IC72 Mock Test Sample 15
Motor insurance in India is compulsory for all vehicles used in public places. Legal provisions like Sections 147 and 163A ensure compliance, timely communication, and provide structured and no-fault compensation to victims. Claim processes involve investigation, reports, and application of principles like proximate cause and indemnity. No Claim Bonus rewards claim-free policyholders with premium discounts. Roadside assistance excludes extraordinary events like riots. Permits are mandatory for transport vehicles, and analytics improves underwriting using statistics and technology. Fraud detection, proper documentation, and regulatory guidelines ensure fair claim settlement. Standardized compensation and uniformity principles help maintain consistency and transparency in motor insurance practices.
1. What report is submitted when insurer disagrees with claim?
a) Negative Report
b) No Say Report
c) Say Report
d) Disclaimer Report
2. Intimation to authority after cover note expiry within?
a) 7 days
b) 15 days
c) 1 month
d) 45 days
3. What is not covered under roadside assistance?
a) Fuel supply
b) Minor repairs
c) Towing during riots
d) Battery jump start
4. Status of motor insurance in India?
a) Compulsory
b) Not compulsory
c) Voluntary
d) Only for private vehicles
5. Income limit under Section 163A?
a) ₹40,000
b) ₹50,000
c) ₹75,000
d) ₹1,00,000
6. Time limit to deposit no-fault compensation?
a) 30 days
b) 45 days
c) 90 days
d) 120 days
7. Norms for effective investigation include?
a) Vehicle and driver details
b) Visit accident site
c) Collect victim information
d) All of the above
8. Principle of No Fault means?
a) Claimant must prove no fault
b) No need to prove negligence
c) Police certificate required
d) Fault must be established
9. What is No Claim Bonus?
a) Increase in cover
b) Discount on OD premium
c) Discount for multiple vehicles
d) Discount on total premium
10. When negligence compensation not applicable?
a) No fault less
b) No fault more
c) Equal compensation
d) Only 2 and 3
11. Insurer liability depends on?
a) Insured peril as proximate cause
b) Uninsured peril
c) Remote cause
d) Expected peril
12. Permit required for?
a) Private cars
b) Transport vehicles
c) Govt vehicles
d) Only 2 and 3
13. Analytics uses?
a) Operations research
b) Statistics
c) Programming
d) All of the above
14. Form for Goods Carrier permit?
a) PRA
b) PSA
c) PGA
d) Form 48
15. Not part of Harvard value creation?
a) Emotions
b) Pricing
c) Convenience
d) Segmentation
16. Correct statement about claims settlement?
a) Salvage belongs to insurer
b) Depreciation applied
c) Insured cannot choose repairer
d) Only 1 and 2
17. Can uninsured car be driven in public?
a) No
b) Yes
c) Yes with license
d) Yes in metro
18. Uniformity in awards relates to?
a) Indemnity
b) Uniformity principle
c) Standardization
d) Good faith
19. Vehicles for liquid/gas transport?
a) Goods vehicles
b) Tankers
c) Tippers
d) Trailers
20. Fraud involving fake medical bills?
a) Medical conversion fraud
b) Road accident fraud
c) Forum shopping
d) Non-road accident conversion
