IC72 MOTOR INSURANCE EXAM - 07
| Q1.With respect to data collection by TAC / IIB, which of the following is correct? 1. The data collection is on a half-yearly basis 2. IIB / TAC has devised a standard format for submission of statistics by all insurers 3. The data collected is through standard codes which may be alphanumeric |
| Only 1 |
| Only 1 and 2 |
| Only 2 and 3 |
| Only 3 |
| All 1, 2 and 3 |
| Q2.A driver of a motor vehicle did not hold a valid driving license. In such a case what is the position of law with regards to claiming to process? |
| In such a case, the contract is void abinitio and can be completely avoided |
| In such a case, the insurance company has to honor its own damages but reject third party liability |
| It totally depends on the discretion of the insurance company |
| In such a case, the insurer can reject the claim outright without any further questions |
| In such a case, the insurer can reject the claim for its own damage but it needs to honor third party liability which can be later recovered from insured |
| Q3.Why is the 'X-Ray Radiography test conducted on tankers? |
| To test the durability of its colors |
| To test the pressure withstanding capacity of the tanker |
| To test against hardening carried out in hot oil |
| To measure the accurate thickness of sheets |
| To test the quality of welding at butt welded joints |
| Q4.What is the multiplier used in the Lord Wrights formula known as? |
| Year Constant Factor |
| Year Compound Factor |
| Year Index Factor |
| Year Sale Factor |
| Year Purchase Factor |
| Q5.A motor insurance company has given one of its customers the facility to pay the motor insurance in installments. Is this permissible? |
| No, payment by installment is not permissible |
| It is permissible if the payment is done in maximum 2 installments |
| It is permissible if the payment is done in maximum 3 installments |
| It is permissible if the payment is done in maximum 4 installments |
| It is permissible only if the management of the insurance company approves it |
| Q6.Which of these can be considered as Non Pecuniary damages? 1. Loss of conjugal happiness 2. Loss of capacity to earn 3. Reduction in life expectancy |
| Only 1 |
| Only 2 |
| Only 3 |
| Only 1 and 3 |
| Only 2 and 3 |
| Q7.Motor Vehicle Insurance in India was governed by India Motor Tariffs effective from 01-08-1989 till ___. |
| December 2005 |
| December 2006 |
| December 2007 |
| December 2008 |
| December 2009 |
| Q8.Whoever does anything with the intention of causing wrongful gain to one person or wrongful loss to another person is said to do that thing ____. |
| wrongly |
| dishonestly |
| fraudulently |
| forcefully |
| None of the above |
| Q9.IRDA has permitted five companies to act as repositories. Which of the following is not one of these? |
| CDSL Insurance Repository Limited |
| Karvy Insurance Repository Limited |
| NSDL Database Management Limited |
| CAMS Insurance Repository Services Limited |
| Insurance Repository of India |
| Q10.Violations of traffic laws' leading to accidents on the road will be classified under the cause of accidents? |
| Physical cause |
| Non Physical cause |
| Human cause |
| Environmental cause |
| Legal cause |