IC72 Mock Test Sample 10
Motor insurance covers legal and financial risks arising from vehicle ownership and operation. It includes third-party liability, own damage cover, grievance redressal mechanisms, and claim settlement procedures. Key principles include insurable interest, utmost good faith, indemnity, and subrogation. The Motor Vehicles Act governs licensing, permits, compensation, learner’s licenses, and MACT appeal timelines. Proposal forms capture proposer and vehicle details for underwriting. Fraud prevention involves verification, strict legal action, and investigation through official reports. Compensation is assessed using the multiplier method. Customer service depends on empathy, responsiveness, and reasonableness. Special provisions exist for educational vehicles, eco-friendly permits, package policy benefits, and no-fault liability claims.
1. Current Grievance Redressal Mechanism includes:
a) Only 1, 2 and 3
b) Only 1, 3 and 4
c) Only 2, 3 and 4
d) All 1, 2, 3 and 4
2. Proposal Form includes details of proposer:
a) Only name
b) Only name and occupation
c) Only occupation and address
d) All name, occupation and address
3. Conditions for learner’s license for transport vehicle:
a) Only 18 years
b) Only 20 years
c) Only 1 and 3
d) Only 2 and 3
4. Principle of “No Fault” means:
a) Police certificate required
b) Liability after proof
c) Liability automatic without proving negligence
d) Claimant must always be faultless
5. Fraudulent driving licence remedies:
a) Only revocation
b) Only disqualification
c) Only 2 and 3
d) All 1, 2 and 3
6. Class “E” vehicle refers to:
a) Trailers
b) Internal risk vehicle
c) Private carriers
d) Road transit risk vehicle
7. Petition against MACT judgment must be filed within:
a) 30 days
b) 45 days
c) 60 days
d) 90 days
8. Third-party liability damages awarded include:
a) Only legal costs
b) Only interest
c) Only 1 and 3
d) All 1, 2 and 3
9. Educational institution vehicles are issued:
a) School/College permit
b) Contract carriage permit
c) Temporary permit
d) Rent-a-cab permit
10. Third-party property damage liability limit:
a) Rs. 5,000
b) Rs. 25,000
c) Rs. 1,00,000
d) Rs. 7,50,000
11. Insuring someone else’s vehicle breaches:
a) Indemnity
b) Insurable Interest
c) Subrogation
d) Utmost Good Faith
12. Agriculturalist income under multiplier method is based on:
a) Supervisory wages
b) Half wages
c) Yield from produce
d) Fixed amount
13. Basic elements of customer service:
a) Only empathy
b) Only responsiveness
c) Reasonableness & responsiveness
d) All 1, 2 and 3
14. Hire purchase insurance issued in name of:
a) Financer only
b) User only
c) User with financer’s interest clause
d) Financer with user clause
15. Vehicle carrying not more than 6 passengers for hire:
a) Maxi cab
b) Motor cab
c) Private service vehicle
d) Goods vehicle
16. Document showing age of deceased and time of death:
a) FIR
b) Inquest report
c) Post Mortem Report
d) Panchnama
17. Eco Friendly Sewa permits issued to:
a) 1, 4 and 5
b) 2, 3 and 5
c) 2 and 5
d) 1 and 4
18. Fraud prevention measures include:
a) Only 1 and 2
b) Only 2 and 3
c) Only 1 and 3
d) All 1, 2 and 3
19. Compensation for loss of one eye under Package Policy:
a) Rs. 1,00,000
b) Rs. 1,25,000
c) Rs. 1,50,000
d) Rs. 2,00,000
20. Correct statement about Subrogation:
a) Not applicable in indemnity contracts
b) Prevents assured from profiting
c) Applies only on contract conclusion
d) Applies only to motor insurance claims only
