Policies with a sum insured of Rs 2500 crores or more at one location for combined material damage and
business interruption
Option 2 : Earthquake risk
Option 3 : Policies with a sum insured of the Rs.2500 crores or more at one location for material damage
Option 4 : Liability insurance (Rs100 crores or more per event)
Q39. Which of the following is true No insurer shall assume any risk unless and until
Option 1 : all the above
Option 2 : the premium is received in advance
Option 3 : a deposit is made in advance
Option 4 : the premium is guaranteed to be paid
Q42. Which of the following risks is NOT covered at extra premium under Burglary(Business)
premises policy?
Option 1: Strike
Option 2: Breakage of plate glass
Option 3: Terrorism
Option 4: Riot
Q45. Which of the following is covered under sheep & Goat insurance?
Option 1 : Cross -breed animals
Option 2 : Exotic animals
Option 3 : All of the above
Option 4 : Indigenous animals
Q48. As per the IRDA Regulation in which of the following insurance written proposal is not
necessary?
Option 1: Marine cargo insurance
Option 2: Compulsory public liability
Option 3: Fidelity Guarantees
Option 4: Fire insurance on cargo industrial risks
Q49. Which of the following statements is correct? The duty of disclosure of material facts (1)
Ceases when the policy is issued. (2) Arises again at the time of renewal of the policy
Option 1: Statement 2 is True
Option 2: Statement 1 is True
Option 3: Both are correct
Option 4: Both are incorrect
Q50. What Kind of Losses are covered by Inland Transit Clauses (Rail or Roa Clause)?
Option 1 : Physical loss due to breakage of Bridges
Option 2 : Inherent vice
Option 3 : Loss due to Financial default
Option 4 : Insufficiency in Packing
Q51. Which of the following is true No insurer shall assume any risk unless and until
Option 1 : all the above
Option 2 : the premium is received in advance
Option 3 : the premium is guaranteed to be paid
Option 4 : a deposit is made in advance
Q1. Which of the following is true No insurer shall assume any risk unless and until
Option 1 : all the above
Option 2 : the premium is received in advance
Option 3 : the premium is guaranteed to be paid
Option 4 : a deposit is made in advance
Q3. Rajesh Car collides with another car and the other car driver is injured. Who will pay for the
claims of the other driver?
Option 1: Rajesh will pay from his own pocket
Option 2: The other driver will have to pay on his own for the treatment costs as he does not have any insurance
Option 3: Third Party Insurance pool
Option 4: Rajesh Insurance Company
Q4. Which of the following is not taken into consideration for fixing rates of premium for buses
( Package policy)?
Option 1: Age of vehicle
Option 2: Licensed passenger capacity
Option 3: Insured declared value of vehicle
Option 4: Geographical Area
Q5. Which of the following property is covered under the fire policy if expressly stated in the policy
Option 1 : Business books
Option 2 : Books of account
Option 3 : All of the above
Option 4 : Computer system records
Q6. Which of the following does not affect the amount of loss payable under the policy?
Option 1 : Pro-rate average
Option 2 : Breach of utmost good faith
Option 3 : Salvage
Option 4 : Excess clause
Q7. In case of Motor Insurance of Private Cars if the age of the vehicle is less than 15 years but
more than 10 years then Which of the following is True?
Option 1: Comprehensive cover subject to satisfactory inspection report
Option 2: Act Cover only
Option 3: Comprehensive cover subject to satisfactory inspection report and additional excess
Option 4: Comprehensive Cover Shall be issued
Q8. ________ are losses which are small and regular and which are almost inevitable
Option 1 : Chronic Losses
Option 2 : Sporadic Losses
Option 3 : none of the above
Option 4 : Catastrophes
Correct Answer Option : 1
Q9. Which of the following occupations does not fall under Group 2 for rating purposes (Personal
Accident)?
Option 1: Paid drivers of motor cars
Option 2: Lorry drivers
Option 3: Consulting Architects
Option 4: Motor mechanics
Q10. Under which of the following claims , the waiting period does not apply
Option 1 : Normal delivery
Option 2 : Applies to all
Option 3 : Abdominal operation for extra uterine pregnancy
Option 4 : Caesarean section
Q12. Which of the following statements is True? (1) Compulsory excess is applicable to Doctors
professional indemnities (2) Compulsory excess is a applicable to professional indemnities for
medical establishments
Option 1: Statement 1 is True
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Both are false
Q14. Section 140 of the Motor Vehicles Act 1988 provides for liability of the owner of the Motor
Vehicles to pay compensation in certain cases on the principle of No Fault. How much
compensation is payable for Death in such cases?
Option 1: Rs 10,000
Option 2: Rs 50,000
Option 3: Rs 25,000
Option 4: Rs 1,00,000
Q16. Which of the following statements is True? (1) Actual total loss occurs where the subject
matter of insurance is entirely destroyed. (2) Constructive total loss occurs where the cost of
repairs damaged goods exceeds the value of goods after repair.
