IC72 Mock Test Sample 1

Motor Insurance under IC72 covers legal, technical, and operational aspects such as third-party liability, own damage, underwriting, and claims settlement. It emphasizes principles like utmost good faith, indemnity, and proper disclosure. Regulatory bodies like IRDAI and institutions such as MACT play key roles in dispute resolution and compliance. Data collection through TAC/IIB supports underwriting and fraud prevention. Deductibles help control claim costs and premiums. Technological advancements like radar and night vision improve safety. The shift from tariff to non-tariff regimes increased flexibility in pricing. Proper documentation, timely claim intimation, and strong IT systems are essential for efficient insurance operations and customer service.

1. When is loss to accessories covered?
a) Only if on the motor car
b) Only if detached
c) Only if new
d) Only if essential

2. TAC data submission responsibility?
a) Monthly data
b) Own codes
c) Quarterly data
d) Include proposer details

3. MACT power (Sec 169(2))?
a) Issue summons interstate
b) Recall witnesses
c) Grant compensation
d) Sell vehicles

4. First motor insurance type?
a) Third party liability
b) Comprehensive
c) Accidental damage
d) Fire

5. Purpose of deductible?
a) Increase liability
b) Reduce premium
c) Limit insured liability
d) Fix duration

6. Underwriting policy data includes?
a) Claims paid
b) Input claims data
c) Vehicle & policy details
d) Output data

7. Non-joinder application case?
a) Minor claimant
b) Driver not owner
c) Collusion
d) Compensation dispute

8. Company formed in 1903?
a) Car & General Insurance Corp
b) United Motors
c) National Motor Insurers
d) Motor Vehicle Assurance

9. Compulsory TP insurance reason (UK)?
a) War
b) Motor vehicles
c) Accidents increase
d) Road Traffic Act 1930

10. Purpose of framing issues (MACT)?
a) Fix compensation
b) Aid decision
c) Call witnesses
d) Sell vehicles

11. Action on claim notice?
a) Wait
b) Ignore
c) Inform insurer
d) Send to lawyer

12. Purpose of incurred claims data?
a) Vehicle age
b) IDV
c) Anti-theft check
d) Loss analysis

13. When insurer takes over defense?
a) No cross exam
b) Liability admitted
c) Contributory negligence
d) License dispute

14. Motor trade premium basis?
a) No. of vehicles
b) Employee age
c) Location
d) Market value

15. Benefit of incurred claims ratio?
a) Adjust past losses
b) Zone
c) Fitness
d) Model

16. Shift to non-tariff?
a) Vehicle growth
b) Tech
c) IRDA directive
d) MV Act

17. Cross-traffic alert tech?
a) Rear radar
b) Night vision
c) High beam
d) GPS

18. Uberrimae Fides means?
a) Full disclosure
b) Minimal
c) None
d) After claim

19. Pedestrian detection system?
a) Radar
b) Night vision
c) High beam
d) GPS

20. Importance of IT platform?
a) Premium
b) Tracking
c) Coverage
d) Repository