Dispute Resolution Mechanism MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on Dispute Resolution Mechanism, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our Dispute Resolution Mechanism MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of Dispute Resolution Mechanism mcq questions that explore various aspects of Dispute Resolution Mechanism problems. Each MCQ is crafted to challenge your understanding of Dispute Resolution Mechanism principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC 14 Regulations of Insurance Business tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our Dispute Resolution Mechanism MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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Dispute Resolution Mechanism MCQs | Page 5 of 6

Discover more Topics under IC 14 Regulations of Insurance Business

Q41.
Until what age will the President and Members of the Insurance Appellate Tribunal (IAT) hold office?

a.

65 years

b.

68 years

c.

70 years

d.

75 years

Discuss
Answer: (b).68 years Explanation:The President and Members of the Insurance Appellate Tribunal (IAT) will hold office until the age of 68 years.
Q42.
Who is responsible for investigating allegations of misbehavior or incapacity of the President and Members of the Insurance Appellate Tribunal (IAT)?

a.

A committee appointed by the Central Government

b.

A Judge of the Supreme Court of India

c.

The Chief Justice of India

d.

The President of India

Discuss
Answer: (b).A Judge of the Supreme Court of India Explanation:Allegations of misbehavior or incapacity of the President and Members of the Insurance Appellate Tribunal (IAT) will be investigated by a Judge of the Supreme Court of India.
Q43.
Where should the Principal Bench of the Insurance Appellate Tribunal (IAT) be located?

a.

In each state of India

b.

In New Delhi

c.

In each major city of India

d.

In each district of India

Discuss
Answer: (b).In New Delhi Explanation:The Principal Bench of the Insurance Appellate Tribunal (IAT) should be located in New Delhi.
Q44.
Who will bear the expenditure for the constitution and maintenance of the Grievance Redressal Authorities (GRAs) and the Insurance Appellate Tribunals (IATs)?

a.

The State Governments

b.

The insurance companies

c.

The Central Government

d.

The policyholders

Discuss
Answer: (c).The Central Government Explanation:The expenditure for the constitution and maintenance of the Grievance Redressal Authorities (GRAs) and the Insurance Appellate Tribunals (IATs) must be borne by the Central Government as they adjudicate disputes arising under a central statute.
Q45.
Who is considered a consumer?

a.

Someone who sells goods or services

b.

Someone who purchases goods or services for a consideration

c.

Someone who manufactures goods

d.

Someone who provides services for free

Discuss
Answer: (b).Someone who purchases goods or services for a consideration Explanation:A consumer, as defined, is a person who buys goods or services for a consideration.
Q46.
How many tiers of quasi-judicial machinery does the Consumer Protection Act, 1986 provide for the redressal of consumer complaints?

a.

One

b.

Two

c.

Three

d.

Four

Discuss
Answer: (c).Three Explanation:The Consumer Protection Act, 1986 provides three-tier quasi-judicial machinery at the National, State, and District levels for the redressal of consumer complaints.
Q47.
What is the jurisdiction of the National Commission under the Consumer Protection Act, 1986?

a.

Below Rs 20 lakhs

b.

Rs 20 lakhs to Rs 1 crore

c.

Exceeding Rs 1 crore

d.

All consumer complaints

Discuss
Answer: (c).Exceeding Rs 1 crore Explanation:The jurisdiction of the National Commission under the Consumer Protection Act, 1986 is for consumer complaints exceeding Rs 1 crore.
Q48.
What is the purpose of the Redressal of Public Grievances Rules, 1998?

a.

To regulate the insurance industry

b.

To settle disputes between insurers and intermediaries

c.

To resolve complaints related to the settlement of claims by insurance companies

d.

To establish the Insurance Ombudsman

Discuss
Answer: (c).To resolve complaints related to the settlement of claims by insurance companies Explanation:The Redressal of Public Grievances Rules, 1998 have been formulated to resolve all complaints relating to the settlement of claims on the part of the insurance companies in a cost-effective, efficient, and impartial manner.
Q49.
What is the purpose of establishing the Insurance Ombudsman?

a.

To sell insurance policies

b.

To quickly dispose of grievances of insurance consumers

c.

To lessen the problems involved in redressing complaints

d.

To regulate insurance premiums

Discuss
Answer: (b).To quickly dispose of grievances of insurance consumers Explanation:The Insurance Ombudsman has been established to quickly dispose of the grievances of insurance consumers and lessen the problems involved in redressing complaints.
Q50.
As per the Consumer Protections Act, 1986 the person who buys goods for a consideration or avails any services for consideration is called ________

a.

a client

b.

a dealer

c.

a consumer

d.

an intermediary

Discuss
Answer: (c).a consumer Explanation:According to the Consumer Protections Act, 1986, the person who buys goods or services for a consideration is termed a consumer.
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