IC72 MOTOR INSURANCE EXAM - 07

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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

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