General Insurance Quiz

1.When a Bank Guarantee is invoked by the beneficiary either in writing or by telex or telegram, the Bank issuing the Guarantee will

have to effect payment without delay or demur have to pay within three working days pay after being satisfied that the beneficiary suffered loss None of the above

2."Claused Bill of Lading" is the one which indicates

No defects in packaging or condition of goods defective condition of package and goods No documents attached to it None of the above

3."Cost Overrun" Means

Remaining constant in Project Cost Escalation in Project Cost Decrease in Project Cost None of the above'

4."Dark Block" is an area where

literacy rate is below 15 percent people below the poverty line are more than 90 per cent underground source of water is not available more than 85 per cent exploitation has taken place on the available underground water

5."Hedging" denotes

Protecting against fluctuations/ uncertainty risk in forex markets Credit risk assessment in respect of advances Speculative buying/selling of foreign currency None of the above