Fire Insurance (IC 57): Previous year questions

Fire Insurance (IC 57): Previous year questions

The insurance institute of India conducts the III exam. Every year, the exam is held four times: once in March, once in May, once in September, and once in November. We are offering Recollected Questions (Memory-based Questions) for the Actuarial Aspects of Fire Insurance (IC 57) exam. The maximum number of questions are repeated in each exam in these papers. As a result, Ambitiousbaba is providing you with a recollected Question on  IC 57 Fire Insurance.
These IC 57 Fire Insurance Memory Previous year Questions can come in handy in the forthcoming Exam.

Fire insurance Previous paper questions:-

  • Risk improvenent
  • Fire load and resistance
  • Underwriting
  • Fire prevention
  • Cancellation of policies by insured or insurer
  • Indemnity period
  • Declaration policy
  • Consequential fire policy
  • 8th and 3rd chapter
  • Clauses and warranties
  • Reinsurance
  • Betterment
  • Surveyor reports
  • Declaration policies shall be covered minimum sum insured Rs 1 Crore
  • Indemnity period minimum 3 months and maximum 36 months
  • Escalation clause allowed upto 25% of sum insured from the day of inception of policy 4 . The premium charged is 50% of the final rate on specified increase in sum insured.
  • TAC- Tariff Advisory Committee
  • Loss of rent clause – only in consequence of destruction of building or damage of perils insured and the amount payable shall not exceed such portion of the sum insured on rent as the period necessary for reinstatement bears to the rent insured
  • questions on Principles
  • risk retention calculations – two
  • many questions on types of fire policies
  • salvage value simple calculations 3
  • calculation of closing stock on GP rate
  • many questions on consequential losses all related financial statements,  surveyors fees,  legal expenses
  • kutcha what is the extra premium and calculations one on that
  • business interruptions and loss of profit few questions were asked it was quite confusing
  • 8 to 9 questions on claims procedures ND legality
  • basic underwriting questions were asked
  • Difference between normal policy and output policy
  • The material value of documents comes under valued policy
  • Calculations on average clause.
  • Claim= 40,000, Loss= 60,000, Value of property= 20,00,000, Sum insured=? Ans. 16,66,667
  • High frequency and low intensity is categorised under individual experience rated products
  • Question on add on covers and endorsement
  • Catastrophic losses are covered under which method of Reinsurance
  • Surveyor needs to be appointment within 72 hours of claim
  • Meaning of value in exchange
  • In consequential loss Policy, Gross profit calculation is important
  • Meaning of value in exchange
  • Questions on exclusions
  • Why storage of goods in compact form is hazardous
  • Difference between smoking and incendiarism
  • Difference between originating and contributory hazard
  • Question on identifying the least intensive hazard
  • Difference between declaration and floater policy
  • Meaning of utmost good faith
  • Which of the following is not covered under consequential loss insurance
  • Average clause
  • Claim calculation
  • Condition numbers in fire policy.
  • Surveyor
  • Output policy
  • Principle’s of fire insurance
  • Burning cost
  • Fire resistance
  • Fire load
  • Categories of fire resistance
  • Geographical Zones
  • Consequential loss policy
  • Renewal notice to be sent by how many days
  • Output policy
  • Fire resistance and fire load
  • Consequential loss policy
  • Difference between: Salaries and wages
  • Corrugated sheets and flat sheets and many
  • Insurance on smoking
  • Days for insured to claim after indemnity
  • Questions on gross profit, architect fees
  • Fire load
  • Fire resistance (category and hours of resistance)
  • Declaration and floater policy
  • Minimum sum insured of declaration 1 crore
  • Surveryor to be appointed within 72 hours
  • Storm and hurricane risk
  • Marine policy and fire policy
  • Policy ceases 7days from fall of property
  • Conditions of fire policy
  • Sum insured always fixed by insured
  • Expenses of generating proof is borne by the insured
  • Optional cover for Industrial All risks policy is Machinery Loss of Profits cover
  • Under Mutual aid scheme, the membership should be of two or more industrial plants, warehouse and public utilities
  • Revenue polices are for service sector
  • Carry over provision – Dual basis insurance
  • Damage at suppliers premises can be included on additional premium
  • If cancelled by insurer, refund of premium is on pro-rata basis
  • Shortage in turnover  multiplied by gross profit rate will give the trading loss
  • Disclaimer within 12 months
  • Additional report may be requested by the insurer to the surveyor within 15 days of the receipt of the original report
  • Preliminary report gives the cause of loss, if ascertainable
  • Subrogration is corollary to principle of indemnity
  • Ex-gratia payments
  • Indian fire reinsurance programme is reviewed to maximise retention within India and save foreign exchange
  • Reinsurance
  • Section III of tariff
  • The general rules and regulations of tariff is observed by insurers as good practice
  • Valued policies are for items where the market value cannot be ascertained
  • Low fire load- Residential premises
  • Moderate fire load – Retail shops
  • Smoking risk- it should be permitted at certain places and during breaks
  • Inception risk is the cause of fire and contributory risk which spread the fire
  • Omission to insure additions, alterations or extensions clause applicable to buildings, machinery, plant , furniture and fittings
  • Add-on covers – additional premium and attachment of endorsements
  • Meaning of floater policy
  • Lots of questions on choose the odd one out (Remember the things that fall into different degrees of hazards)
  • Meaning of Agreed Bank Clause
  • Exclusions of fire policy
  • Meaning of output basis of settlement
  • Formula for Gross Profit
  • Numericals on Pro rata basis of insurance
  • 2 questions on classification of fire resistance of buildings by National Fire Code of India
  • Question on Value in exchange
  • Questions on the procedural aspects of claim. The first steps taken by insurance companies after claim is filed
  • Meaning of Ex Gratia payments
  • Principles of subrogation and contribution are corollaries to principle of indemnity
  • Examples of good housekeeping for fire prevention
  • The Reinstatement form of insurance was first introduced in the UK during the inflationary conditions that prevailed after the First World War
  • Retention is also known as Net holding or limit
  • Meaning of per risk cover
  • Facultative method is used to supplement treaty facilities
  • iii exam Discussion (Insurance) group Link

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