Spot Vehicle Insurance Online Test - Cce/CCO

NCB stands for No Claim Bonus. This is a discount offered by insurance companies to policyholders who do not make any claims during the policy period. It is a reward for safe driving and maintaining a claim-free record. The policyholder becomes eligible for this bonus at the time of policy renewal and can enjoy a reduction in the premium amount.

IDV stands for Insured Declared Value. It is the maximum amount that an insurance company will pay in case of a total loss or theft of a insured vehicle. It is calculated based on the current market value of the vehicle and takes into consideration factors like depreciation. The IDV helps determine the premium amount for the insurance policy and is an important factor in claim settlements.

The branch takes 30 minutes to renew a regular insurance policy with all correct documents. This suggests that the renewal process is efficient and streamlined, allowing customers to quickly receive their renewed policy without much delay. This quick turnaround time also indicates that the branch has likely implemented automated systems and processes to expedite the renewal process, ensuring customer satisfaction and convenience.

The correct answer is IRDA. IRDA stands for Insurance Regulatory and Development Authority of India. It is the regulatory body for the insurance sector in India. IRDA is responsible for regulating and promoting the insurance industry, protecting the interests of policyholders, and ensuring the financial stability of insurance companies. It sets guidelines and regulations for insurance companies, monitors their activities, and resolves any disputes or grievances related to insurance policies.

The correct answer is MFL Branch itself. When a customer submits a spot vehicle insurance policy proposal at the MFL Branch, they will receive their insurance policy document directly from the branch itself.

The correct answer is "Driving License, Pollution certificate, Registration certificate and vehicle Insurance" because these are the legal valid documents required for vehicle driving in our country. A driving license is necessary to prove that the driver is authorized to drive a vehicle. A pollution certificate is required to ensure that the vehicle meets the necessary emission standards. A registration certificate is needed to establish the ownership and legality of the vehicle. Vehicle insurance is mandatory to provide financial protection in case of accidents or damages caused by the vehicle.

The current maximum No Claim Bonus (NCB) value is 50%. NCB is a discount given to policyholders who have not made any claims during the policy term. It is a reward for safe driving and encourages policyholders to drive responsibly. The higher the NCB value, the greater the discount on the premium. In this case, 50% is the highest NCB value available, indicating that policyholders can receive a significant discount on their insurance premium if they have a clean claims record.

The correct answer is "In the name of issuing insurance company." When a customer wants to make payment through a bank cheque, it is typically required to be made in the name of the issuing insurance company. This ensures that the payment is properly credited to the correct entity and avoids any confusion or misallocation of funds.

The correct answer is SBI General, New India, TATA AIG, Future Generalli, Shriram, Magma. These are the insurance companies that are currently associated with the organization.

The Spot Vehicle Due date Register must contain the Name of Customer, Mobile No., and Vehicle Insurance Due date. These details are essential for keeping track of the customers who have vehicles due for insurance and their contact information. By including the Vehicle Insurance Due date, the register helps in ensuring that the customers' vehicles are insured and that their insurance is up to date.

The percentage of general depreciation in IDV on a yearly basis is 10%. This means that the value of the asset, such as a car or property, will decrease by 10% each year due to general wear and tear, age, and other factors. This depreciation is calculated based on the initial value of the asset, and it helps determine the current value or replacement cost of the asset.

If the vehicle ownership is changed during the year, it will affect the No Claim Bonus (NCB), causing it to become zero. NCB is a discount given by insurance companies to policyholders who have not made any claims during the policy period. However, when ownership of the vehicle is transferred, the new owner will not be eligible for the NCB earned by the previous owner. Therefore, the NCB will reset to zero for the new owner.

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The PMS score for Vehicle Insurance is 5.

NCB stands for No Claim Bonus, which is a discount given by insurance companies to policyholders who have not made any claims during a specific period. The NCB belongs to the Car Owner because it is a benefit that they receive for being a responsible driver and not making any claims on their car insurance policy. The Car Owner is eligible to transfer the NCB to a new insurance policy if they switch to a different insurance company or purchase a new car. Therefore, the correct answer is Car Owner.

There are currently three methods available for insurance payment.

The current penalty for driving without a valid insurance policy is Rs. 2,000/-.

The correct answer is 4 because in order to renew a 2 Wheeler break-in policy, 4 photographs are required.