IRDA Functions and Insurance Councils MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on IRDA Functions and Insurance Councils, 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 IRDA Functions and Insurance Councils 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 IRDA Functions and Insurance Councils mcq questions that explore various aspects of IRDA Functions and Insurance Councils problems. Each MCQ is crafted to challenge your understanding of IRDA Functions and Insurance Councils 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 IRDA Functions and Insurance Councils MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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IRDA Functions and Insurance Councils MCQs | Page 3 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q21.
What are some of the powers and functions of IRDA as specified in Section 14 of the IRDA Act, 1999?

a.

Issuing certificates of appreciation

b.

Promoting efficiency in the conduct of insurance business

c.

Levying taxes on insurance companies

d.

Specifying the code of conduct for surveyors and loss assessors

Discuss
Answer: (d).Specifying the code of conduct for surveyors and loss assessors Explanation:Some of the powers and functions of IRDA include specifying the code of conduct for surveyors and loss assessors.
Q22.
What is one of the duties of IRDA concerning the rates, advantages, terms, and conditions offered by insurers in respect of general insurance business?

a.

Fixing maximum profits for insurers

b.

Regulating the tariffs through the Tariff Advisory Committee

c.

Determining the minimum premiums for insurance policies

d.

Advising insurers on marketing strategies

Discuss
Answer: (b).Regulating the tariffs through the Tariff Advisory Committee Explanation:One of the duties of IRDA is the control and regulation of the rates, advantages, terms, and conditions in general insurance business through the Tariff Advisory Committee.
Q23.
What does IRDA regulate concerning the investment of funds by insurance companies?

a.

The profitability of investments

b.

The timing of investments

c.

The types of investments

d.

The number of investments

Discuss
Answer: (c).The types of investments Explanation:IRDA regulates the types of investments made by insurance companies.
Q24.
What power does IRDA have in adjudicating disputes between insurers and intermediaries or insurance intermediaries?

a.

Issuing fines to insurers

b.

Revoking licenses of intermediaries

c.

Resolving disputes through arbitration

d.

Recommending mergers between insurers

Discuss
Answer: (c).Resolving disputes through arbitration Explanation:IRDA has the power to adjudicate disputes between insurers and intermediaries or insurance intermediaries.
Q25.
What are some examples of regulations issued by IRDA?

a.

Insurance Profitability Guidelines

b.

Licensing of Insurance Agents Regulations, 2000

c.

Maximum Premium Limitations

d.

Tariff Advisory Committee Guidelines

Discuss
Answer: (b).Licensing of Insurance Agents Regulations, 2000 Explanation:Examples of regulations issued by IRDA include Licensing of Insurance Agents Regulations, 2000.
Q26.
What regulations were issued by IRDA related to health services for third-party administrators?

a.

Protection of Policyholders' Interest Regulations, 2002

b.

Micro Insurance Regulations, 2005

c.

Insurance Brokers Regulations, 2000

d.

Third Party Administrator – Health Services Regulations, 2001

Discuss
Answer: (d).Third Party Administrator – Health Services Regulations, 2001 Explanation:Third Party Administrator – Health Services Regulations, 2001, were issued by IRDA.
Q27.
According to the Motor Vehicles Act, 1988, what is required for a motor vehicle to be used in a public place?

a.

Vehicle registration

b.

Driver's license

c.

Fitness certificate

d.

Insurance policy issued by an authorized insurer

Discuss
Answer: (d).Insurance policy issued by an authorized insurer Explanation:According to the Motor Vehicles Act, 1988, a motor vehicle cannot be used in a public place unless there is in force a policy of insurance issued by an authorized insurer.
Q28.
What does Chapter (XI) of the Motor Vehicles Act, 1988, provide for?

a.

Vehicle registration procedures

b.

Compulsory insurance of motor vehicles

c.

Speed limits on highways

d.

Traffic rules and regulations

Discuss
Answer: (b).Compulsory insurance of motor vehicles Explanation:Chapter (XI) of the Motor Vehicles Act, 1988, provides for compulsory insurance of motor vehicles.
Q29.
What does the Motor Vehicles Act, 1988, mandate regarding compensation to victims of accidents?

a.

Compensation is voluntary and not mandatory

b.

Compensation only for vehicle owners

c.

Mandates payment of compensation to victims of accidents

d.

Compensation is only for medical expenses

Discuss
Answer: (c).Mandates payment of compensation to victims of accidents Explanation:The Motor Vehicles Act, 1988, mandates payment of compensation to victims of accidents arising out of the use of motor vehicles.
Q30.
What is the purpose of constituting Motor Accidents Claims Tribunals (MACT) under the Motor Vehicles Act?

a.

Issuing driving licenses

b.

Regulating traffic violations

c.

Ensuring speedy settlement of claims of persons involved in motor vehicle accidents

d.

Setting speed limits on highways

Discuss
Answer: (c).Ensuring speedy settlement of claims of persons involved in motor vehicle accidents Explanation:The purpose of constituting Motor Accidents Claims Tribunals (MACT) is to ensure speedy settlement of claims of persons involved in motor vehicle accidents.
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