Option 1: Statement 2 is True
Option 2: Statement 1 is True
Option 3: Both are true
Option 4: Both are false
Q17. Which type of insurance is compulsory by statute for companies which handle hazardous
substances?
Option 1: Employers liability
Option 2: Public liability
Option 3: Fidelity guarantee
Option 4: Products liability
Q18. Which of the following is not the correct reason? Insurer requires material information.
Option 1 : To fix terms and conditions of cover
Option 2 : To fix the sum insured
Option 3 : To fix the rate of premium
Option 4 : To decide about acceptance
Q19. 11. The deductible for perils other than act of god perils under standard fire and special perils
policy is
Option 1: Rs.20,000/- for each and every loss
Option 2: Rs.15,000/- for each and every loss
Option 3: Rs 5000/- for each and every loss
Option 4: Rs. 10,000/-for each and every loss
Q20. Which of the following is not covered under fire floating policy?
Option 1 : Stocks in transit
Option 2 : Stocks in the open
Option 3 : Stocks in process blocks
Option 4 : Stocks in godown
Q21. The deductible for perils other than act of god perils under standard fire and special perils
policy is
Option 1: Rs.15,000/- for each and every loss
Option 2: Rs 5000/- for each and every loss
Option 3: Rs. 10,000/-for each and every loss
Option 4: Rs.20,000/- for each and every loss
Q23. Subject to no claim, cost of medical checkup once in every _______underwriting years is
payable under Mediclaim policy.
Option 1: 4 years
Option 2: 5 years
Option 3: 3 years
Option 4: 2 years
Q26. Cargo carried by an airline will usually be covered under what class of business?
Option 1 : Casualty.
Option 2 : Property.
Option 3 : Marine.
Option 4 : Aviation
Q27. When there is a possible claim the insured must initially advise the insurer within what time
period?
Option 1: Two Weeks
Option 2: Immediately
Option 3: One Week
Option 4: One month
Q28. Which of the following statements is True in the relation to Flight Coupons on declaration
basis? (1) Flight insurances coupons are issued to individuals. (2) Flight insurance coupons are
issued to companies in respect of their employees who travel by air frequently
Option 1 : Statement 2 is True
Option 2 : Both are true
Option 3 : Statement 1 is True
Option 4 : Both are false
Q29. Who among the following carries out the investigation for a claim for a small loss?
Option 1 : The Claimant
Option 2 : Independent Professional Person
Option 3 : Office of the Insurer
Option 4 : Independent Surveyors
Q31. Which of the following are the function of IRDA .To protect the interests of policy holders in
matters of
Option 1: Settlement of claim
Option 2: Terms and condition of insurance
Option 3: All of the above
Option 4: Fair and equitable rates of premium
Q32. For which of the following diseases, medical certificate from a consulting physician is required
to be submitted along with the proposal form.
Option 1: All of the above
Option 2: Hypertension
Option 3: Diabetes
Option 4: Coronary insufficiency
Q35. If Insurance is required during inland transit from the factory or warehouse but the carrying
vehilce has already left the premises then the Insurance Company
Option 1 : Can give the coverage by accepting the premium
Option 2 : All of the above
Option 3 : Can provide coverage on Ex Gratia basis
Option 4 : Can refuse the coverage
Q36. If Insurance is required during inland transit from the factory or warehouse but the carrying
vehilce has already left the premises then the Insurance Company
Option 1: Can provide coverage on Ex Gratia basis
Option 2: All of the above
Option 3: Can give the coverage by accepting the premium
Option 4: Can refuse the coverage
Q37. Which of the following statements is True? (1) the proposer need not disclose facts which he
considers as not material. (2) Facts which are of common knowledge need not be disclosed.
Option 1: Statement 1 is True
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Both are false
Q38. The gross premium includes besides risk premium a percentage of loading factor for
Option 1 : adverse claims experience
Option 2 : profits
Option 3 : Expenses
Option 4 : past losses
Q39. Which of the following is not covered under inland transit (rail/roa clause B.
Option 1 : Lightning
Option 2 : Fire
Option 3 : Non delivery
Option 4 : Breakage of bridges
Q41. Which of the following statements is True? (1) For export / import cargo policies, institute
cargo clauses (IC are used. (2) For inland transit consignments, local clauses are used.
Option 1: Both are false
Option 2: Statement 1 is True
Option 3: Is true
Option 4: Both are true
Q42. Annual gross profit Rs. 1, 20,000/- Calculate the sum insured under consequential loss (fir
policy for a period 9 months.
