The generalized self-consistent mean field (GSCMF) approximation recently proposed provides a systematic approach for finding an effective pair potential for a fluid of molecules with atom, bond or other distributed polarizabilities. The GSCMF theory is combined with the molecular Ornstein-Zernike (MOZ) theory using the hypernetted chain (HNC) approximation to compute the liquid properties of polarizable interaction models of water, acetonitrile, and methanol. The average moments, the excess energies, the dielectric constants, and the site-site distribution functions are studied for models with a distributed polarizability or with an overall polarizability at the molecular centre. The MOZ(HNC)/GSCMF results are compared to the data of simulations using exact procedures to handle the molecular polarizabilities. Comparison of the results obtained by the MOZ/GSCMF theory and by simulations shows that the MOZ/GSCMF approach correctly predicts the relative changes of the liquid properties caused by a distribution of the polarizability. For the acetonitrile models, the MOZ/GSCMF and simulation results are in good agreement. In contrast for water and methanol, the MOZ/GSCMF theory gives strongly underestimated total excess energies and average dipoles and the liquid structure is less pronounced. However, this mainly occurs because the HNC approximation only provides a semi-quantitative description of H bonding liquids as recently observed for non polarizable models of water and methanol. The results suggest that the GSCMF approach is capable of providing accurate effective pair potentials for fluids of molecules with distributed polarizabilities.