IC72 Mock Test Sample 7

IC72 Motor Insurance covers compensation methods, underwriting factors, fraud prevention, and policy principles. The multiplier method is widely used to calculate compensation in accident cases. Disclosure of vehicle details follows the principle of utmost good faith. Third-party liability covers damage to others’ property and vehicles, not own damage. Depreciation, No Claim Bonus, and premium rating factors influence pricing. Fraud mitigation involves data, technology, and analytics. Road safety studies highlight accident-prone areas, while tools like tachographs and claim search systems improve monitoring. Institutions like IIB support data analysis, and legal provisions ensure compensation for hit-and-run victims under the Motor Vehicles Act.

1. Method used for compensation calculation?
a) Hybrid
b) Multiplier
c) Nance
d) Structured

2. IDP can be applied?
a) 6 months before
b) 1 year before
c) 3 months before
d) Same day

3. Geographical underwriting factor?
a) Parking location
b) Driver health
c) Safety features
d) Crash test

4. Hit and run accident definition?
a) Two vehicles unknown
b) Identity not traceable
c) Unknown owner
d) Driver flees

5. Income includes?
a) Taxable only
b) Exempt excluded
c) All benefits
d) Only cash

6. Premium refund condition?
a) Minimum premium
b) 50% retention
c) No claims
d) 1 & 3

7. Third party liability covers?
a) Own damage
b) Property damage
c) Vehicle damage
d) 2 & 3

8. Fraud mitigation ways?
a) Data
b) Technology
c) Digital assessor
d) All

9. Depreciation after 8 months?
a) 0.025
b) 0.05
c) 0.1
d) 0.15

10. Disclosure principle?
a) Indemnity
b) Good faith
c) Trust
d) Contribution

11. Accident-prone areas?
a) Barriers
b) Junctions
c) Bridges
d) All

12. Tachograph does NOT give?
a) Braking
b) GPS
c) Speed
d) 2 & 3

13. No Claim Bonus means?
a) OD + TP discount
b) OD discount
c) Fleet discount
d) Increased cover

14. Tech usage highest in?
a) Brazil
b) South Africa
c) Malaysia
d) China

15. NOT accident factor?
a) Driver
b) Passenger
c) Vehicle
d) Road

16. Premium depends on?
a) Profit
b) Expense
c) Commission
d) All

17. IIB role?
a) Reports
b) Data support
c) Benchmark rates
d) 1 & 2

18. Hit-run injury compensation?
a) 5000
b) 10000
c) 12500
d) 20000

19. Claim Search System use?
a) Premium
b) History
c) Fraud detection
d) 2 & 3

20. Claims without policy details?
a) Disabled
b) Lost
c) Void
d) Orphan