Question

When was the concept of 'payment of Compensation on structured formula basis' introduced in the Motor Vehicles Act?

a.

14.11.1992

b.

14.11.1994

c.

14.11.1996

d.

14.11.1998

Answer: (b).14.11.1994 Explanation:The concept of 'payment of Compensation on structured formula basis' was introduced in the Motor Vehicles Act on 14.11.1994.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. When was the concept of 'payment of Compensation on structured formula basis' introduced in the Motor Vehicles Act?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What does the new Section 163A of the Motor Vehicles Act provide for?

Q. What is the primary purpose of the Marine Insurance Act, 1963?

Q. In addition to the Marine Insurance Act, 1963, which law defines the responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried?

Q. What does The Carriage of Goods by Sea Act, 1925, primarily deal with?

Q. What character does the Bill of Lading have according to the Bill of Lading Act, 1885?

Q. When did the Railways Act, 1989, come into effect?

Q. What does the Railways Claims Tribunal Act, 1987, provide for?

Q. What does The Carriers Act, 1865, define?

Q. What is the purpose of The Carriers Act, 1865?

Q. When did the Workmen’s Compensation Act, 1923, come into force?

Q. What is the objective of the Workmen’s Compensation Act, 1923?

Q. What benefits does the Employees’ State Insurance Act, 1948, provide to employees?

Q. What is the purpose of the Employees’ State Insurance Corporation under the Employees’ State Insurance Act, 1948?

Q. What is the main focus of the Employees’ State Insurance Act, 1948?

Q. What expenses are covered by the fund maintained under the Employees’ State Insurance Act, 1948?

Q. What is the primary purpose of the Public Liability Insurance Act, 1991?

Q. What relief is provided under the Public Liability Insurance Act, 1991, for fatal accidents?

Q. What is the maximum reimbursement of medical expenses provided under the Public Liability Insurance Act, 1991?

Q. Under the Public Liability Insurance Act, 1991, when is the owner liable to provide relief for accidents involving hazardous substances?

Q. What relief is provided under the Public Liability Insurance Act, 1991, for total permanent disability?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!