III IC-11 Practice Questions - III IC-11 Practice of General Insurance Exam - III IC-11 Practice Questions - III IC-11 Practice of General Insurance Exam

Question 1

In Indian insurance practice, general insurance primarily refers to which class of business?

Life assurance contracts only Non-life insurance covering property, liability, and related risks Only health insurance sold by life insurers Only reinsurance accepted from overseas

Correct Answer:

Non-life insurance covering property, liability, and related risks

Question 2

Which statement best describes the principle of indemnity as applied in most general insurance policies?

The insured should profit from a loss The insurer restores the insured to the pre-loss financial position, subject to policy terms The insurer always pays the full sum insured regardless of loss size Indemnity applies only to life policies

Correct Answer:

The insurer restores the insured to the pre-loss financial position, subject to policy terms

Question 3

Utmost good faith (uberrimae fidei) in a general insurance contract primarily requires that:

Only the insurer must disclose material facts Material facts need only be disclosed after a claim occurs Only brokers owe a duty of disclosure Both parties disclose all material facts that could influence the risk assessment

Correct Answer:

Both parties disclose all material facts that could influence the risk assessment

Question 4

Proximate cause in a general insurance claim is best described as:

The dominant, effective cause that sets in motion a train of events leading to the loss The most remote cause in a chain of events Always the last event before the loss, without analysis Any excluded peril mentioned anywhere in the policy

Correct Answer:

The dominant, effective cause that sets in motion a train of events leading to the loss

Question 5

Contribution applies when:

Only one insurer exists in the market The insured has no other insurance Two or more policies cover the same interest, peril, and subject matter for the same period, and a loss occurs A life policy and a fire policy cover different risks

Correct Answer:

Two or more policies cover the same interest, peril, and subject matter for the same period, and a loss occurs

Exam overview

About this Exam

Prepare with the III IC-11 Practice Questions - III IC-11 Practice of General Insurance Exam practice quiz. This question bank includes 100 questions covering insurance, general, covers, typically, and policy. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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III IC-11 Practice Questions - III IC-11 Practice of General Insurance Exam

This practice set contains 100 questions from the matching question bank and focuses on insurance, general, covers, typically, and policy. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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About this Exam

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III IC-11 Practice Questions - III IC-11 Practice of General Insurance Exam

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