Spot Vehicle Insurance Trivia Quiz!

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.

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.

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.

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.

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.

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.

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.

The current maximum NCB value is 50%.

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.

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.

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.

The Spot Vehicle Due date Register must contain the name of the customer, their mobile number, and the due date for the vehicle insurance. These details are important for keeping track of customers and their vehicles, as well as ensuring that their insurance is up to date. The name and mobile number allow for easy identification and communication with the customer, while the insurance due date ensures that the vehicle is properly insured.

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.

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.

There are currently three methods available for insurance payment.

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.

The correct answer is 4 because for the 2 Wheeler break in policy renewal, 4 photographs are required.

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.