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 8 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q71.
What expenses are covered by the fund maintained under the Employees’ State Insurance Act, 1948?

a.

Compensation for property loss

b.

Benefits for sickness, maternity, disablement, dependents, and medical treatment

c.

Pension for retired employees

d.

Industrial development projects

Discuss
Answer: (b).Benefits for sickness, maternity, disablement, dependents, and medical treatment Explanation:The fund under the Employees’ State Insurance Act, 1948, covers expenses such as sickness benefit, maternity benefit, disablement benefit, dependents' benefits (death), and medical treatment.
Q72.
What is the primary purpose of the Public Liability Insurance Act, 1991?

a.

To provide relief based on fault or negligence

b.

To establish hazardous substance handling guidelines

c.

To reimburse medical expenses for all accidents

d.

To provide immediate relief for accidents involving hazardous substances on principles of No Fault

Discuss
Answer: (d).To provide immediate relief for accidents involving hazardous substances on principles of No Fault Explanation:The primary purpose of the Public Liability Insurance Act, 1991, is to provide immediate relief for accidents involving hazardous substances on principles of No Fault.
Q73.
What relief is provided under the Public Liability Insurance Act, 1991, for fatal accidents?

a.

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

b.

Rs. 50,000 per person in addition to reimbursement of medical expenses

c.

Compensation for property damage

d.

No relief is provided for fatal accidents

Discuss
Answer: (b).Rs. 50,000 per person in addition to reimbursement of medical expenses Explanation:For fatal accidents under the Public Liability Insurance Act, 1991, the relief is Rs. 50,000 per person in addition to reimbursement of medical expenses, if any, incurred on the victim up to a maximum of Rs. 12,500/-.
Q74.
What is the maximum reimbursement of medical expenses provided under the Public Liability Insurance Act, 1991?

a.

Rs. 5,000/-

b.

Rs. 10,000/-

c.

Rs. 12,500/-

d.

Rs. 15,000/-

Discuss
Answer: (c).Rs. 12,500/- Explanation:The maximum reimbursement of medical expenses under the Public Liability Insurance Act, 1991, is up to a maximum of Rs. 12,500/- in each case.
Q75.
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.
Q76.
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/-
Q77.
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.
Q78.
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.
Q79.
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.
Q80.
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.
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