BP Internal Training - Quizz 09.2024-2/2

Which kind of stock valuation that including processing costs in stock indemnity?

• Raw materials

• Products in progress

• Finished products

Which clauses are not applicable to stock?

• Capital addition Clause

• Reinstatement value clause

• Average clause

• All options

Which valuation is applied to indemnity for stock

• New for old

• New replacement value

• Market value/ Replacing value

Which of followings are not correct in terms of stock declaration? (Multiple options)

• Monthly monitoring stock amount is not maintained. Client only need to declare the stock value to the Insurer by the end of insurance period.

• Stock declaration made by client means there is request to change stock sum insured

• Clarification with client and getting confirmation from client for change of Sum Insured is obtained

• Apply stock declaration with Low deposit amount

To avoid underinsurance for stock value, which are correct aspects that the insured consider to choose 

• Reviewing the historical and future stock amount is the base for reviewing adequate Sum Insured.

• Average stock amount based on previous year's declaration

• Sum Insured should be the possible maximum amount during insurance period.

• All above

Which clause covers for property that the insured/the policy holder is not the owner

• VN64 Property under care, custody or control clause 

• FN24 Contract price clause

• VN45 Control of property clause

• VN44 Customer's good clause