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 |