SYJC FIRE INSURANCE

Different types of risk are covered under this type of fire insurance policy

• COMPREHENSIVE POLICY

• FLOATING POLICY

• SPECIFIC POLICY

• EXCESS POLICY

A company took fire insurance policy for 10 lakhs. After four months, due to fire, insured suffered a loss of 3 lakhs. How much money will the company get as compensation?

• The company will get 10 lakhs as compensation.

• The company will get 3 lakhs as compensation.

• The company will get 2.5 lakhs as compensation.

• The company will get 6 lakhs as compensation.

A factory owner took a fire insurance policy for his factory without informing the insurance company that he received notice from the electricity department to get the wiring of the factory repaired. After six months of taking policy, the factory caught fire due to faulty wiring. If the factory owner receives compensation which Principle is violated?

• Principle of Indemnity

• Principle of Contribution

• Principle of Utmost Good Faith

• 
  Principle of Causa Proxima

The amount paid for insurance is the

State the following statement is True or False:

The principle of insurance under which the compensation paid to the insured which is equal to the actual loss is indemnity.

• TRUE

• FALSE

Which of the following are “Principles of Insurance”. Select as many as you think are correct.

• Indemnity

• Intimidation

• Subrogation

• Alliteration

• Insurable Interest

Identify the Principle which says that,'The insured should have financial interest in the subject matter'.

• Principle of the Utmost faith

• Principle of Contribution

• Principle of Indemnity

• Principle of Insurable Interest

There are goods worth 20 lakhs insurance was made for 10 lakhs, so in case of loss worth 2 lakhs the claim will be

• 2lakhs

• 1 lakhs

• 50,000

• 10 lakhs

.........................emphasises on full disclosure of material facts related to the subject matter by both insurer and insured.

• Principle of the Utmost faith

• Principle of Subrogation

• Principle of Proximate cause

• NONE of the above.

There are goods worth 20 lakhs insurance was made for 10 lakhs, so in case of loss worth 30 lakhs the claim will be

• 15 lakhs

• 10 lakhs

• 20 lakhs

• 30 lakhs