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.

Note: Each of the following question comes with multiple answer choices. Select the most appropriate option and test your understanding of IRDA Functions and Insurance Councils. You can click on an option to test your knowledge before viewing the solution for a MCQ. Happy learning!

So, are you ready to put your IRDA Functions and Insurance Councils knowledge to the test? Let's get started with our carefully curated MCQs!

IRDA Functions and Insurance Councils MCQs | Page 4 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q31.
According to the Motor Vehicles Act, 1988, what is the minimum compensation amount a claimant is entitled to in cases of death without proving fault on the part of the vehicle owner?

a.

Rs 10,000

b.

Rs 25,000

c.

Rs 50,000

d.

Rs 75,000

Discuss
Answer: (c).Rs 50,000 Explanation:A claimant is entitled to compensation of Rs 50,000 in cases of death without proving fault on the part of the vehicle owner under Section 140 of the MV Act.
Q32.
Under Section 146 of the MV Act, what is the requirement for using a motor vehicle in public places?

a.

Fitness certificate

b.

Driver's license

c.

Insurance policy complying with the requirements of the MV Act

d.

Vehicle registration

Discuss
Answer: (c).Insurance policy complying with the requirements of the MV Act Explanation:No person shall use a motor vehicle in public places unless there is a policy of insurance complying with the requirements of the MV Act, as per Section 146.
Q33.
According to Section 147 of the MV Act, what must the insurance policy cover?

a.

Only damage to the insured vehicle

b.

Only bodily injury to the insured

c.

Death or bodily injury to any person or damage to any property of a third party

d.

Theft of the insured vehicle

Discuss
Answer: (c).Death or bodily injury to any person or damage to any property of a third party Explanation:The insurance policy must cover death or bodily injury to any person or damage to any property of a third party under Section 147.
Q34.
When can an insurer be made a party to the proceedings of the Motor Accident Claims Tribunal, as per Section 149 of the MV Act?

a.

Only in cases of death

b.

Only if the claimant requests

c.

At the discretion of the Tribunal

d.

In all cases

Discuss
Answer: (d).In all cases Explanation:The insurer can be made a party to the proceedings of the Motor Accident Claims Tribunal in all cases, as per Section 149.
Q35.
What action is an insurer bound to take if a cover note issued is not followed by a policy within the prescribed time, according to Section 147 of the MV Act?

a.

Issue a warning to the insured

b.

Notify the fact to the concerned Registering Authority

c.

Cancel the cover note

d.

Increase the premium

Discuss
Answer: (b).Notify the fact to the concerned Registering Authority Explanation:If a cover note is not followed by a policy within the prescribed time, the insurer is bound to notify the fact to the concerned Registering Authority under Section 147.
Q36.
Under Section 161 of the MV Act, what liability do insurers have in hit and run cases where the identity of the vehicle cannot be ascertained?

a.

No liability

b.

Limited liability

c.

Liability to pay stipulated compensation

d.

Liability to pay only for property damage

Discuss
Answer: (c).Liability to pay stipulated compensation Explanation:In hit and run cases where the identity of the vehicle cannot be ascertained, insurers are liable to pay the stipulated compensation as per Section 161 of the MV Act.
Q37.
According to Section 171 of the MV Act, what authority does the Tribunal have regarding the payment of interest on the award?

a.

No authority

b.

Authority to set interest rates

c.

Authority to direct payment of interest at specified rates and from a specified date

d.

Authority to waive interest

Discuss
Answer: (c).Authority to direct payment of interest at specified rates and from a specified date Explanation:The Tribunal may direct payment of interest on the award at specified rates and from the date specified by it, as per Section 171.
Q38.
What time frame does Section 168 of the MV Act specify for the delivery of copies of the award to the parties concerned by the Tribunal?

a.

Thirty days

b.

Fifteen days

c.

Forty-five days

d.

Sixty days

Discuss
Answer: (b).Fifteen days Explanation:The Tribunal shall arrange to deliver copies of the award to the parties concerned within a period of fifteen days from the date of the award, according to Section 168.
Q39.
As per Section 168 of the MV Act, within what time frame must the person liable to satisfy the award do so?

a.

Fifteen days

b.

Thirty days

c.

Sixty days

d.

Ninety days

Discuss
Answer: (b).Thirty days Explanation:The person liable to satisfy the award shall do so within thirty days of the announcement of the award, as per Section 168.
Q40.
Under the Legal Services Authorities Act, 1987, what is the purpose of organising Lok Adalat?

a.

To conduct trials

b.

To provide legal education

c.

To determine and arrive at a compromise or settlement between parties to a dispute

d.

To appeal court decisions

Discuss
Answer: (c).To determine and arrive at a compromise or settlement between parties to a dispute Explanation:Lok Adalats are organised to determine and arrive at a compromise or settlement between parties to a dispute, as per the Legal Services Authorities Act, 1987.
Page 4 of 12