IRDA and its Licensing Functions MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on IRDA and its Licensing Functions, 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 and its Licensing Functions 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 and its Licensing Functions mcq questions that explore various aspects of IRDA and its Licensing Functions problems. Each MCQ is crafted to challenge your understanding of IRDA and its Licensing Functions 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 and its Licensing Functions MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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IRDA and its Licensing Functions MCQs | Page 17 of 20

Discover more Topics under IC 14 Regulations of Insurance Business

Q161.
What is the maximum period within which a surveyor or loss assessor should submit their report to the insurer after appointment?

a.

15 days

b.

30 days

c.

45 days

d.

60 days

Discuss
Answer: (b).30 days Explanation:A surveyor or loss assessor should submit their report to the insurer as expeditiously as possible but not later than 30 days of their appointment.
Q162.
How can the period for submitting a surveyor's report be extended beyond 30 days?

a.

It cannot be extended under any circumstances.

b.

Only with the consent of the insurer.

c.

Only with the consent of the insured.

d.

With the consent of both the insured and the insurer in exceptional cases.

Discuss
Answer: (d).With the consent of both the insured and the insurer in exceptional cases. Explanation:In exceptional cases, the period for submitting a surveyor's report can be extended beyond 30 days with the consent of both the insured and the insurer.
Q163.
How are surveyors and loss assessors categorized?

a.

Alphabetically

b.

Geographically

c.

According to professional qualifications, training, experience, and other relevant criteria

d.

Based on the number of cases handled

Discuss
Answer: (c).According to professional qualifications, training, experience, and other relevant criteria Explanation:Surveyors and loss assessors are categorized according to professional qualifications, training, experience, and other relevant criteria.
Q164.
What are the three categories into which surveyors and loss assessors may be classified?

a.

A, B, C

b.

1, 2, 3

c.

Gold, Silver, Bronze

d.

High, Medium, Low

Discuss
Answer: (a).A, B, C Explanation:Surveyors and loss assessors may be categorized into three categories: Category A, Category B, and Category C.
Q165.
According to the Code of Conduct, what does "integrity" imply for a surveyor and loss assessor?

a.

Only honesty

b.

Fair dealings and truthfulness

c.

Courteous behavior

d.

Obtaining a license

Discuss
Answer: (b).Fair dealings and truthfulness Explanation:Integrity for a surveyor and loss assessor implies not merely honesty but fair dealings and truthfulness in professional pursuits.
Q166.
According to the Code of Conduct, when should a surveyor and loss assessor disclose their appointment?

a.

Only if there is a legal obligation

b.

When there is a potential conflict of interest that could materially affect the interests of any party

c.

Only if the surveyor decides it is necessary

d.

When instructed by the insurer

Discuss
Answer: (b).When there is a potential conflict of interest that could materially affect the interests of any party Explanation:A surveyor and loss assessor should disclose their appointment when the acceptance or continuance of such an engagement may materially prejudice or could be seen to materially affect the interests of any interested party.
Q167.
What is the responsibility of a surveyor and loss assessor regarding confidentiality?

a.

They can disclose information if it benefits them personally

b.

They should disclose all information to third parties

c.

They should not disclose any information acquired in the course of their professional work to any third party without consent

d.

They should only disclose information if legally required to do so

Discuss
Answer: (c).They should not disclose any information acquired in the course of their professional work to any third party without consent Explanation:A surveyor and loss assessor should not disclose any information acquired in the course of their professional work to any third party without consent, except where consent has been obtained from the interested party or where there is a legal right or duty to disclose.
Q168.
What does practical training for a surveyor and loss assessor involve?

a.

Attending seminars and workshops

b.

Completing a theoretical examination

c.

Undergoing a period of practical training of not less than twelve months with a qualified surveyor and loss assessor

d.

Passing an examination conducted by the IRDA

Discuss
Answer: (c).Undergoing a period of practical training of not less than twelve months with a qualified surveyor and loss assessor Explanation:Practical training for a surveyor and loss assessor involves undergoing a period of practical training of not less than twelve months with a qualified surveyor and loss assessor.
Q169.
What is required for a surveyor and loss assessor to obtain a license for a specific area?

a.

Completion of a theoretical examination

b.

Approval from the IRDA

c.

Certification from the surveyor under whom the applicant has trained

d.

Membership in professional organizations

Discuss
Answer: (c).Certification from the surveyor under whom the applicant has trained Explanation:To obtain a license for a specific area, a surveyor and loss assessor needs to be certified by the surveyor under whom they have trained, and the certificate shall be attached to the application for seeking the license.
Q170.
What may the IRDA prescribe for obtaining a license under Regulation 3?

a.

Practical training only

b.

Passing an examination only

c.

Both practical training and passing an examination

d.

Membership in professional organizations

Discuss
Answer: (c).Both practical training and passing an examination Explanation:The IRDA may prescribe the passing by an applicant of an examination on the successful completion of the training prescribed above for the grant of a license under Regulation 3. The examination may be conducted either by the IRDA itself or by an institution authorized by it.
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