Spot Vehicle Insurance Test For Sre/Am
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Spot Vehicle Due date Register must contain ?
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Name of Customer, Mobile No., Vehicle Insurance Due date
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Type of Vehicle, Owner’s address, color of vehicle.
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Owner’s license details, owner’s address, owner’s PAN Card details.
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Previous Spot Vehicle Insurance copy, last premium paid, owner’s mobile no.
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This quiz assesses knowledge in vehicle insurance specifics for SRE\/AM roles, covering customer data, PMS scoring, policy renewal, and benefits like NCB.
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- 2.
PMS Score for Vehicle Insurance is ?
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5
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10
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25
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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 ?
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8
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2
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6
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4
Correct Answer
A. 8Explanation
The question is asking for the number of photographs required for processing the 4W 'break in' policy renewal. The correct answer is 8. This means that in order to process the policy renewal, a total of 8 photographs are needed.Rate this question:
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- 4.
What is the full form of IDV ?
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Insured Declared Value
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Insured deferred value
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Insured direct value
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Insured dormant value
Correct Answer
A. Insured Declared ValueExplanation
IDV stands for Insured Declared Value. This term is commonly used in the insurance industry, 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 higher the IDV, the higher the premium cost for the insurance policy.Rate this question:
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- 5.
What is the full form of NCB ?
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No Claim Bonus
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Nil Claim Bonus
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Non certified bonus
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Never Claim Bonus
Correct Answer
A. No Claim BonusExplanation
No Claim Bonus (NCB) is a term commonly used in insurance policies, particularly in motor insurance. It refers to a discount that is given to policyholders who do not make any claims during a specific period of time. This discount is applied to the premium of the policy when it is renewed. Therefore, the correct answer for the full form of NCB is "No Claim Bonus".Rate this question:
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- 6.
What is the current maximum NCB value ?
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50%
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60%
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70%
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25%
Correct Answer
A. 50%Explanation
The current maximum NCB value is 50%. This means that a policyholder can receive a maximum discount of 50% on their insurance premium for not making any claims during the policy period. The NCB (No Claim Bonus) is a reward given by insurance companies to policyholders for not filing any claims, encouraging safe driving and reducing the risk for the insurer.Rate this question:
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- 7.
What is the %age of general depreciation in IDV on yearly basis ?
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10%
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20%
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5%
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50%
Correct Answer
A. 10%Explanation
The correct answer is 10%. This means that the general depreciation in the Insured Declared Value (IDV) 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. Depreciation is the reduction in value over time, and in this case, the IDV depreciates by 10% each year.Rate this question:
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- 8.
NCB belongs to ?
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Car owner
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Car
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Insurance Company
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Car Manufacturer
Correct Answer
A. Car ownerExplanation
NCB stands for No Claim Bonus, which is a discount given by insurance companies to car owners who have not made any claims during the policy period. Therefore, NCB belongs to the car owner, as it is a benefit or reward for their responsible driving and lack of claims.Rate this question:
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- 9.
Name the set of Insurance companies currently associated with us ?
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SBI General, New India, TATA AIG, Future Generalli, Shriram, Magma
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SBI General, United India, TATA AIG, Future Generalli, Shriram, Magma
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SBI General, Kotak Mahindra, TATA AIG, Future Generalli, Shriram, Magma
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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 ?
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NCB will become Zero.
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Nothing will happen
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Vehicle’s value will affect
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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) becoming zero. NCB is a discount offered by insurance companies to policyholders who do not make 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 become zero for the new owner, and they will not be eligible for any discount on their insurance premium.Rate this question:
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- 11.
How many photographs are required for 2W break in policy renewal ?
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4
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2
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6
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8
Correct Answer
A. 4Explanation
The correct answer is 4 because in order to renew the policy after a 2-week 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 ?
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MFIN Branch itself
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Respective Insurance company
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From the local office of the insurance company
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From MSTL Office
Correct Answer
A. MFIN Branch itselfExplanation
The customer will get their insurance policy document from the MFIN Branch itself. This means that the branch is responsible for providing the policy document to the customer after they have logged in a spot vehicle insurance policy proposal.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 ?
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In the name of issuing insurance company
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In the name of MIBPL
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In the name of MSTL
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In the name of MFL
Correct Answer
A. In the name of issuing insurance companyExplanation
The customer should take the bank cheque in the name of the issuing insurance company. This ensures that the payment is directed to the correct entity and can be 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 delays or complications in the payment process.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 ?
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30 minutes
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24 hours
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48 hours
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12 hours
Correct Answer
A. 30 minutesExplanation
The branch takes approximately 30 minutes to renew a regular insurance policy with all correct documents. This suggests that the process is efficient and can be completed quickly, allowing customers to have their policies renewed in a timely manner.Rate this question:
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- 15.
What is the current Penalty for driving without a valid insurance policy ?
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Rs. 2,000/-
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Rs. 4,000/-
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Rs. 1,000/-
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Rs. 5,000/-
Correct Answer
A. Rs. 2,000/-Explanation
Driving without a valid insurance policy is considered a traffic violation in many countries. The penalty for this offense is typically a fine. In this case, the correct answer is Rs. 2,000/-. This means that if someone is caught driving without valid insurance, they may be required to pay a fine of Rs. 2,000/-. It is important to have valid insurance coverage while driving to ensure financial protection in case of accidents or damages.Rate this question:
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- 16.
Which is the Regulatory body for Insurance in our country ?
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IRDA
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MIBPL
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SEBI
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BCCI
Correct Answer
A. IRDAExplanation
IRDA, which stands for Insurance Regulatory and Development Authority, is the regulatory body for insurance in our country. It is responsible for promoting and regulating the insurance industry to protect the interests of policyholders and ensure the growth and development of the insurance sector. IRDA sets guidelines and regulations for insurance companies, monitors their operations, and ensures compliance with the rules. It also resolves grievances and complaints of policyholders and promotes transparency and fair practices in the insurance market.Rate this question:
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- 17.
How many methods are currently available for insurance payment ?
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3
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4
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5
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6
Correct Answer
A. 3Explanation
The question is asking about the number of methods currently available for insurance payment. The correct answer is 3, indicating that there are three different methods available for making insurance payments.Rate this question:
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- 18.
What are legal valid documents required for Vehicle driving in our country ?
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Driving License, Pollution certificate, Registration certificate and Vehicle Insurance
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Driving License, Pollution Certificate, Purchase bill of the Vehicle, Vehicle Insurance
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Driving License, Photo ID of the driver, Pollution certificate, Vehicle Insurance
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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 legally allowed to operate a vehicle, the vehicle meets the required emission standards, it is registered with the appropriate authorities, and it is insured against any potential 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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