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 compensation amount is fixed for death claims resulting from hit and run accidents, after the amendment to the Motor Vehicles Act, 1988?

a.

Rs 10,000/-

b.

Rs 15,000/-

c.

Rs 25,000/-

d.

Rs 50,000/-

Discuss
Answer: (c).Rs 25,000/- Explanation:The compensation amount fixed for death claims resulting from hit and run accidents, after the amendment to the Motor Vehicles Act, 1988, is Rs 25,000/-.
Q27.
What compensation amount is fixed for 'grievous hurt' claims resulting from hit and run accidents, after the amendment to the Motor Vehicles Act, 1988?

a.

Rs 5,000/-

b.

Rs 10,000/-

c.

Rs 12,500/-

d.

Rs 20,000/-

Discuss
Answer: (c).Rs 12,500/- Explanation:The compensation amount fixed for 'grievous hurt' claims resulting from hit and run accidents, after the amendment to the Motor Vehicles Act, 1988, is Rs 12,500/-.
Q28.
What condition is attached to the payment of compensation for hit and run accidents, regarding compensation awarded under other provisions of the Motor Vehicles Act or any other law?

a.

The compensation for hit and run accidents is separate and not subject to any conditions.

b.

The compensation for hit and run accidents is deducted from any compensation awarded under other provisions of the Motor Vehicles Act or any other law.

c.

The compensation for hit and run accidents is in addition to any compensation awarded under other provisions of the Motor Vehicles Act or any other law.

d.

The compensation for hit and run accidents is not affected by compensation awarded under other provisions of the Motor Vehicles Act or any other law.

Discuss
Answer: (b).The compensation for hit and run accidents is deducted from any compensation awarded under other provisions of the Motor Vehicles Act or any other law. Explanation:The compensation for hit and run accidents is subject to the condition that if any compensation is awarded for such death or grievous hurt under any other provisions of the Motor Vehicles Act or any other law, the amount paid under hit and run accidents has to be deducted from such compensation.
Q29.
What does the Solatium Fund consist of?

a.

Contributions only from the General Insurance Industry

b.

Contributions only from the Central Government

c.

Contributions only from the State Government

d.

Contributions from the General Insurance Industry, Central Government, and State Government as decided by the Central Government.

Discuss
Answer: (d).Contributions from the General Insurance Industry, Central Government, and State Government as decided by the Central Government. Explanation:The Solatium Fund consists of contributions from the General Insurance Industry, the Central Government, and the State Government, as decided by the Central Government.
Q30.
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

Discuss
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.
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