Option 1: Rs. 1,20,000/-
Option 2: Rs.90,000/-
Option 3: Rs. 1,80,000/-
Option 4: Rs. 60,000/-
Q43. Which of the following are requisites of a valid insurance contract? (1) Consideration.
(2)parties of the same mind (3).parties are competent to contract
Option 1: Statement 2 is True
Option 2: Only Statement 1
Option 3: Both 1 and 2 are true
Option 4: All of the above
Q46. Which of the following statements is True? No0 medical examination is required for fresh
cover for personal accident insurance. 2 Medical Examination is required for renewal of personal
accident insurance
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is True
Option 4: Statement 2 is True
Q47. Under public liability Insurance Act 1991, the owner is not Liable to pay relief in the event of
Option 1 : Injury to any person not resulting in death
Option 2 : Damage to property of any reason
Option 3 : Injury to a workman within the meaning of workmens Compensation Act.
Option 4 : Death of any person
Q50. Which of The Following is NOT covered under Burglary (Business Premises) Policy?
Option 1 : Damage to insured goods by burglars
Option 2 : Theft After forcible entry
Option 3 : Breakage of Windows by burglars
Option 4 : Damage to premises by burglars
Q51. Under Jewellers Block policy which of the following property is covered against specified risks
only and not on All Risks basis
Option 1: in transit by angadia
Option 2: in the custody of brokers
Option 3: on premises
Option 4: in transit by air freight
Q1. Under Jewellers Block policy which of the following property is covered against specified risks
only and not on All Risks basis
Option 1: in transit by angadia
Option 2: in the custody of brokers
Option 3: on premises
Option 4: in transit by air freight
Q2. Which of the following statements is True.1 Certificate of insurance under open policy is not
stamped. 2 Certificate of insurance under open cover is
Option 1: Statement 1 is True
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Both are false
Q4. Personal accident cover for owner-driver under liability only motor policy applies if the
Option 1 : Owner-driver in the registered owner of the insured vehicle.
Option 2 : All of the above
Option 3 : Owner-driver is the insured named in the policy.
Option 4 : Owner0driver holds an effective license.
Q5. Annual gross profit Rs. 1, 20,000/- Calculate the sum insured under consequential loss (fir
policy for a period 9 months.
Option 1: Rs. 1,20,000/-
Option 2: Rs.90,000/-
Option 3: 1,80,000/-
Option 4: 60,000/-
Q6. The maximum liability of the insurer under pubic liability insurance act 1991 to pay relief to
several claimants arising out of one accident shall not exceed____
Option 1: 10.00 crores
Option 2: Rs. 7.50 crores
Option 3: Rs. 2.50 crores
Option 4: Rs.5.00 crores
Q9. Which of the following is True, in relation to Mediclaim proposal form? (1) The insured warrants
the truth of the statements and agrees that the proposal form shall be the basis of the contract. (2)
The insured consents to the insurer taking medical information from hospital/ medical practitioner
who has treated the insured.
Option 1: Both are true
Option 2: Statement 1 is True
Option 3: Both are false
Option 4: Statement 2 is True
Q10. Which of the following terms matches closest with Professional indemnity cover?
Option 1 : Practicing Surgeons
Option 2 : Insurance Companies
Option 3 : Fast Moving Consumer Goods
Option 4 : Hospitals Nursing homes
Q13. Which of the following statements is True? (1) Pro-rata average is applied under CAR policy (2)
Pro-rata averages is applied under EAR policy?
Option 1: Statement 1 is True
Option 2: Both are false
Option 3: Statement 2 is True
Option 4: Both are true
Q14. Which of the following statements is True? (1) Contribution applies only to contracts of
indemnity (2) Contribution does not apply to personal accident insurance
Option 1: Statement 1 is True
Option 2: Both are false
Option 3: Statement 2 is True
Option 4: Both are true
Q16. A district forum under the consumer protection act can entertain a complaint where the
compensation claimed is less than Rs____
Option 1: 20 lakhs
Option 2: 10 lakhs
Option 3: 30 lakhs
Option 4: 50 lakhs
Q17. Reserves for incurred but unreported claims come under the heading
Option 1 : Accounting reserves
Option 2 : Unexpired Premium
Option 3 : Technical Reserves
Option 4 : Asset Liability reserves
Q19. If liability for a claim under the fire policy is disclaimed by the insurer, the insured has to file
a suit In a court of law within ____ months of the date of disclaimer.
Option 1: 36 months
Option 2: 24 months
Option 3: 6 months
Option 4: 12 months
Q23. Which of the following statements is True? Domiciliary hospitalization benefit does not include
(1) Pre- hospitalization treatment (2) Post -Hospitalization treatment
Option 1: Both are false
Option 2: Statement 1 is True
Option 3: Statement 2 is True
Option 4: Both are true
Q29. Which of the following covers is dissimilar to the other four options?
