IC38 English Chapter Paper – 23

Que. 1 : __________ is the maximum limit of liability of insurer under the policy
   1.  Premium
   2.  Sum insured
   3.  Surrender value
   4.  Amount of loss
Que. 2 : _______________ is the consideration or price paid by insured under a contract
   1.  Claim amount
   2.  Premium
   3.  Surrender value
   4.  Maturity amount
Que. 3 : A document which provides an evidence of contract of insurance is called________
   1.  Cover note
   2.  Endorsement
   3.  Policy
   4.  Certificate of insurance
Que. 4 : The duty of disclosure arises
   1.  Prior to inception and continues during the policy
   2.  Prior to inception of the policy
   3.  After inception of the policy
   4.  There is no such duty
Que. 5 : Material fact
   1.  Is the value of all material covered in a policy
   2.  Is important as it influences the decision of the underwriter
   3.  Not important for assessing the risk
   4.  Is not important as it has no bearing on the decision of the underwrite

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