IC72 Mock Test Sample 4
IC72 Motor Insurance covers legal provisions, underwriting principles, and claims assessment under the Motor Vehicles Act. Section 140 introduces no-fault liability, while doctrines like proximate cause determine policy coverage. Historical acts like the Motor Vehicles Act, 1939 shaped current insurance practices. Concepts such as subrogation, no claim bonus, and differential rating guide insurer decisions. Solatium Fund provides relief to accident victims. Emerging risks like driverless vehicles may require changes in policy terms and pricing. Legal processes include appeals and evidence rules. Customer protection, fair pricing, and proper documentation ensure transparency, while technological and quality advancements improve risk evaluation and service efficiency.
1. Section 140 of Motor Vehicles Act relates to?
a) Duty to inform authority
b) Insurer insolvency
c) No-fault liability
d) Settlement process
2. Proximate cause determines?
a) Responsible party
b) Loss value
c) Policy coverage
d) Vehicle age
3. Act introduced in July 1939?
a) MV Act 1988
b) MV Act 2000
c) MV Act 1939
d) Amendment Act 2008
4. Vehicles excluded from Knock for Knock?
a) Two-wheelers
b) Goods vehicles
c) Commercial vehicles
d) Luxury cars
5. Motor insurance unprofitability reason?
a) Competition
b) TP expenses
c) Theft claims
d) Low demand
6. Purpose of Solatium Fund?
a) Victim relief
b) Traffic rules
c) Fault liability
d) Compensation basis
7. Concern with driverless vehicles?
a) Compatibility
b) Competition
c) Higher risks
d) More contracts
8. Benefit of car sharing?
a) Reduce congestion
b) Increase vehicles
c) Personal transport
d) Reduce public transport
9. Additional evidence allowed when?
a) Withheld earlier
b) Irrelevant
c) Available earlier
d) Not collected
10. Driverless tech impacts?
a) Premium
b) Terms
c) Deductible
d) Coverage
11. Appeal time frame?
a) 30 days
b) 60 days
c) 90 days
d) 120 days
12. Chapter VIII enforced?
a) July 1946
b) July 1939
c) Oct 1982
d) July 1989
13. Caveat Emptor means?
a) Buyer responsible
b) Seller responsible
c) Both equal
d) Seller not concerned
14. Motor Tariff ended in?
a) Dec 2005
b) Dec 2006
c) Dec 2007
d) Dec 2008
15. Japanese quality revolution led to?
a) Quantity competition
b) Less quality
c) More quality competition
d) Less innovation
16. Accident details document?
a) Inquest report
b) MV inspector report
c) Charge sheet
d) Panchnama
17. File & Use guideline feature?
a) Data-based pricing
b) IRDA compliance
c) Simple language
d) All of these
18. NCB not applicable to?
a) Road risks
b) Internal risks
c) Transit risks
d) All of these
19. Differential rating based on?
a) Claim formula
b) Piecemeal
c) Incremental
d) Make & model
20. NOT considered in compensation?
a) Contribution
b) Life expectancy
c) Dependents life
d) Income of offender
