IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam - Engineering (III S-05 IC-77) Exam - IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam

Question 1

What is the primary basis of Sum Insured under a standard Contractors All Risks (CAR) policy in India?

The market value of the completed structure at the time of loss The estimated project cost as per contract, including materials, freight, customs duty, and erection costs The cost of the materials only, excluding labor and transport The replacement cost of construction machinery used on site

Correct Answer:

The estimated project cost as per contract, including materials, freight, customs duty, and erection costs

Question 2

Which of the following parties is typically NOT registered as a joint insured under a standard Contractors All Risks (CAR) policy?

The Principal / Owner of the project The Main Contractor The Sub-contractors The raw material suppliers who do not work on-site

Correct Answer:

The raw material suppliers who do not work on-site

Question 3

Under a Contractors All Risks (CAR) policy, if construction work is completed in phases, when does the coverage for a specific phase normally terminate?

Upon completion of the entire project specified in the policy schedule Upon handover to or taking over by the Principal, or when put into service, whichever is earlier Exactly at the expiry of the construction period stated in the schedule, regardless of usage Exactly 30 days after physical construction of that phase ceases

Correct Answer:

Upon handover to or taking over by the Principal, or when put into service, whichever is earlier

Question 4

The Escalation Clause in a Contractors All Risks (CAR) policy serves which of the following purposes?

It automatically increases the premium if the contractor defaults It covers unforeseen increases in the cost of materials and labor during the policy period, up to a specified percentage limit It escalates the policy limits if the insured changes the scope of work without notice It increases the deductible limit dynamically during natural disaster events

Correct Answer:

It covers unforeseen increases in the cost of materials and labor during the policy period, up to a specified percentage limit

Question 5

What is the standard built-in limit for debris removal costs under the contract works section of a standard CAR policy, unless a higher limit is opted and paid for?

No cover is provided unless an add-on is purchased 1% of the claim amount or ₹50,000, whichever is higher 1% of the total Sum Insured, subject to a maximum cap 10% of the contract value

Correct Answer:

1% of the total Sum Insured, subject to a maximum cap

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Prepare with the IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam - Engineering (III S-05 IC-77) Exam practice quiz. This question bank includes 100 questions covering policy, claim, insured, machinery, and surveyor. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam - Engineering (III S-05 IC-77) Exam

This practice set contains 100 questions from the matching question bank and focuses on policy, claim, insured, machinery, and surveyor. 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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IRDAI Surveyor Engineering (S-05) Practice Questions - IRDAI Surveyor & Loss Assessor Exam - Engineering (III S-05 IC-77) Exam

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