IC72 MOTOR INSURANCE EXAM - 02
| Q1.Which of the following is NOT a code of conduct for a surveyor, prescribed by the Insurance Surveyors and Loss Assessors (Licensing, Professional Requirements and Code of Conduct Regulations) 2000 Chapter IV? |
| To behave ethically and with integrity implying fairness and truthfulness |
| To work as per the instructions of the insurer company and so that the claims approval is minimum |
| To provide free professional training |
| To strive for objectivity |
| To carry out his work with due diligence, care, and skill |
| Q2.The TAC ( Tariff Advisory Committee) data requirement is under three major sets. The data sets are __. |
| Underwriting policy data, Claims paid data, and Input data |
| Underwriting policy data, Premium collected data, and Input data |
| Underwriting policy data, Premium collected data, and Output data |
| Policy issued data, Premium collected data, and Output data |
| None of the above |
| Q3.The insurance Ombudsman has been mandated to perform the function of award making up to ___ in respect of personal lines of insurance from any person. |
| Rs. 2 lakhs |
| Rs. 5 lakhs |
| Rs. 10 lakhs |
| Rs. 20 lakhs |
| Rs. 25 lakhs |
| Q4.In ___, unidentified and uninsured vehicles, victims are compensated from the Guarantee Fund (Fonds de Garantie) |
| England |
| Italy |
| Portugal |
| France |
| Spain |
| Q5.As per the Multiplier Method, for deciding compensation, the maximum multiplier is fixed at __ ( as per the Second Schedule of MV Act) |
| 12 |
| 16 |
| 18 |
| 21 |
| None of the above, as the Judge can decide any multiplier without any maximum limit |
| Q6.__ is the transfer of rights from the insured to the insurer when the loss or damage to the vehicle is caused by the negligence of another person. |
| Indemnity |
| Right of abandonment |
| Right of claiming Total Loss |
| Subrogation |
| Right of refusal to pay claim |
| Q7.The time limit of issuance of insurance policy after issue of a Cover Note as per the Rule 142 of the Central Motor Vehicles Rule 1989 is __. |
| Before the expiry of 30 days from the date of issue |
| Before the expiry of 60 days from the date of issue |
| Before the expiry of 45 days from the date of issue |
| Maximum 45 days after expiry of cover notes |
| Maximum 15 days after expiry of cover notes |
| Q8.Schedule __ in the MV Act 1988 provides for fixing the mode of calculating compensation for third-party accident claims due to fatal accidents. |
| 1 |
| 2 |
| 6 |
| 7 |
| 8 |
| Q9.Claims for compensation for liability under the Motor Vehicles act arise out of negligence and fall under the ___. |
| Law of Torts |
| Law of Compensation |
| Law of Liability |
| Law of Negligence |
| Law of Claims |
| Q10.As per Section 173, no appeal can be filed against the award of the Claims Tribunal if the amount in dispute is ____. |
| More than Rs. 10000 |
| Less than Rs. 10000 |
| More than Rs. 25000 |
| Less than Rs. 25000 |
| There is no such limit |