Fire and Marine Insurance Quiz

Fire insurance is a contract of:

• Guarantee

• Indemnity

• Life coverage

• Fixed benefits

In fire insurance, the insured is compensated:

• At market value

• For profit lost

• To the extent of loss only

• Twice the actual damage

Fire insurance provides protection against:

• Death and disability

• Marine losses

• Loss due to accidental fire

• Loss due to fraud

Fire insurance policies do not cover:

• Fire due to lightning

• Fire due to negligence

• War or nuclear risks

• Electrical short-circuit

Floating fire insurance policy is suitable for:

• Office equipment

• Fixed machinery

• Fluctuating stock in multiple locations

• Real estate

Specific policy in fire insurance covers:

• Total business

• A fixed and identified property

• Entire stock in different places

• Employees' life

The rate of premium in fire insurance is based on:

• Age of insured

• Size of property only

• Risk involved in the property

• Duration of insurance only

Who determines fire insurance tariff rates in India?

• SEBI

• IRDAI

• GIC (Tariff Advisory Committee)

• RBI

The insured must inform the insurer of the fire incident:

• Within one year

• At the time of premium renewal

• Immediately or within a reasonable time

• At the time of next claim

The insurer investigates fire claims through:

• Police department

• Lawyers

• Surveyors or loss assessors

• Bank officials