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 6 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q51.
How is a "hit and run accident" defined?

a.

Any motor vehicle accident

b.

An accident involving grievous hurt

c.

An accident arising from a motor vehicle's use with an unidentifiable identity despite reasonable efforts

d.

Any accident involving death

Discuss
Answer: (c).An accident arising from a motor vehicle's use with an unidentifiable identity despite reasonable efforts Explanation:A hit and run accident is defined as an accident arising from the use of a motor vehicle, the identity of which cannot be ascertained despite reasonable efforts.
Q52.
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/-.
Q53.
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/-.
Q54.
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.
Q55.
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.
Q56.
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.
Q57.
What does the new Section 163A of the Motor Vehicles Act provide for?

a.

Full and final settlement of compensation for victims of fatal injuries in motor vehicle accidents.

b.

Ongoing and variable compensation for victims of fatal injuries in motor vehicle accidents.

c.

Complicated and lengthy settlement process for victims of fatal injuries in motor vehicle accidents.

d.

No compensation for victims of fatal injuries in motor vehicle accidents.

Discuss
Answer: (a).Full and final settlement of compensation for victims of fatal injuries in motor vehicle accidents. Explanation:The new Section 163A of the Motor Vehicles Act provides for fixed compensation to be paid to victims of fatal injuries in motor vehicle accidents, based on their age and income, as a full and final settlement.
Q58.
What is the primary purpose of the Marine Insurance Act, 1963?

a.

To regulate maritime trade

b.

To define responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried

c.

To govern the practices of ship-owners

d.

To establish guidelines for marine insurance companies

Discuss
Answer: (b).To define responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried Explanation:The primary purpose of the Marine Insurance Act, 1963, is to define responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried.
Q59.
In addition to the Marine Insurance Act, 1963, which law defines the responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried?

a.

Marine Insurance Act, 1963

b.

The Carriage of Goods by Sea Act, 1925

c.

U.K Marine Insurance Act, 1906

d.

Motor Vehicles Act, 1988

Discuss
Answer: (b).The Carriage of Goods by Sea Act, 1925 Explanation:In addition to the Marine Insurance Act, 1963, The Carriage of Goods by Sea Act, 1925, defines the responsibilities, liabilities, rights, and immunities of a ship-owner in respect of loss or damage to cargo carried.
Q60.
What does The Carriage of Goods by Sea Act, 1925, primarily deal with?

a.

The responsibilities of cargo owners

b.

The liabilities of ship-owners towards cargo owners

c.

The responsibilities of ship-owners

d.

The liabilities of cargo owners towards ship-owners

Discuss
Answer: (b).The liabilities of ship-owners towards cargo owners Explanation:The Carriage of Goods by Sea Act, 1925, primarily deals with the liabilities of ship-owners towards cargo owners.
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