Spot Vehicle Insurance Test For Branch Heads

The Spot Vehicle Due date Register must contain the name of the customer, their mobile number, and the due date for their vehicle insurance. These details are important for keeping track of the customers and their insurance deadlines. By having this information in the register, it becomes easier to remind customers about their upcoming insurance renewals and ensure that their vehicles are properly insured.

The PMS score for vehicle insurance is 5. This suggests that the vehicle insurance policy has a low risk factor or is considered to be a low-risk investment. A PMS score of 5 indicates that the policyholder is less likely to make claims or encounter accidents, resulting in lower premiums.

The correct answer is 8. This suggests that 8 photographs are required for processing a 4W 'break in' policy renewal.

IDV stands for Insured Declared Value. This term is commonly used in insurance, particularly in the context of vehicle insurance. IDV refers to 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. It is calculated based on the current market value of the vehicle and takes into account factors such as depreciation. The Insured Declared Value helps determine the premium amount and plays a crucial role in claim settlements.

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 provided to policyholders who do not make any claims during a specific period. The discount is applied to the premium of the next policy term as a reward for safe driving and not filing any claims.

The current maximum NCB value is 50%. This means that individuals can receive a maximum no-claim bonus of 50% on their insurance premiums if they do not make any claims within a specified period. This encourages policyholders to drive safely and avoid accidents, as they can benefit from reduced insurance costs.

The correct answer is 10%. This means that the general depreciation in the IDV (Insured Declared Value) decreases by 10% on a yearly basis. Depreciation is the reduction in value of an asset over time, and in this case, it refers to the decrease in the value of the insured item. This 10% depreciation rate is applied each year to calculate the updated IDV of the item for insurance purposes.

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 NCB belongs to the car owner and is a benefit provided by the insurance company.

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

If vehicle ownership is changed during the year, it will affect the No Claim Bonus (NCB) and cause it to become zero. NCB is a discount given by insurance companies to policyholders who have not made any claims during the policy period. When ownership of a vehicle is transferred, the new owner will not be eligible for the NCB accumulated by the previous owner, resulting in the NCB becoming zero.

The correct answer is 4 because in order to renew a 2W (two-wheeler) insurance policy, the policyholder is required to submit four photographs.

The customer will get his/her insurance policy document from the MFIN Branch itself.

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 taken in the name of the issuing insurance company. This ensures that the payment is directed to the correct entity and can be properly processed by the insurance company. Taking the cheque in any other name, such as MIBPL, MSTL, or MFL, would not be appropriate as it may result in the payment not being properly credited to the customer's insurance account.

The branch normally takes 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. Customers can expect a fast turnaround time for their policy renewal, allowing them to have their insurance coverage in place without unnecessary delays.

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

The correct answer is IRDA. IRDA stands for Insurance Regulatory and Development Authority of India. It is the regulatory body for the insurance sector in India. It is responsible for promoting, regulating, and ensuring the orderly growth of the insurance industry in the country. IRDA sets guidelines and regulations for insurance companies, monitors their activities, and protects the interests of policyholders. It also issues licenses to insurance companies and agents, and resolves disputes between insurers and policyholders.

There are currently three methods available for insurance payment.

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 compliant with pollution norms, it is registered with the appropriate authorities, and it is insured against any potential damages or accidents.