Spot Vehicle Insurance Trivia Quiz!
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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.
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Spot Vehicle Insurance Trivia Quiz assesses knowledge on vehicle insurance specifics like due dates, PMS scores, and policy renewal requirements. It highlights key terms such as IDV and NCB, crucial for professionals in the insurance sector.
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- 2.
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. This suggests that the insurance policy for the vehicle has a moderate level of risk associated with it. It may have some factors that increase the risk, but overall it is not considered to be a high-risk policy.Rate this question:
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- 3.
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
To process the 4 Wheeler 'break-in' policy renewal, a total of 8 photographs are required. The photographs may be needed for documentation purposes, such as capturing the condition of the vehicle before and after the policy renewal, or for verifying the identity of the vehicle owner. Having 8 photographs ensures that all necessary angles and details are covered for a thorough processing of the policy renewal.Rate this question:
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- 4.
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. This term is commonly used in the insurance industry, especially in the context of vehicle insurance. IDV refers to 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 represents the current market value of the vehicle after accounting for depreciation. The higher the IDV, the higher the premium amount. Therefore, it is important for policyholders to accurately declare the value of their vehicle to ensure appropriate coverage.Rate this question:
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- 5.
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
NCB stands for No Claim Bonus. This term is commonly used in insurance policies, particularly in the motor insurance industry. It refers to a discount or reduction in the premium amount that is given to policyholders who have not made any claims during a specific period. The NCB serves as a reward for safe driving and encourages policyholders to drive responsibly.Rate this question:
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- 6.
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 NCB value is 50%.Rate this question:
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- 7.
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 suggests that the general depreciation in the IDV (Insured Declared Value) on a yearly basis is 10%. This means that the value of the insured item will decrease by 10% each year due to general depreciation.Rate this question:
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- 8.
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 discount given to car owners by insurance companies for not making any claims during the policy period. Therefore, the correct answer is "Car Owner" as they are the ones who receive the NCB from the insurance company.Rate this question:
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- 9.
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. This set of insurance companies is currently associated with the organization.Rate this question:
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- 10.
If 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 vehicle ownership is changed during the year, the No Claim Bonus (NCB) will become zero. NCB is a discount offered by insurance companies for not making any claims during the policy period. When the ownership of a vehicle is transferred, the NCB earned by the previous owner cannot be transferred to the new owner. Therefore, the NCB will be reset to zero for the new owner.Rate this question:
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- 11.
How many photographs are required for the 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 because for the 2 Wheeler break in policy renewal, 4 photographs are required.Rate this question:
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- 12.
If the MFL branch log in a spot vehicle insurance policy proposal, wherefrom 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." This means that if the MFL branch logs in a spot vehicle insurance policy proposal, the customer will get their insurance policy document directly from the MFL Branch itself.Rate this question:
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- 13.
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 must be made out in the name of the issuing insurance company. This ensures that the payment is properly credited to the insurance company and avoids any confusion or misallocation of funds.Rate this question:
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- 14.
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 efficient processes in place to quickly process and renew insurance policies, ensuring a smooth and prompt service for customers.Rate this question:
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- 15.
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/-. This means that if someone is caught driving without insurance, they will be fined Rs. 2,000. It is important to have a valid insurance policy while driving to ensure financial protection in case of any accidents or damages caused.Rate this question:
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- 16.
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
Correct Answer
A. IRDAExplanation
The correct answer is IRDA. IRDA stands for Insurance Regulatory and Development Authority. It is the regulatory body responsible for overseeing and regulating the insurance industry in our country. It ensures the protection of policyholders' interests, promotes fair competition among insurance companies, and regulates the licensing and functioning of insurance intermediaries.Rate this question:
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- 17.
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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- 18.
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 is legally registered, and it meets the necessary pollution standards. Vehicle insurance is also required to provide coverage in case of any accidents or damages.Rate this question:
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Quiz Review Timeline (Updated): Mar 20, 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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Mar 20, 2023Quiz Edited by
ProProfs Editorial Team -
May 01, 2017Quiz Created by
Indranilmuthoot
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