Option 1 : Loss of Profits
Option 2 : Loss of checked in baggage
Option 3 : Loss of Passport
Option 4 : Delay in receiving checked in baggage
Q30. Which of the following RBI Governors examined the insurance market and made
recommendations for reforms?
Option 1: C.Rangarajan
Option 2: R.N.Malhotra
Option 3: Bimal Jain
Option 4: Dr.Manmohan Singh
Q31. Which of the following statements is True? (1) For export / import cargo policies, institute
cargo clauses (IC are used. (2) For inland transit consignments, local clauses are used.
Option 1: Statement 1 is True
Option 2: Both are false
Option 3: Is true
Option 4: Both are true
Correct Answer Option : 4
Q32. Reserves for incurred but unreported claims come under the heading
Option 1 : Asset Liability reserves
Option 2 : Accounting reserves
Option 3 : Unexpired Premium
Option 4 : Technical Reserves
Q34. Which of the following is not impact damage covered under standard fire and special perils .
Visible physical damage by direct contact with
Option 1: Any animals
Option 2: Insureds own forklift on the premises
Option 3: Any rail vehicle
Option 4: Any road vehicle
Q35. Which of the following is correct in relation to fire reinstatement value policy? (1)
Depreciation Applied (2) Pro-rata Average applies
Option 1: Both are false
Option 2: Both are true
Option 3: Statement 2 is True
Option 4: Statement 1 is True
Q36. Which of the following documents is not required under road transit claims?
Option 1 : Consignment note
Option 2 : Original policy
Option 3 : Special power of attorney (stampe
Option 4 : Letter of subrogation ( stampe
Q37. Which of the following covers in Householders Package insurance is not included in
Shopkeepers Package insurance
Option 1: Television
Option 2: Personal baggage
Option 3: Legal liability to third parties
Option 4: Fixed Plate glass
Q38. Which of the following is not covered under fire floating policy?
Option 1 : Stocks in godown
Option 2 : Stocks in transit
Option 3 : Stocks in the open
Option 4 : Stocks in process blocks
Q41. Under IRDA guidelines which of the following polices fall under individual and Experience
rated products
Option 1: Motor fleets
Option 2: All of the above
Option 3: Group personal accident
Option 4: Group health
Q42. Members of the Insurance Advisory Committee are drawn to represent the interests of
different groups like:
Option 1: Employees
Option 2: Surveyors, agents, advocates
Option 3: Research bodies, organisations engaged in safety and loss prevention
Option 4: Consumer forum, industry, intermediaries
Q43. Which one of the following is not one of the prime hazards an Underwriter looks at?
Option 1 : Physical
Option 2 : Risk
Option 3 : Financial
Option 4 : Moral
Q44. Under IRDA guidelines which of the following policies fall under Exposure rated products.
Option 1 : Policies with a sum insured of the Rs.2500 crores or more at one location for material damage
Option 2 : Earthquake risk
Option 3 : Liability insurance (Rs100 crores or more per event)
Option 4 : Policies with a sum insured of Rs 2500 crores or more at one location for combined material damage and
business interruption
Q45. As per the insurance act, 1938 (as amende as insurer has to obtain a report from a licensed
surveyor if the loss equals or exceeds.
Option 1 : Rs 25,000
Option 2 : Rs 20,000
Option 3 : Rs 15,000
Option 4 : Rs 50,000
Q46. Normal rates of premium apply for cargo carried in vessels approved by following classification
societies.
Option 1: Indian register of shipping
Option 2: Lloyds register of shipping
Option 3: American bureau of shipping
Option 4: All of the above
Q47. Under which of the following policies the sum insured is required to be current replacement
value.
Option 1: All of the above
Option 2: Machinery Breakdown
Option 3: Electronic Equipment
Option 4: Boiler
Q48. Which of the following statement is True? (1) State commission can entertain appeals against
the order of the district forum. (2) National commission can entertain appeals against the order of
the state commission.
Option 1: Both are true
Option 2: Statement 2 is True
Option 3: Statement 1 is True
Option 4: Both are false
Q49. Under industrial risks public liability policy which of the following ratios of any accident and
one year limits of indemnity are not allowed.
Option 1: 1:05
Option 2: 1:03
Option 3: 1:02
Option 4: 1:04
Q50. Reserves for incurred but unreported claims come under the heading
Option 1 : Unexpired Premium
Option 2 : Technical Reserves
Option 3 : Asset Liability reserves
Option 4 : Accounting reserves
Q51. Which of the following is eligible for group personal accident insurance be granted?
Option 1 : members of a registered cooperative society
Option 2 : employees of a company
Option 3 : holders of deposit certificates issued by banks
Option 4 : All the above
Q2. Which of the following covers in Householders package insurance is NOT include in shopkeepers
package insurance?
