Spot Vehicle Insurance Test For Jre/Re

To process a 4W 'break in' policy renewal, 8 photographs are required.

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.

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.

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.

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

The correct answer is 4 because in order to renew a policy after a 2W break, 4 photographs are required.

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 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.

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.

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 regulations, it is registered with the appropriate authorities, and it is insured in case of any accidents or damages.

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.

The PMS score for Vehicle Insurance is 5.

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.

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.

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.

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.

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/-.