Spot Vehicle Insurance Test For Jre/Re
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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 the vehicle's insurance. These details are important for keeping track of when each vehicle's insurance is due and for contacting the customer if necessary. The other options listed do not provide the necessary information for tracking insurance due dates.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.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
To process a 4W 'break in' policy renewal, 8 photographs are required.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. It is the maximum amount that an insurance company will pay in the event of a total loss or theft of a vehicle. It is calculated based on the current market value of the vehicle and is used to determine the premium amount for the insurance policy. The IDV takes into account factors such as the age, make, model, and condition of the vehicle.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 is a term commonly used in insurance policies, especially in the context of motor insurance. NCB is a discount given to policyholders who do not make any claims during the policy period. It serves as a reward for safe and responsible driving. By not making any claims, policyholders can accumulate NCB over time, which can result in significant savings on their insurance premiums.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 policyholders can receive a discount of up to 50% on their insurance premiums for not making any claims during the policy term. The higher the NCB percentage, the greater the discount offered by the insurance company.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 IDV (Insured Declared Value) decreases by 10% on a yearly basis. IDV is the maximum amount that an insurance company will pay in case of a total loss or theft of a vehicle. The depreciation factor is applied to the IDV each year to account for the decrease in value of the vehicle due to wear and tear. In this case, the IDV will decrease by 10% every year.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 Claims 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" as NCB belongs to the individual who owns the car and has maintained a claim-free record.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, the No Claim Bonus (NCB) will become zero. NCB is a discount given by insurance companies for not making any claims during the policy period. When the ownership of a vehicle is transferred, the new owner does not get the benefit of the previous owner's NCB. 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 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 policy after a 2W break, 4 photographs are required.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 made out in the name of the insurance company that issued the policy. This ensures that the payment is correctly credited to the customer's policy 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 ?
- A.
30 minutes
- B.
24 hours
- C.
48 hours
- D.
12 hours
Correct Answer
A. 30 minutesExplanation
The branch typically takes 30 minutes to renew a regular insurance policy with all the correct documents. This suggests that the process is efficient and streamlined, allowing customers to have their policies renewed quickly and without much delay.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/-. This means that if a person is caught driving without insurance, they will be fined 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
IRDA is the correct answer because it stands for Insurance Regulatory and Development Authority, which is the regulatory body for insurance in our country. IRDA is responsible for regulating and promoting the insurance industry, protecting the interests of policyholders, and ensuring the financial stability of insurance companies. It formulates and enforces various rules, regulations, and guidelines for the insurance sector, monitors the solvency and financial performance of insurance companies, 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 regulations, it is registered with the appropriate authorities, and it is insured in case of any accidents or damages.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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