Option 1: Personal baggage
Option 2: Television
Option 3: Fixed plate glass
Option 4: Legal liability to third parties
Q3. When looking for Reinsurance the Underwriter works at Two levels. One is Risk Level and the
other is
Option 1: Micro
Option 2: Portfolio
Option 3: Retention
Option 4: Primary
Q4. As per IRDA regulation a surveyor has to be appointed within ____hours/days of reciept of
claim intimation from the insured.
Option 1: 72 hours
Option 2: 24 hours
Option 3: 15 days
Option 4: 7 days
Q5. Which of the following is True under standard fire and special perils policy? (1) Pollution which
itself results from pollution is covered. (2) Insured peril itself results from pollution is covered
Option 1: Statement 1 is True
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Both are false
Q6. The fire insurance policy in India does not provide for compensation for losses arising out of
Option 1 : aircraft damage
Option 2 : Theft
Option 3 : implosion or explosion
Option 4 : lightning
Q7. Under motor vehicles act, liability under workmens compensation act towards which of the
following of the following is compulsorily insurable.
Option 1 : Ticket examiner (public service vehicle)
Option 2 : All of the above
Option 3 : Conductor (public service vehicle)
Option 4 : Paid driver of vehicle
Q8. Which of the following is True under standard fire and special perils policy? (1) Pollution which
itself results from pollution is covered. (2) Insured peril itself results from pollution is covered
Option 1: Both are true
Option 2: Statement 1 is True
Option 3: Statement 2 is True
Option 4: Statement 2 is True
Q9. Which of the following is covered by extra premium under cattle policy?
Option 1 : Permanent total disability
Option 2 : Riot and Strike
Option 3 : Surgical operations
Option 4 : Famine
Q11. Which of the following criteria has to be satisfied by a hospital or nursing home to be eligible
to provide treatment under Mediclaim policy?
Option 1: Registration with local authorities
Option 2: All of the above
Option 3: Operation theatre
Option 4: Doctors and nursing staff round the clock
Q12. Which of the following is not relevant in fixing rates of premium under industrial risks public
liability policy?
Option 1: Type of Construction of risk
Option 2: Risk group
Option 3: Turnover
Option 4: Radio of Limits of indemnity ? AOA to AOY
Q14. Which of the following terms matches closest with Composite Policy?
Option 1 : Electronic Equipment insurance
Option 2 : Shopkeepers
Option 3 : Critical Care Health insurance
Option 4 : Janatha Personal Accident insurance
Q16. Which of the following statements is True? (1) Code of conduct regulation applies to micro
insurance agents. (2) Advertisement regulation apply to micro-insurance agents
Option 1: Statement 2 is True
Option 2: Statement 1 is True
Option 3: Both are true
Option 4: Both are false
Q17. Mr. Ajay owns a restaurant, which he had bought three years ago for Rs. 2 lakhs.He had
bought fire insurance worth Rs. 1.6 lakhs (which is the written down value of his insured
property). His restaurant caught fire and the amount of loss suffered was worth Rs. 90000. The
claim amount admissible is
Option 1: Rs 90,000
Option 2: Rs 1.6 Lakhs
Option 3: Rs 2 Lakhs
Option 4: Rs 72,000
Q18. As per Mediclaim policy, Statement A. Expenses on Hospitalisation for a minimum period of 24
hours are admissible. Statement B : This time limit is not applied if the insured is discharged the
same day after specific treatment e.g. Dialysis.
Option 1: Both are true
Option 2: 1 is true
Option 3: Both are false
Option 4: 2 is true
Q19. An underwriter is most likely to estimate its risk exposure to an earthquake in a particular
region by using
Option 1: a loss modelling system
Option 2: research from the internet
Option 3: a surveyor
Option 4: data provided by Lloyds
Q20. Under IRDA guidelines which of the following polices are packaged or customized products.
Option 1 : Homeowners comprehensive
Option 2 : Bankers blanket
Option 3 : All of the above
Option 4 : Shopkeepers comprehensive
Correct Answer Option : 3
Q21. Which of the following is true, in relation to Mediclaim proposal form ? Statement A. The
insured warrants the truth of the statements and agrees that the proposal form shall be the basis
of the contract. Statement B. The insured consents to the insurer taking medical information from
hospital /medical practitioner who has treated the insured.
Option 1: Both are true
Option 2: Statement B is True
Option 3: Both are False
Option 4: Statement A is True
Q22. For which of the following features, no discount is granted for premium rates for Poultry
insurance.
Option 1: Farms having resident veterinary doctor
Option 2: Farms in rural areas
Option 3: Farms having dead bird disposal system
Option 4: Farms having standard layout
Q23. For which of the following professional indemnities, per capita premium in addition to basic
rate is not provided?
