Recent questions tagged motor-vehicle-insurance-&-valuation

Description : Describe organizational structure, role and justification of motor vehicle insurance organizational in India. 

Last Answer : Organizational structure:- Section 4 of the IRDAI act 1999 specifies the authority composition. It is a ten member body consisting of : a) Chairmen (Subhash.C.Khuntia from 1st SEP ) b) ... . 7. To advise insurer and insured about loss minimization, control loss for security and safety devise.

Description : Prepare accident investigation report for a car.

Last Answer : Whenever an accident occurs all particulars have to be collected and ascertained below: A) General Details: 1) Date ,time and location 2) Registration No. of vehicle involved in an accident ... . E) Negotiate with the insured regarding disposal of salvage F) Prepare detail survey and submit

Description : Explain legal aspects of surveying from surveyor’s perspective.

Last Answer : Surveyor is the professional who assess the loss or damage & serve the link between insured & insurer. They only function in non-life business. Their main job is to assess the actual loss ... bills and Doctors certificate. The above is the legal Aspects of surveying from surveyor's perspective.

Description : Explain terms ‘compulsory excess’ and ‘voluntary excess’.

Last Answer : Compulsory excess: The compulsory deductible or excess is also called as mandatory excess. It is part of claim amount which you will have to bear out of your pocket. The amount is decided by ... amount of the voluntary excess changes from company to company. The voluntary excess is set by you. 

Description : Compare compulsory excess and voluntary excess.

Last Answer : Compulsory excess  Voluntary excess Compulsory excess is the amount payable by insurer in his pocket during claim. Voluntary excess is the extra amount is payable by insurer in his pocket to ... customer to customer. This amount is mandatory. This amount is not mandatory.

Description : Explain the effect of following physical hazard parameters on renewal of comprehensive insurance policyi. Age of driver ii. Power and capacity of vehicle iii. Load used iv. Forfeiture of custom duty

Last Answer : i. Age of driver: If age of driver is more (say more than 65 years then there is more chances of accident than young driver which increases physical hazard.  ii. Power and capacity ... the vehicle it creates physical hazard & chances of accident increases then premium amount also will get increase.

Description : Discuss importance of insurance history in proposal form.

Last Answer : Once you decide to buy an insurance plan, the first step is to fill out the proposal form. A proposal form is a legal document that seeks relevant information from you so that the insurance company ... , any no claim bonus in previous policy. 4. It gives information about driving habit of insured.

Description : Compare third party insurance and comprehensive on following parameters: i. Risk cover ii. Premium iii. Application of vehicle iv. Condition

Last Answer : i. Risk cover  In third party insurance only covers damage from a accident only to the other people and their property if you are fault.  In case of comprehensive insurance the damage ... injuries and damage to property does not cover.  In comprehensive insurance personal injuries are covered.

Description : Compare investigation and assessment with suitable examples.

Last Answer : The claim investigation process is the procedure in which insurance company surveyor or loss assessor obtains information to examine the claim. As result it requires various documents to go through, visit to ... is any injury to anyone then surveyor need to investigate the case by above method. 

Description : State procedure to calculate premium for the third party insurance cover.

Last Answer : Third party insurance is a type of insurance policy that is designed for offering insurance coverage to the third party in case of an accident caused by the insured vehicle. This policy covers the liability ... 2. Type and age of the vehicle 3. Cubic Capacity of the engine 4. Geographical zone

Description : Explain Concept of Moral Hazard in relevance to age and litigiousness.

Last Answer : Moral hazard is a term describing how behavior changes when people are insured against losses. If, for example, your car is fully insured against any and all damage and there is no deductible, ... So it is harmful for insurance business. Because of moral hazard, premiums are higher for everyone.

Description : Describe role of Insurance Regulatory Authority Of India (IRDAI) in motor vehicle insurance.

Last Answer : 1. To regulate the rates, terms and Conditions of insurance, offered to their customer in general insurance business. 2. To regulate how insurance company invest their funds and maintain their margin ... . 6. Also making code of conduct for surveyors and loss assessor working with insurance company.

Description : State function of Insurance Regulating Authority in India (IRDAI)

Last Answer : Function of Insurance Regulating Authority in India (IRDAI) 1. To regulate the rates, terms and Conditions of insurance, offered to their customer in general insurance business. 2. To ... any other organization connected with insurance company. 5. Make guidelines & arrange trainings to agents.

Description : State any two clauses in insurance proposal form.

Last Answer : Types of clauses in proposal form: 1. Signature clause: It is also known as attestation clause & it is appeared just below the schedule. The person authorized puts his signature. 2. Schedule clause: ... : It tells that how much the insurer must pay if there is insurance in more than one company.

Description : List types of claim documents.

Last Answer : Types of claim documents: 1. Policy. 2. Driving License 3. Registration Certificate of Vehicle 4. FIR copy if needed 5. Pan or Adhar card 6. Claim form

Description : List factors affecting moral hazard.

Last Answer : 1. Intention 2. Carelessness 3. Fraud claim 4. Multiple Insurance 5. Maintenance 6. Behavior 7. Negligence

Description : State need of insurance history in proposal form.

Last Answer : Need of insurance history in proposal form: 1. Gives information about previous insurance policy 2. It gives information about the claims in the previous insurance policy. 3. Gives information about ... policy. 4. Also it gives information about risk exposure of person, property, or vehicle.

Description : List the types of insurance cover.

Last Answer : Types of insurance cover are as follow : 1. Comprehensive insurance 2. Own damage insurance 3. Third party 4. Fire insurance 5. Marine insurance 6. Life insurance

Description : Define Risk Cover and Premium.

Last Answer : Risk Cover: The term risk cover can be defined as the compensation of damage during the accident by insurance company.  Premium: The payable amount as per the insurance contract paid by insured is called as premium.