Deck 5: Insurance Regulatory and Consumer Protection in India

Question 1

The Insurance Regulatory and Development Authority (I.R.D.A.) was established in the Year: --, under The Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999.

A)1999
B)2000
C)2002
D)2003

Answer 1

2000

Question 2

Insurance Act, 1938, prohibits the Use of Rebates, as an Inducement to take an Insurance Policy, under --.

A)Section 38
B)Section 41
C)Section 45
D)Section 64-VB

Answer 2

Section 41

Question 3

Insurance Act, 1938, specifies the Rules for Nomination of Insurance-Policies under --.

A)Section 39
B)Section 41
C)Section 45
D)Section 64-VB

Answer 3

Section 39

Question 4

Minimum Academic Qualification of a Sepcified Person is --.

A)Class 10
B)Class 12
C)Graduate
D)Post-Graduate

Question 5

An Applicant, seeking an Appointment as an Insurance Agent of an Insurer, shall submit an Application in Form: --, to the --- of the Insurer.

A)I-A, Designated Official
B)A.I-A, Appellate Officer
C)I-B, Designated Official
D)I-B, Appellate Officer

Question 6

Integrated Grievance-Management-System (I.G.M.S.) has been launched by --.

A)Policy-Holders' Association of India
B)Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
C)Life Insurance Council
D)Government of India

Question 7

Which One of the Following, can form the Basis for a Valid Consumer-Complaint?

A)Shop-Keeper, Not Giving Any Discounts on the Product.
B)Price, Charged by Shop- Keeper, is as per Maximum Retail Price (M.R.P.) on Package.
C)Shop-Keeper fails to provide a Certain Product.
D)The Goods, Bought by Consumer, suffers from One or More Defects.

Question 8

Which One of the Following, cannot form the Basis for a Valid Consumer-Complaint?

A)Price, charged by Shop- Keeper, is in Excess of What is Displayed on the Package.
B)The Goods, Bought by Consumer, suffers from One or More Defects.
C)Shop-Keeper fails to provide a Certain Product.
D)An Un-Fair Trade- Practice or Restrictive Trade-Practice has been adopted.

Question 9

Which One of the Following, is a Tool for Monitoring the Grievance-Redressal in the Insurance-Industry?

A)National Commission
B)Ombudsman
C)Integrated Grievance- Management-System (I.G.M.S.)
D)State Commission

Question 10

Which One of the Following Consumer-Disputes- Redressal-Agencies, have the Powers of a Civil Court?

A)District Forum
B)State Commission
C)National Commission
D)All of the Above.

Question 11

Which One of the Following Consumer-Disputes' Redressal-Agencies, has Supervisory Jurisdiction over State Commission?

A)District Forum
B)National Commission
C)Ombudsman
D)None of the Above.

Question 12

Which One of the Following, by Mutual Agreement of the Insured and the Insurer, can act as a Mediator and Counsellor, within the Terms of Reference, in Case of Dispute? Choose the Most Appropriate Option.

A)Insurance Agent
B)Ombudsman
C)Insurer
D)Insurance Broker

Question 13

If a Customer is aggrieved, by an Order, made by the District Forum, then, Where can He or She, appeal against such Order?

A)State Commission
B)National Commission
C)Ombudsman
D)No Appeal can be made.

Question 14

If a Customer is aggrieved by an Order, made by a State Commission, then, Where can, He or She appeal, against such Order?

A)District Forum
B)National Commission
C)Ombudsman
D)No Appeal can be made.

Question 15

Which One of the Following Acts, makes the Provision for the Establishment of Consumer-Councils and Other Authorities for the Settlement of Consumer's Disputes, in India?

A)Insurance Act, 1938.
B)Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999.
C)Banking Regulation Act, 1949.
D)Consumer Protection (Amendment) Act, 2002.

Question 16

Which One of the Following, has the Supervisory Jurisdiction over State Commission?

A)District Forum
B)National Commission
C)Ombudsman
D)None of the Above.

Question 17

What is the Maximum Amount, that can be awarded by Ombudsman, in Case of a Grievance?

A)Up To Rupees 10 Lakhs
B)Up To Rupees 20 Lakhs
C)Up To Rupees 50 Lakhs
D)Up To Rupees 100 Lakhs

Question 18

Which One of the Following Statements, is In-Correct, with Regard to Process of Filing a Complaint with a Consumer-Court?

A)No One Else, Other Than the Complainant, Him-Self or Her-Self, can File a Complaint, with the State Commission or National Commission.
B)There is No Fee, for Filing a Complaint with State Commission or National Commission.
C)The Complaint can be filed Personally, or can even be sent by Post.
D)No Advocate is Necessary for the Purpose of Filing a Complaint.

Question 19

Who among the Following, is Not included in the Definition of 'Consumer', as per Consumer Protection (Amendment) Act, 2002?

A)Any Person, who buys Any Goods, for a consideration; and includes Any User of such Goods.
B)Any Person, who hires or avails of Any Services, for a Consideration.
C)Any Person, who avails Any Service; and is also the Beneficiary of that Service.
D)A Person, who obtains the Goods, for Re-Sale or for Any Commercial Purpose.

Question 20

Which One of the Following Protocols, is In-Correct, with Regard to the Recommendations, that the Ombudsman needs to follow?

A)Recommendations should be made, within 6 Months of the Receipt of such a Complaint.
B)The Copies should be sent to Both: the Complainant and the Insurance Company.
C)Recommendations have to be accepted, In- Writing, by the Complainant, Within 15 Days of Receipt of such Recommendation.
D)A Copy of Acceptance- Letter, by the Insured, should be sent to the Insurer, and His or Her Written Confirmation sought, Within 15 Days of His or Her receiving such Acceptance-Letter.

Question 21

If a Policy-Holder wishes to File a Complaint with National Commission, then What is the Amount of Fees, Payable by Him or Her?

A)Rupees 100/-.
B)2.5% of the Claim- Amount or Rupees 500/- , Which-Ever is Lower.
C)1% of the Claim-Amount.
D)No Fees is Payable for filing Customer- Complaint with National Commission.

Question 22

Which One of the Following, is a Central Repository of Insurance Grievance Data?

A)National Commission
B)Ombudsman
C)Integrated Grievance- Management-System (I.G.M.S.)
D)State Commission

Question 23

Which One of the Following Consumer-Disputes Redressal-Agencies, entertains the Appeals from the District Forum?

A)State Commission
B)National Commission
C)Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
D)No Appeal can be made.

Question 24

Which One of the Following Consumer-Disputes' Redressal-Agencies, entertains the Appeals, against the Orders of Any State Commission?

A)District Forum
B)National Commission
C)Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
D)No Appeal can be made.

Question 25

If a Policy-Holder wishes to seek Compensation, up to Rupees 20 Lakhs, from Insurance Company, against a Grievance, then, Where Can, He or She lodge the Complaint? Choose the Most Appropriate Option.

A)District Forum
B)State Commission
C)National Commission
D)Insurance Regulatory and Development Authority of India (I.R.D.A.I.)