Option 1: Doctors
Option 2: Chartered Accountants
Option 3: Medical establishments
Option 4: Solicitors
Q25. Which of the following does not appear in the indemnity clause of Workmens Compensation
insurance?
Option 1: Fatal Accidents Act
Option 2: Common Law
Option 3: Employees State Insurance Act.
Option 4: Workmens Compensation Act
Q26. By the common law who bears the responsibility of Loss Minimisation?
Option 1 : Insured
Option 2 : The Insurance Agent
Option 3 : The Legal Court
Option 4 : Insurer
Q28. Which of the following appear as exclusions under personal accident insurance?
Option 1 : Service in the armed forces
Option 2 : Accident indirectly caused by insanity
Option 3 : Child birth or pregnancy
Option 4 : All of the above
Q29. Which of the following statement is True? (1) Insurers charge for motor third party policies
rates of premium fixed by IRDA. (2) Insurers can charge higher rates based on their own past loss
experience.
Option 1: Statement 1 is True
Option 2: Both are false
Option 3: Statement 2 is True
Option 4: Both are true
Q30. Which of the following makes the contract unenforceable in a Court of Law?
Option 1 : The policy is not stamped as per Indian Stamp Act.
Option 2 : The proposer has given wrong address of property due to a clerical error
Option 3 : All of the above
Option 4 : The proposer has committed non-disclosure
Q31. Under Marine-cum-Erection policy the cover commences when the equipment
Option 1 : Leaves the manufacturers warehouse
Option 2 : Is discharged at the port of entry
Option 3 : Is unloaded at the site of erection
Option 4 : Is loaded on the vessel
Q32. Which of the following on NOT covered under Bankers Blanket policies?
Option 1 : Fraud of insureds employees in respect of goods hypothecated to the insured
Option 2 : Loss of security by burglary
Option 3 : Loss due to faculty computer programming
Option 4 : Payment of forged cheques
Q35. The amount of relief payable under public liability Insurance Act, 1991 for Accident is
Option 1 : Rs. 25,000/-
Option 2 : Rs. 10,000
Option 3 : Rs.50,000
Option 4 : Rs. 12,500
Q37. Which of the following statements is True? (1) Compensation to victims of hit and run motor
accident is payable out of solatium fund. (2) Compensation for victims of motor accident claims
tribunal.
Option 1: Both are false
Option 2: Statement 2 is True
Option 3: Statement 1 is True
Option 4: Both are true
Q38. In which of the following professional indemnities there is no provision for voluntary excess.
Option 1 : Chartered Accountants
Option 2 : Doctors
Option 3 : Architects
Option 4 : Medical establishments
Q39. Under critical illness policy which of the following is not specified as critical illness.
Option 1 : Paralysis
Option 2 : Parkinsons Disease
Option 3 : Cancer
Option 4 : Tuberculosis
Q40. According to the Marine Insurance Act 1963, a contract of marine insurance is valid
Option 1 : Only if it fulfils the essentials of a valid contract
Option 2 : Only when it is verbal
Option 3 : Only when it is in writing
Option 4 : It can be an oral agreement or a written contract
Q42. Which of the following property is covered under the fire policy if expressly stated in the
policy?
Option 1: books of account
Option 2: business books
Option 3: all the above
Option 4: computer system records
Q43. To arrive at final rate by loading the pure rate of premium top provide for
Option 1 : Commission to intermediaries
Option 2 : Margin of profits
Option 3 : All of the above
Option 4 : Expenses of management
Q44. Which of the following terms matches closest with Composite Policy?
Option 1 : Shopkeepers
Option 2 : Critical Care Health insurance
Option 3 : Electronic Equipment insurance
Option 4 : Janatha Personal Accident insurance
Q45. Which of the following is not required under rail transit claims?
Option 1 : Non -delivery Certificate
Option 2 : Invoice
Option 3 : Bill of lading
Option 4 : Original policy
Q46. Which of the following types of specific treatment are exempted from minimum 24 hours stay
in a hospital?
Option 1: All of the above
Option 2: Lithotripsy
Option 3: Radiotherapy
Option 4: Chemotherapy
Q47. Under which of the following circumstances reinstatements basis of settlement will not apply
under fire reinstatement value policy
Option 1 : Insurer is unable to replace the damaged property
Option 2 : Insured fails to intimate to the insurer within 6 months or any extended time to replace the damaged
property
Option 3 : Insured in unwilling to replace the damaged the property
Option 4 : All of the above
Correct Answer Option : 4
Q48. Which of the following statement is True? (1) Bonus / Malus clause applies to individual
Mediclaim Policy .2 Bonus / Malus clause applies to group Mediclaim policy.
Option 1: Statement 1 is True
Option 2: Both are false
Option 3: Both are true
Option 4: Statement 2 is True
Q50. Which of the following risks falls under group IV for rating purposes under industrial risks
public liability policy?
