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 9 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q81.
Which vehicles does the pool handle under the pooling arrangement?

a.

All vehicles

b.

Private vehicles only

c.

Commercial vehicles covered by policies issued by all general insurers

d.

Two-wheelers only

Discuss
Answer: (c).Commercial vehicles covered by policies issued by all general insurers Explanation:The pool handles only commercial vehicles covered by policies issued by all general insurers under the pooling arrangement.
Q82.
What significant change does Section 140(3) bring to the liability determination in motor vehicle accidents?

a.

Negligence of the owner or user remains the primary factor in determining liability.

b.

No Fault Liability concept is introduced, making the owner or user's negligence irrelevant.

c.

Claimants are required to establish the owner's negligence for liability determination.

d.

No change in the relevance of owner or user's negligence in determining liability.

Discuss
Answer: (b).No Fault Liability concept is introduced, making the owner or user's negligence irrelevant. Explanation:Section 140(3) introduces the No Fault Liability concept, making the negligence of the owner or user irrelevant in determining liability in motor vehicle accidents.
Q83.
What is the compensation amount limit for death under No Fault Liability after the amendment to the Motor Vehicle Act, 1988?

a.

Rs 10,000/-

b.

Rs 25,000/-

c.

Rs 50,000/-

d.

Rs 75,000/-

Discuss
Answer: (c).Rs 50,000/- Explanation:The compensation amount limit for death under No Fault Liability, after the amendment to the Motor Vehicle Act, 1988, is Rs 50,000/-.
Q84.
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/-.
Q85.
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.
Q86.
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.
Q87.
In case a group of persons specified in (1) and (2) fails to elect any members of the Executive Committees of the Life Insurance Council or the General Insurance Council, who has the authority to nominate a person to fill the vacancy?

a.

Insurance Association of India

b.

General Insurance Corporation

c.

Insurance Regulatory and Development Authority

d.

Central Government

Discuss
Answer: (c).Insurance Regulatory and Development Authority Explanation:According to Section 64F(v) of the Insurance Act, 1938, if any group of persons fails to elect members of the Executive Committees, IRDA (Insurance Regulatory and Development Authority) may nominate any person to fill the vacancy.
Q88.
As per Section 64F(vi) of the Insurance Act, 1938, who is not entitled to vote in any matter coming up before a meeting of the Executive Committee of the Life Insurance Council or the General Insurance Council?

a.

Chairman

b.

Members elected by the Insurance Association of India

c.

Officials nominated by IRDA

d.

Non-officials not connected with any insurance business

Discuss
Answer: (c).Officials nominated by IRDA Explanation:According to Section 64F(vi), no official nominated by IRDA is entitled to vote in any matter coming up before a meeting of the Executive Committee of the Life Insurance Council or the General Insurance Council.
Q89.
Who shall be the Secretary of the Executive Committee of the Life Insurance Council and the Executive Committee of the General Insurance Council, as per Section 64F(viii) of the Insurance Act, 1938?

a.

Elected members of the respective committees

b.

Officials nominated by IRDA

c.

Chairman of the respective committees

d.

Central Government representative

Discuss
Answer: (b).Officials nominated by IRDA Explanation:According to Section 64F(viii) of the Insurance Act, 1938, the Secretary of the Executive Committee of the Life Insurance Council and the Executive Committee of the General Insurance Council shall be an official nominated by IRDA.
Q90.
As per Section 64H(1) of the Insurance Act, 1938, how long is the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council from the date of its first meeting?

a.

Two years

b.

Three years

c.

Four years

d.

Five years

Discuss
Answer: (b).Three years Explanation:According to Section 64H(1), the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council shall be three years from the date of its first meeting.
Page 9 of 12