IC72 Mock Test Sample 9
This set covers key concepts of motor insurance, customer service, and legal provisions under the Motor Vehicles Act. It highlights value creation through respectful customer treatment and efficient claims handling. Amendments propose stricter penalties for traffic violations and improved regulatory mechanisms. Topics include Solatium Scheme for hit-and-run victims, No Claim Bonus limits, compensation principles, and legal procedures for appeals. It also explains pecuniary vs non-pecuniary damages, underwriting considerations, and the role of institutions like MIB. Additionally, it touches on licensing norms, safety regulations like bus body standards, and responsibilities in claims investigation and settlement to ensure fairness and transparency.
1. What is one way insurance companies can create value for customers?
a) Offering lowest prices
b) Treating customers with respect
c) Providing widest range
d) Keeping costs low
2. Proposed change in MV Amendment Bill 2008 fines?
a) Reduced fines
b) Same fines
c) Increased fines
d) Abolished fines
3. Policy cancellation with refund condition?
a) No claim & insured elsewhere
b) 1 year completed
c) Full premium paid
d) 6 months completed
4. Consumer delight in claims settlement?
a) Delay beyond 90 days
b) Claims counselors
c) Delay due to documents
d) Deny liability
5. Purpose of Solatium Scheme?
a) Regulate builders
b) Compensate hit-run victims
c) Issue licenses
d) Control fines
6. Procedure to challenge award?
a) SLP
b) First Appeal
c) Revision Petition
d) Review Petition
7. Max fine for rash driving?
a) 2000
b) 5000
c) 10000
d) 15000
8. Max NCB limit?
a) 20%
b) 35%
c) 45%
d) 50%
9. Germany annuity compensation?
a) 30000
b) 180000
c) 600000
d) 1000000
10. NCB transfer after death?
a) Spouse
b) Children
c) Parents
d) Legal heir
11. Purpose of pecuniary damages?
a) Pain suffering
b) Material benefits
c) Funeral
d) Property damage
12. Authority for driving certificates?
a) RTO
b) State Govt
c) IRDAI
d) Automobile bodies
13. Role of MIB (England)?
a) Property claims
b) Uninsured victims
c) Provide insurance
d) Regulate rates
14. Pecuniary vs non-pecuniary?
a) Physical vs property
b) Quantifiable vs not
c) Emotional vs medical
d) Income vs funeral
15. Bus Body Builders system purpose?
a) License issue
b) Compensation
c) Scheme implementation
d) Safety norms
16. Hazardous goods license rules?
a) Only 2 & 4
b) Only 1 & 4
c) Only 2 & 3
d) Only 1,2 & 4
17. Tipper cabin similar to?
a) Truck
b) Bitumen tanker
c) Water tanker
d) Trailer
18. Intent to defraud means?
a) Fraudulently
b) Dishonestly
c) Forcefully
d) Wrongly
19. Award satisfaction time?
a) 15 days
b) 30 days
c) 45 days
d) 60 days
20. Accident details document?
a) Inquest report
b) MV inspector report
c) Charge sheet
d) Panchnama