Option 1: Biscuit factories
Option 2: Match factories
Option 3: Breweries
Option 4: Distilleries
Q2. Which of the following statements is True.(1) The insured Declared value of the vehicle is fixed
on the basis of manufacturers listed selling price of the brand and model of the vehicle at the
commencement of insurance. (2) The Insured Declared value is the sum insured under the polic
Option 1: Statement 1 is True
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Both are false
Q4. Which of the following are allowed, under the regulation, to distribute micro-insurance
products?
Option 1: Corporate agents
Option 2: All of the above
Option 3: Brokers
Option 4: Individual agents
Q5. As per structured formula under the Motor Vehicle Act victims of fatal injuries are paid
compensation on the basis of:
Option 1: Age, Income and number of dependents
Option 2: Income and size of family
Option 3: Age and sex
Option 4: Age and income
Q6. Which of the following are general exclusions (all sections) of Overseas Medical Policy?
Option 1 : All of the above
Option 2 : Professional Sports events
Option 3 : Naval ,Military Or operations
Option 4 : Hazardous sports
Q9. In which of the following clauses of the Scheduled form of policy reference is made to the sum
insured or limit of liability.
Option 1: Operative clause
Option 2: Signature clause
Option 3: Warranties clause
Option 4: Recital clause
Q10. Which of the following is taken into account in fixing the estimated completely erected value
of the contract works under CAR Policy?
Option 1: Freight and customs duties
Option 2: Construction costs
Option 3: Cost of material
Option 4: All of the above
Q11. Which of the following statements is True ? (1) No claim can be under an illegal policy (2)
Claim can be paid, at the option of the insurer under a void policy
Option 1: Statement 2 is True
Option 2: Both 1 and 2 are true
Option 3: Statement 1 is True
Option 4: Both are false
Q12. In respect of motor third party insurance (1) No commission is payable (2) No brokerage is
payable
Option 1: Statement 2 is True
Option 2: Both are true
Option 3: Statement 1 is True
Option 4: Both are false
Q13. How much is the amount of claim payable , if sum insured is Rs. 2 Lakhs, the excess limit is Rs.
20,000/- and the loss is Rs. 25,000 /-
Option 1: Rs. 25,000
Option 2: Rs.15,000
Option 3: Rs.5000
Option 4: Rs. 20,00
Q14. Which of the following does not fall under miscellaneous classification of motor vehicles?
Option 1 : Motorized rickshaws
Option 2 : Cinema, film recording vans
Option 3 : Mobile dispensaries
Option 4 : Ambulance
Q15. Which of the following risks does NOT require additional premium under money in transit
policy?
Option 1: Terrorism
Option 2: Riot
Option 3: Strike
Option 4: Robbery
Q16. Which of the following statements is True ? 1 ICC ( &( provide specified risk cover (2) ICC
( provide all risks cover
Option 1: Statement 1 is true
Option 2: Statement 2 is true
Option 3: Both statements are false
Option 4: Both statements are true
Q19. Which of the following is not covered under Institute cargo clauses ?
Option 1 : Stranding of vessel
Option 2 : Washing overboard
Option 3 : Jettison
Option 4 : Collision of vessel
Q20. A building valued at Rs 250,000 is jointly owned by Magesh and Joseph, who each individually
arrange insurance on it. Magesh insures the building for Rs 100,000, whilst Joseph insures it for Rs
150,000. How much of the valid claim is each insurer liable to pay if a loss of Rs 55,000 occurs?
Option 1: Magesh insurer is liable for Rs 22,000 and Josephs for Rs 33,000
Option 2: Magesh insurer is liable for Rs 27,500 and Josephs for Rs 27,500
Option 3: Magesh insurer is liable for Rs 55,000 and Josephs for Rs 55,000
Option 4: Magesh insurer is liable for Rs 33,000 and Josephs for Rs 22,000
Q21. Which of the following is True: Differences as to the quantum thereof are to be referred to (1)
Arbitration as per policy conditions 2 committee set up by CPAA and the insurance company
Option 1: Statement 1 is True
Option 2: Both are false
Option 3: Both are true
Option 4: Statement 2 is True
Q23. If there is a non-disclosure of a material fact due to oversight, the insurance contract becomes
Option 1 : Voidable
Option 2 : Invalid
Option 3 : Void
Option 4 : Illegal
Correct Answer Option : 1
Q24. Which of the following perils cannot be added by extra premium to institute cargo clauses (?
Option 1 : Fresh water damage
Option 2 : Country damage
Option 3 : Inherent vice
Option 4 : Rain water damage
Q25. Which of the following property can be insured under Machinery Breakdown policy?
