ICS06 - Motor Insurance (Surveyor) Mock Test 15
Motor third-party insurance claims involve MACT constitution, claim filing, investigation, documentation and settlement procedures. Section 165 of the Motor Vehicles Act deals with the constitution of Motor Accident Claims Tribunals, while Section 166 provides for applications for compensation. Insurers investigate third-party claims through FIR verification, charge-sheet review, witness statements and vehicle inspection. KYC compliance is an important regulatory requirement. IDV means Insured Declared Value and is relevant to own-damage assessment. Section 170 provides circumstances in which an insurer may contest a claim on grounds available to the insured. Lok Adalat settlements can help reduce litigation time, costs and delays.
1. Section 165 deals with:
a) Constitution of MACT
b) Hit-run
c) Permit
d) Driving licence
2. MACT can settle claims under:
a) Section 165 read with Section 166 of MV Act
b) Section 144 of CrPC
c) Section 138 of NI Act
d) Section 13 of Insurance Act
3. Late filing of FIR may:
a) Raise doubts on genuineness
b) Not affect
c) Help claim
d) Reduce premium
4. ‘KYC’ compliance for motor insurance is required as per:
a) RBI directives
b) IRDAI guidelines / PMLA
c) Ministry of Finance
d) RTO rules
5. ‘IDV’ in motor insurance stands for:
a) Initial Declared Value
b) Insured Declared Value
c) Indemnified Depreciation Value
d) Indian Declared Value
6. Section 170 of the Motor Vehicles Act allows an insurer to contest a claim on:
a) Any grounds
b) All grounds available to the insured
c) Limited grounds specified in Section 149(2)
d) Grounds approved by court
7. ‘Use clause’ restricts vehicle use to:
a) Declared purpose (private/commercial)
b) Any purpose always
c) Only RTO use
d) Only police use
8. Depreciation on metal parts for vehicles above 10 years is:
a) 50%
b) 55%
c) 60%
d) 70%
9. Investigation of a TP claim by an insurer involves:
a) FIR verification, charge-sheet review, witness inquiry, vehicle inspection
b) Premium calculation
c) RTO record only
d) Free
10. Settlement before Lok Adalat saves:
a) Time, cost, court delays
b) Premium
c) RTO fee
d) Free
