Spot Vehicle Insurance Test For Branch Heads
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- 1.
Spot Vehicle Due date Register must contain ?
- A.
Name of Customer, Mobile No., Vehicle Insurance Due date
- B.
Type of Vehicle, Owner’s address, color of vehicle.
- C.
Owner’s license details, owner’s address, owner’s PAN Card details.
- D.
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 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.Rate this question:
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- 2.
PMS Score for Vehicle Insurance is ?
- A.
5
- B.
10
- C.
25
- D.
NIL
Correct Answer
A. 5Explanation
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.Rate this question:
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- 3.
How many photographs are required for processing 4W ‘break in’ policy renewal ?
- A.
8
- B.
2
- C.
6
- D.
4
Correct Answer
A. 8Explanation
The correct answer is 8. This suggests that 8 photographs are required for processing a 4W 'break in' policy renewal.Rate this question:
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- 4.
What is the full form of IDV ?
- A.
Insured Declared Value
- B.
Insured deferred value
- C.
Insured direct value
- D.
Insured dormant value
Correct Answer
A. Insured Declared ValueExplanation
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.Rate this question:
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- 5.
What is the full form of NCB ?
- A.
No Claim Bonus
- B.
Nil Claim Bonus
- C.
Non certified bonus
- D.
Never Claim Bonus
Correct Answer
A. No Claim BonusExplanation
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.Rate this question:
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- 6.
What is the current maximum NCB value ?
- A.
50%
- B.
60%
- C.
70%
- D.
25%
Correct Answer
A. 50%Explanation
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.Rate this question:
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- 7.
What is the %age of general depreciation in IDV on yearly basis ?
- A.
10%
- B.
20%
- C.
5%
- D.
50%
Correct Answer
A. 10%Explanation
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.Rate this question:
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- 8.
NCB belongs to ?
- A.
Car owner
- B.
Car
- C.
Insurance Company
- D.
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 NCB belongs to the car owner and is a benefit provided by the insurance company.Rate this question:
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- 9.
Name the set of Insurance companies currently associated with us ?
- A.
SBI General, New India, TATA AIG, Future Generalli, Shriram, Magma
- B.
SBI General, United India, TATA AIG, Future Generalli, Shriram, Magma
- C.
SBI General, Kotak Mahindra, TATA AIG, Future Generalli, Shriram, Magma
- D.
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 set of insurance companies currently associated with us includes SBI General, New India, TATA AIG, Future Generalli, Shriram, and Magma.Rate this question:
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- 10.
If vehicle ownership is changed during the year, it will affect ?
- A.
NCB will become Zero.
- B.
Nothing will happen
- C.
Vehicle’s value will affect
- D.
The hypothecation value will change
Correct Answer
A. NCB will become Zero.Explanation
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.Rate this question:
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- 11.
How many photographs are required for 2W break in policy renewal ?
- A.
4
- B.
2
- C.
6
- D.
8
Correct Answer
A. 4Explanation
The correct answer is 4 because in order to renew a 2W (two-wheeler) insurance policy, the policyholder is required to submit four photographs.Rate this question:
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- 12.
If MFIN branch log in a spot vehicle insurance policy proposal, from where the customer will get his/her insurance policy document ?
- A.
MFIN Branch itself
- B.
Respective Insurance company
- C.
From the local office of the insurance company
- D.
From MSTL Office
Correct Answer
A. MFIN Branch itselfExplanation
The customer will get his/her insurance policy document from the MFIN 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 ?
- A.
In the name of issuing insurance company
- B.
In the name of MIBPL
- C.
In the name of MSTL
- D.
In the name of MFL
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 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.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 ?
- A.
30 minutes
- B.
24 hours
- C.
48 hours
- D.
12 hours
Correct Answer
A. 30 minutesExplanation
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.Rate this question:
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- 15.
What is the current Penalty for driving without a valid insurance policy ?
- A.
Rs. 2,000/-
- B.
Rs. 4,000/-
- C.
Rs. 1,000/-
- D.
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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- 16.
Which is the Regulatory body for Insurance in our country ?
- A.
IRDA
- B.
MIBPL
- C.
SEBI
- D.
BCCI
Correct Answer
A. IRDAExplanation
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.Rate this question:
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- 17.
How many methods are currently available for insurance payment ?
- A.
3
- B.
4
- C.
5
- D.
6
Correct Answer
A. 3Explanation
There are currently three methods available for insurance payment.Rate this question:
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- 18.
What are legal valid documents required for Vehicle driving in our country ?
- A.
Driving License, Pollution certificate, Registration certificate and Vehicle Insurance
- B.
Driving License, Pollution Certificate, Purchase bill of the Vehicle, Vehicle Insurance
- C.
Driving License, Photo ID of the driver, Pollution certificate, Vehicle Insurance
- D.
Driving License, Bank Hypothecation documents, Pollution certificate, 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 compliant with pollution norms, it is registered with the appropriate authorities, and it is insured against any potential damages or accidents.Rate this question:
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Current Version
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Feb 03, 2023Quiz Edited by
ProProfs Editorial Team -
May 02, 2017Quiz Created by
MCDP001
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