Spot Vehicle Insurance Online Test -branch Heads

The correct answer is IRDA. IRDA (Insurance Regulatory and Development Authority) is the regulatory body for insurance in our country. It is responsible for regulating and promoting the insurance industry, protecting the rights of policyholders, and ensuring the financial stability of insurance companies. MIBPL, SEBI, and BCCI are not related to insurance regulation and do not serve as regulatory bodies for the insurance sector.

IDV stands for Insured Declared Value. It is the maximum amount that an insurance company will pay to the policyholder in case of a total loss or theft of the insured vehicle. It is the current market value of the vehicle minus depreciation. The IDV is determined at the time of purchasing the insurance policy and is an important factor in determining the premium amount.

The full form of NCB is No Claim Bonus. This refers to a discount or reduction in premium offered by insurance companies to policyholders who have not made any claims during a specified period. It serves as a reward for safe driving and encourages policyholders to drive responsibly and avoid accidents.

The correct answer is "MFL Branch itself". If the MFL branch logs in a spot vehicle insurance policy proposal, it means that the branch is responsible for handling the policy. Therefore, the customer will receive their insurance policy document directly from the MFL branch itself.

The branch takes approximately 30 minutes to renew a regular insurance policy with all correct documents. This suggests that the branch has a streamlined and efficient process in place, allowing them to quickly process and renew policies. This quick turnaround time is beneficial for customers, as it minimizes the waiting period and allows them to have their policies renewed in a timely manner.

The legal valid documents required for vehicle driving in our country are a driving license, pollution certificate, registration certificate, and vehicle insurance. These documents are necessary to ensure that the driver is authorized to drive, the vehicle meets the necessary pollution standards, and is legally registered and insured.

The current maximum No Claim Bonus (NCB) value is 50%. This means that policyholders can receive a discount of up to 50% on their insurance premium if they do not make any claims during the policy period. The NCB serves as a reward for safe driving and encourages policyholders to drive carefully and avoid accidents.

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

The Spot Vehicle Due date Register must contain the Name of Customer, Mobile No., and Vehicle Insurance Due date. This information is crucial for keeping track of when each vehicle's insurance is due and ensuring that it is renewed on time. The customer's name and mobile number are necessary for identification and communication purposes.

The correct answer is 10%. This means that the general depreciation in IDV (Insured Declared Value) on a yearly basis is 10%. Depreciation refers to the decrease in the value of an asset over time. In this case, the IDV, which is the maximum amount that an insurance company will pay in case of a total loss or theft of a vehicle, depreciates by 10% each year. This depreciation factor is important for determining the premium and coverage of the insurance policy.

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

If the vehicle ownership is changed during the year, it will affect the No Claim Bonus (NCB) which will become zero. NCB is a discount on the insurance premium given to policyholders who do not make any claims during the policy period. When the ownership of the vehicle changes, the NCB does not carry forward to the new owner and is reset to zero. Therefore, the correct answer is that the NCB will become zero.

The PMS Score for Vehicle Insurance is 5.

The given question is asking for the number of photographs required for processing a 4 Wheeler 'break in' policy renewal. The correct answer is 8. This suggests that in order to renew the policy, 8 photographs are needed.

NCB stands for No Claim Bonus, which is a reward given to car owners by insurance companies for not making any claims during the policy period. Therefore, the correct answer is "Car Owner" because NCB belongs to the car owner who has not made any insurance claims.

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. The question is asking how many photographs are required for 2 Wheeler break-in policy renewal. This suggests that when renewing a break-in policy for a 2 Wheeler, 4 photographs are needed.