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 7 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q61.
What is the compensation amount limit for permanent disablement under No Fault Liability after the amendment to the Motor Vehicle Act, 1988?

a.

Rs 5,000/-

b.

Rs 15,000/-

c.

Rs 25,000/-

d.

Rs 50,000/-

Discuss
Answer: (c).Rs 25,000/- Explanation:The compensation amount limit for permanent disablement under No Fault Liability, after the amendment to the Motor Vehicle Act, 1988, is Rs 25,000/-.
Q62.
How is permanent disablement defined under the Motor Vehicle Act, 1988?

a.

Temporary loss of limb function

b.

Temporary loss of consciousness

c.

Permanent privation of the sight of either eye, hearing loss, or permanent impairing of limb or joint function

d.

Temporary disfigurement of the head or face

Discuss
Answer: (c).Permanent privation of the sight of either eye, hearing loss, or permanent impairing of limb or joint function Explanation:Permanent disablement is defined as permanent privation of the sight of either eye, hearing loss, or permanent impairing of limb or joint function under the Motor Vehicle Act, 1988.
Q63.
What happens if the victim proceeds against a wrongdoer on the basis of negligence in suits, and the compensation awarded is higher than the No Fault basis compensation?

a.

No deduction is made, and the victim receives both compensations in full.

b.

The No Fault basis compensation is deducted from the negligence-based compensation.

c.

The negligence-based compensation is reduced to match the No Fault basis compensation.

d.

The victim is not allowed to proceed against a wrongdoer on the basis of negligence.

Discuss
Answer: (b).The No Fault basis compensation is deducted from the negligence-based compensation. Explanation:If compensation awarded on a negligence basis is higher than the No Fault basis compensation, the latter amount will be deducted from the former.
Q64.
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.
Q65.
What is the purpose of The Carriers Act, 1865?

a.

To regulate marine insurance

b.

To establish guidelines for truck owners

c.

To define the responsibilities of cargo owners

d.

To define the rights and liabilities of truck owners or operators carrying goods for public hire

Discuss
Answer: (d).To define the rights and liabilities of truck owners or operators carrying goods for public hire Explanation:The Carriers Act, 1865, defines the rights and liabilities of truck owners or operators carrying goods for public hire in respect of loss or damage to goods carried by them.
Q66.
When did the Workmen’s Compensation Act, 1923, come into force?

a.

01st January, 1923

b.

01st July, 1924

c.

01st January, 1924

d.

01st July, 1923

Discuss
Answer: (b).01st July, 1924 Explanation:The Workmen’s Compensation Act, 1923, came into force on 01st July, 1924.
Q67.
What is the objective of the Workmen’s Compensation Act, 1923?

a.

To provide benefits to employers

b.

To protect workmen from accidents and diseases in the course of employment

c.

To increase the complexity of industry

d.

To reduce the efficiency of industry

Discuss
Answer: (b).To protect workmen from accidents and diseases in the course of employment Explanation:The objective of the Workmen’s Compensation Act, 1923, is to protect workmen from accidents and diseases arising out of and in the course of employment.
Q68.
What benefits does the Employees’ State Insurance Act, 1948, provide to employees?

a.

Compensation for loss of property

b.

Benefits in cases of sickness, maternity, and employment injury

c.

Pension for retired employees

d.

Housing facilities for employees

Discuss
Answer: (b).Benefits in cases of sickness, maternity, and employment injury Explanation:The Employees’ State Insurance Act, 1948, provides benefits to employees in cases of sickness, maternity, and employment injury.
Q69.
What is the purpose of the Employees’ State Insurance Corporation under the Employees’ State Insurance Act, 1948?

a.

To administer the pension scheme

b.

To regulate industrial areas

c.

To maintain a fund for employee benefits

d.

To provide medical treatment to employers

Discuss
Answer: (c).To maintain a fund for employee benefits Explanation:The Employees’ State Insurance Corporation under the Employees’ State Insurance Act, 1948, is set up to administer the Insurance Scheme and maintain a fund consisting of contributions from employees, employers, and the Government.
Q70.
What is the main focus of the Employees’ State Insurance Act, 1948?

a.

Providing benefits to employers

b.

Expanding industrial areas

c.

Ensuring employee welfare in cases of sickness, maternity, and employment injury

d.

Reducing the complexity of industry

Discuss
Answer: (c).Ensuring employee welfare in cases of sickness, maternity, and employment injury Explanation:The main focus of the Employees’ State Insurance Act, 1948, is to ensure employee welfare in cases of sickness, maternity, and employment injury.
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