Spot Vehicle Insurance Online Test -sre/Am

The full form of NCB is No Claim Bonus. This term is commonly used in insurance policies, particularly in motor insurance. It refers to a discount or reward given to policyholders who do not make any claims during the policy period. The No Claim Bonus encourages safe driving and responsible behavior, as it provides a financial incentive for policyholders to avoid accidents and claims.

IRDA, which stands for Insurance Regulatory and Development Authority, is the regulatory body for insurance in our country. It is responsible for regulating and promoting the insurance industry, ensuring the protection of policyholders' interests, and maintaining the stability and financial soundness of insurance companies. IRDA plays a crucial role in formulating and enforcing regulations, licensing insurance companies, and overseeing their operations to maintain transparency and fair practices in the insurance sector.

IDV stands for Insured Declared Value. It is the maximum amount that an insurance company will pay to the policyholder in the event of a total loss or theft of the insured vehicle. IDV is calculated based on the current market value of the vehicle and takes into account factors such as depreciation. It helps determine the premium amount for the insurance policy and ensures that the policyholder is adequately compensated in case of any damage or loss to the vehicle.

The branch takes only 30 minutes to renew a regular insurance policy with all correct documents. This indicates that the branch has efficient processes in place, allowing them to quickly verify and process the necessary paperwork. This quick turnaround time is beneficial for customers, as it minimizes the wait time and ensures a smooth and efficient renewal process.

The legal valid documents required for vehicle driving in our country are a driving license, pollution certificate, registration certificate, and vehicle insurance. A driving license is necessary to prove that the driver is authorized to operate a vehicle. The pollution certificate ensures that the vehicle meets the required emission standards. The registration certificate provides proof of ownership and vehicle details. Vehicle insurance is mandatory to cover any damages or liabilities in case of an accident.

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

The set of insurance companies currently associated with us includes SBI General, New India, TATA AIG, Future Generalli, Shriram, and Magma.

The current maximum NCB value is 50%. This means that individuals can receive a maximum discount of 50% on their insurance premium based on their No Claim Bonus (NCB) history. NCB is a reward given by insurance companies to policyholders who have not made any claims during the policy period. The higher the NCB percentage, the greater the discount on the premium. In this case, 50% is the highest discount available for policyholders with a good claims record.

The correct answer is 8 because in order to process the 4 Wheeler "break in" policy renewal, photographs from all four sides of the vehicle are required. This means that two photographs are needed for the front and back, and two more for the left and right sides, totaling to 8 photographs.

The correct answer is 10%. This means that the general depreciation in the Insured Declared Value (IDV) decreases by 10% on a yearly basis. IDV is the maximum amount that the insurance company will pay in case of a total loss or theft of the insured vehicle. The 10% depreciation accounts for the decrease in the value of the vehicle due to factors such as wear and tear, age, and market value depreciation.

When a customer wants to make a payment through a bank cheque, the cheque must be taken in the name of the issuing insurance company. This means that the customer should write the name of the insurance company on the payee line of the cheque. This ensures that the payment is directed to the correct entity and can be processed accordingly.

The Spot Vehicle Due date Register should contain the Name of Customer, Mobile No., and Vehicle Insurance Due date. These details are essential for keeping track of when the vehicle's insurance is due and for contacting the customer regarding any updates or reminders. The other options listed, such as Type of Vehicle, Owner's address, color of vehicle, Owner's license details, owner's PAN Card details, and Previous Spot Vehicle Insurance copy, last premium paid, owner's mobile no., may be important for other records or documents but are not specifically required for the Spot Vehicle Due date Register.

If the vehicle ownership is changed during the year, the No Claim Bonus (NCB) will become zero. NCB is a discount given by insurance companies for every claim-free year. When ownership of the vehicle changes, the NCB is not transferable to the new owner, resulting in the loss of any accumulated NCB. Therefore, the correct answer is that the NCB will become zero.

The PMS score for vehicle insurance is 5. This suggests that the insurance policy has a moderate level of risk associated with it. It may have some factors that increase the risk for the insurer, but overall it is not considered to be a high-risk policy.

NCB stands for No Claims Bonus, which is a discount given to car owners by their insurance company for not making any claims during a policy year. Therefore, the correct answer is "Car Owner" as NCB belongs to the car owner and is a benefit provided by the insurance company.

There are currently three methods available for insurance payment.

The correct answer is 4. This suggests that in order to renew a 2 Wheeler break in policy, 4 photographs are required.

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