Option 1 : Electrical equipment
Option 2 : All of the above
Option 3 : Mechanical equipment
Option 4 : Lifting equipment
Q26. Which of the following statement is True? (1) Bonus / Malus clause applies to individual
Mediclaim Policy .2 Bonus / Malus clause applies to group Mediclaim policy.
Option 1: Statement 2 is True
Option 2: Statement 1 is True
Option 3: Both are false
Option 4: Both are true
Q28. Under group P.A. policy, which of the following is True? (1)Cumlative bonus does not apply
(2)Childrens education grant is available
Option 1: Both are true
Option 2: Statement 1 is True
Option 3: Statement 2 is True
Option 4: Both are false
Q30. Which of the following documents is not required under road transit claims?
Option 1 : Special power of attorney (stampe
Option 2 : Original policy
Option 3 : Consignment note
Option 4 : Letter of subrogation ( stampe
Correct Answer Option : 1
Q31. When there are several policies on the same subject-Matter, each insurer pays only a
proportion of the loss. This is know as
Option 1: Subrogation
Option 2: Pro-rata Average
Option 3: Contribution
Option 4: Franchise
Q32. Members of the Insurance Advisory Committee are drawn to represent the interests of
different groups like:
Option 1: Employees
Option 2: Surveyors, agents, advocates
Option 3: Research bodies, organisations engaged in safety and loss prevention
Option 4: Consumer forum, industry, intermediaries
Q33. Which of the following is True in relation to industrial Risks public liability policy? (1) Policy
period means the period commencing from effective date and hour and terminating at midnight on
the expiry date as shown in the schedule of the policy. (2) Period of insurance means the period
commencing from the retroactive date and terminating at midnight on the expiry date as shown in
the schedule of the policy.
Option 1: Only 1 is true
Option 2: Both are true
Option 3: Both are false
Option 4: Only 2 is true
Q34. Which of the following is correct in relation to fire reinstatement value policy? (1)
Depreciation Applied (2) Pro-rata Average applies
Option 1: Both are false
Option 2: Statement 2 is True
Option 3: Both are true
Option 4: Statement 1 is True
Q35. The amount of relief payable under public liability Insurance Act, 1991 for Accident is
Option 1 : Rs.50,000
Option 2 : Rs. 12,500
Option 3 : Rs. 10,000
Option 4 : Rs. 25,000/
Q36. A stevedoring company owns an ocean steamer valued at Rs. 32 crores. The steamer has been
insured with three different insurance companies A, B and C.The amount underwritten by A is Rs.
6 crores, by B is Rs 10 crores and by C is Rs. 16 crores.The steamer meets with an accident and the
loss is valued at Rs. 4 crores. The liability of Company B
Option 1: Rs 1.25 Crore
Option 2: Rs 2 Crore
Option 3: Rs 5 Crore
Option 4: Rs 75 Lakhs
Correct Answer Option : 1
Q37. A policy with a sum insured of Rs. 1 lakh is subject to a franchise limit of Rs. 10,000/- . What
is the amount payable if the loss is Rs. 15,000 /- ?
Option 1: Rs. 15,000/-
Option 2: Rs.5,000 /-
Option 3: Rs. 25,000/-
Option 4: Nil
Q38. As per the insurance act, 1938 (as amende as insurer has to obtain a report from a licensed
surveyor if the loss equals or exceeds.
Option 1: Rs 50,000
Option 2: Rs 15,000
Option 3: Rs 20,000
Option 4: Rs 25,000
Q39. Which of the following documents are required to process a motor insurance claim?
Option 1 : All of the above
Option 2 : Police Report
Option 3 : Driving Licence
Option 4 : Registration Certificate Book
Q40. When did General Insurance Corporation of India commence business operation?
Option 1 : 1971
Option 2 : 1970
Option 3 : 1972
Option 4 : 1973
Q43. Which of the following covers in Householders Package insurance is not included in
Shopkeepers Package insurance
Option 1 : Personal baggage
Option 2 : Fixed Plate glass
Option 3 : Legal liability to third parties
Option 4 : Television
Q44. Which of the following statements is True? (1) The Indemnity period is to be selected by the
insured. 2 The period of indemnity may vary from 3 months to 3 years.
Option 1: Statement 2 is True
Option 2: Both are true
Option 3: Both are false
Option 4: Statement 1 is True
Q45. Under Personal Accident Insurance, in case of loss of one limb or one eye the compensation
payable will be?
Option 1: 50% of the Capital Sum Insured
Option 2: 25% of the Capital Sum Insured
Option 3: 100% of the Capital Sum Insured
Option 4: 75% of the Capital Sum Insured
Q46. The maximum liability of the insurer under pubic liability insurance act 1991 to pay relief to
several claimants arising out of one accident shall not exceed____
Option 1: Rs. 7.50 crores
Option 2: Rs.5.00 crores
Option 3: Rs. 2.50 crores
Option 4: 10.00 crores