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 4 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q31.
Under the Public Liability Insurance Act, 1991, when is the owner liable to provide relief for accidents involving hazardous substances?

a.

Only if fault or negligence is found

b.

Always, regardless of fault or negligence

c.

Only if the victim contributed to the accident

d.

Only if the accident occurs in a workplace

Discuss
Answer: (b).Always, regardless of fault or negligence Explanation:Under the Public Liability Insurance Act, 1991, the owner is liable to provide relief for accidents involving hazardous substances always, regardless of fault or negligence.
Q32.
What relief is provided under the Public Liability Insurance Act, 1991, for total permanent disability?

a.

Reimbursement of medical expenses up to Rs. 12,500/-

b.

Fixed monthly relief not exceeding Rs. 1,000/-

c.

Rs. 25,000/-

d.

Rs. 125,000/-

Discuss
Answer: (d).Rs. 125,000/- Explanation:Under the Public Liability Insurance Act, 1991, the relief for total permanent disability is Rs. 125,000/-
Q33.
What relief is provided for loss of wages due to temporary partial disability under the Public Liability Insurance Act, 1991?

a.

Reimbursement of medical expenses

b.

Cash relief on the basis of percentage of disablement

c.

Fixed monthly relief not exceeding Rs. 1,000/- for up to 3 months

d.

Rs. 6,000/- for actual damage to private property

Discuss
Answer: (c).Fixed monthly relief not exceeding Rs. 1,000/- for up to 3 months Explanation:For loss of wages due to temporary partial disability under the Public Liability Insurance Act, 1991, there is fixed monthly relief not exceeding Rs. 1,000/- for up to 3 months.
Q34.
What does the Indian Stamp Act, 1899, require for a policy of insurance?

a.

Registration with the Insurance Regulatory and Development Authority

b.

Stamping in accordance with the prescribed schedule of rates

c.

Submission to the General Insurance Council for approval

d.

Filing with the Ministry of Finance

Discuss
Answer: (b).Stamping in accordance with the prescribed schedule of rates Explanation:The Indian Stamp Act, 1899, requires that a policy of insurance be stamped in accordance with the prescribed schedule of rates.
Q35.
What is the maximum fixed monthly relief provided under the Public Liability Insurance Act, 1991, for loss of wages due to temporary partial disability?

a.

Rs. 500/-

b.

Rs. 750/-

c.

Rs. 1,000/-

d.

Rs. 1,500/-

Discuss
Answer: (c).Rs. 1,000/- Explanation:The maximum fixed monthly relief under the Public Liability Insurance Act, 1991, for loss of wages due to temporary partial disability is Rs. 1,000/- for up to 3 months.
Q36.
What does the Public Liability Insurance Act, 1991, provide for in case of damage to private property?

a.

Compulsory insurance of the liability

b.

Fixed monthly relief not exceeding Rs. 1,000/-

c.

Reimbursement of medical expenses

d.

Rs. 6,000/- depending on the actual damage

Discuss
Answer: (d).Rs. 6,000/- depending on the actual damage Explanation:The Public Liability Insurance Act, 1991, provides for Rs. 6,000/- depending on the actual damage for damage to private property.
Q37.
What is the body corporate formed according to Section 64A of the Insurance Act, 1938?

a.

Insurance Regulatory and Development Authority

b.

General Insurance Corporation

c.

Insurance Association of India

d.

Life Insurance Corporation of India

Discuss
Answer: (c).Insurance Association of India Explanation:According to Section 64A of the Insurance Act, 1938, all insurers carrying on insurance business in India constitute a body corporate known as the 'Insurance Association of India.'
Q38.
What are the two councils established by Section 64C of the Insurance Act, 1938?

a.

Central Insurance Council and State Insurance Council

b.

Life Insurance Council and General Insurance Council

c.

Insurance Regulatory and Development Authority and Insurance Ombudsman

d.

Insurance Association Council and Regulatory Council

Discuss
Answer: (b).Life Insurance Council and General Insurance Council Explanation:Section 64C of the Insurance Act, 1938, provides for two councils - the Life Insurance Council and the General Insurance Council.
Q39.
Which section of the Insurance Act, 1938, allows members of the Life and General Insurance Councils to authorize representatives for meetings and elections?

a.

Section 64A

b.

Section 64B

c.

Section 64C

d.

Section 64D

Discuss
Answer: (d).Section 64D Explanation:Section 64D of the Insurance Act, 1938, allows members of the Life and General Insurance Councils to authorize representatives for meetings and elections.
Q40.
What is the authority responsible for overseeing the Executive Committees as per Section 64E of the Insurance Act, 1938?

a.

Insurance Regulatory and Development Authority

b.

Insurance Association of India

c.

Life Insurance Council

d.

General Insurance Council

Discuss
Answer: (b).Insurance Association of India Explanation:The authority overseeing the Executive Committees according to Section 64E of the Insurance Act, 1938, is the Insurance Association of India.
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