Spot Vehicle Insurance Online Test -branch Heads
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Which is the Regulatory body for Insurance in our country ?
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MIBPL
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IRDA
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SEBI
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BCCI
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This online test for Branch Heads covers essential aspects of vehicle insurance, focusing on due dates, PMS scores, policy renewals, and key insurance terms like IDV and NCB.
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- 2.
What is the full form of IDV ?
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Insured deferred value
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Insured Declared Value
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Insured dormant value
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Insured direct value
Correct Answer
A. Insured Declared ValueExplanation
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.Rate this question:
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- 3.
What is the full form of NCB ?
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Nil Claim Bonus
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Non certified bonus
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Never Claim Bonus
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No Claim Bonus
Correct Answer
A. No Claim BonusExplanation
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.Rate this question:
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- 4.
If MFL branch log in a spot vehicle insurance policy proposal, where from the customer will get his/her insurance policy document ?
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Respective Insurance company
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From MSTL Office
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From the local office of the insurance company
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MFL Branch itself
Correct Answer
A. MFL Branch itselfExplanation
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.Rate this question:
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- 5.
How much time is normally taken by the branch to renew a regular insurance policy with all correct documents ?
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24 hours
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48 hours
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30 minutes
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12 hours
Correct Answer
A. 30 minutesExplanation
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.Rate this question:
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- 6.
What are the legal valid documents required for Vehicle driving in our country ?
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Driving License, Bank Hypothecation documents, Pollution certificate, Vehicle Insurance
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Driving License, Photo ID of the driver, Pollution certificate, Vehicle Insurance
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Driving License, Pollution certificate, Registration certificate and vehicle Insurance
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Driving License, Pollution Certificate, Purchase bill of the Vehicle, Vehicle Insurance
Correct Answer
A. Driving License, Pollution certificate, Registration certificate and vehicle InsuranceExplanation
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.Rate this question:
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- 7.
What is the current maximum NCB value?
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60%
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50%
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70%
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25%
Correct Answer
A. 50%Explanation
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.Rate this question:
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- 8.
Name the set of Insurance companies currently associated with us ?
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SBI General, United India, TATA AIG, Future Generalli, Shriram, Magma
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SBI General, Kotak Mahindra, TATA AIG, Future Generalli, Shriram, Magma
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SBI General, New India, TATA AIG, Future Generalli, Shriram, Magma
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SBI General, LIC of India, TATA AIG, Future Generalli, Shriram, Magma
Correct Answer
A. SBI General, New India, TATA AIG, Future Generalli, Shriram, MagmaExplanation
The correct answer is SBI General, New India, TATA AIG, Future Generalli, Shriram, Magma. These are the insurance companies currently associated with us.Rate this question:
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- 9.
Spot Vehicle Due date Register must contain ?
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Name of Customer, Mobile No., Vehicle Insurance Due date
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Type of Vehicle, Owner’s address, color of vehicle.
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Owner’s license details, owner’s address, owner’s PAN Card details.
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Previous Spot Vehicle Insurance copy, last premium paid, owner’s mobile no.
Correct Answer
A. Name of Customer, Mobile No., Vehicle Insurance Due dateExplanation
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.Rate this question:
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- 10.
What is the percentage of general depreciation in IDV on yearly basis?
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50%
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5%
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20%
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10%
Correct Answer
A. 10%Explanation
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.Rate this question:
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- 11.
If the customer wants to make payment through bank cheque then in whose name the cheque must be taken ?
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In the name of MIBPL
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In the name of MSTL
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In the name of MFL
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In the name of issuing insurance company
Correct Answer
A. In the name of issuing insurance companyExplanation
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.Rate this question:
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- 12.
If the vehicle ownership is changed during the year, it will affect ?
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Nothing will happen
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Vehicle’s value will affect
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The hypothecation value will change
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NCB will become Zero.
Correct Answer
A. NCB will become Zero.Explanation
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.Rate this question:
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- 13.
PMS Score for Vehicle Insurance is ?
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10
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5
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NIL
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25
Correct Answer
A. 5Explanation
The PMS Score for Vehicle Insurance is 5.Rate this question:
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- 14.
How many photographs are required for processing 4 Wheeler ‘break in’ policy renewal ?
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4
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6
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2
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8
Correct Answer
A. 8Explanation
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.Rate this question:
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- 15.
NCB belongs to ?
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Car
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Car Owner
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Insurance Company
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Car Manufacturer
Correct Answer
A. Car OwnerExplanation
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.Rate this question:
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- 16.
How many methods are currently available for insurance payment ?
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6
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5
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4
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3
Correct Answer
A. 3Explanation
There are currently three methods available for insurance payment.Rate this question:
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- 17.
What is the current Penalty for driving without a valid insurance policy ?
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Rs. 4,000/-
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Rs. 1,000/-
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Rs. 2,000/-
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Rs. 5,000/-.
Correct Answer
A. Rs. 2,000/-Explanation
The current penalty for driving without a valid insurance policy is Rs. 2,000/-.Rate this question:
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- 18.
How many photographs are required for 2 Wheeler break in policy renewal ?
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4
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2
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6
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8
Correct Answer
A. 4Explanation
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.Rate this question:
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Quiz Review Timeline (Updated): Feb 3, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Feb 03, 2023Quiz Edited by
ProProfs Editorial Team -
May 01, 2017Quiz Created by
Indranilmuthoot
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