IC72 Mock Test Sample 5
IC72 Motor Insurance focuses on customer service quality, regulatory compliance, underwriting, and claims settlement. Key elements like empathy, responsiveness, and reliability ensure customer satisfaction. Regulatory frameworks such as the Motor Vehicles Act and IRDAI guidelines govern policy issuance, compensation, and appeals. Concepts like subrogation, proximate cause, and multiplier method are essential in claim determination. TAC and IIB act as data repositories for underwriting and analytics. Ombudsman ensures grievance redressal, while structured deductibles and exclusions define policy scope. High third-party claims, especially from two-wheelers, impact profitability. Overall, the system emphasizes fairness, transparency, and efficiency in insurance operations.
1. Customer service element refers to sensitivity towards service quality?
a) Empathy
b) Responsiveness
c) Reasonableness
d) Reliability
2. Proposal form required before cover and renewal?
a) GR 2
b) GR 3
c) GR 22
d) GR 23
3. Deductible for taxi OD (<1500cc)?
a) Rs. 500
b) Rs. 1750
c) Rs. 1000
d) Rs. 1500
4. Role of Ombudsman is to serve?
a) Insurer
b) Insured
c) Both
d) IRDAI
5. NOT code of conduct for surveyor?
a) Ethical behavior
b) Follow insurer blindly
c) Objectivity
d) Due diligence
6. TAC data sets include?
a) Underwriting, claims, input
b) Underwriting, premium, input
c) Underwriting, premium, output
d) Policy, premium, output
7. Ombudsman award limit?
a) Rs. 2 lakh
b) Rs. 5 lakh
c) Rs. 10 lakh
d) Rs. 20 lakh
8. Guarantee Fund country?
a) England
b) Italy
c) Portugal
d) France
9. Maximum multiplier under MV Act?
a) 12
b) 16
c) 18
d) 21
10. Transfer of rights to insurer?
a) Indemnity
b) Abandonment
c) Total loss
d) Subrogation
11. Policy issuance after cover note?
a) 30 days
b) 60 days
c) 45 days
d) After expiry
12. Schedule for fatal compensation?
a) 1
b) 2
c) 6
d) 7
13. Claims arise under?
a) Law of Torts
b) Compensation law
c) Liability law
d) Claims law
14. Appeal limit condition?
a) >10000
b) <10000
c) >25000
d) <25000
15. Highest claim ratio due to?
a) 3-wheelers
b) 2-wheelers
c) Cars
d) Commercial
16. Road Safety Council provision?
a) 1994
b) 2000
c) 2001
d) 2003
17. OD exclusions include?
a) Tyre damage
b) Mechanical breakdown
c) Breakage
d) All
18. Data repositories?
a) MACT
b) IIB
c) TAC
d) IIB & TAC
19. Pecuniary damages include?
a) Marriage loss
b) Nursing cost
c) Earning loss
d) All
20. Active efficient cause?
a) Proximate cause
b) Uberrima fides
c) Subrogation
d) Concurrent cause
