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Test: Concept of Insurance - 2 - B Com MCQ


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10 Questions MCQ Test Principles of Insurance - Test: Concept of Insurance - 2

Test: Concept of Insurance - 2 for B Com 2024 is part of Principles of Insurance preparation. The Test: Concept of Insurance - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Concept of Insurance - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Concept of Insurance - 2 below.
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Test: Concept of Insurance - 2 - Question 1

How long is a cover note typically valid for in car insurance?

Detailed Solution for Test: Concept of Insurance - 2 - Question 1
A cover note in car insurance is usually valid for a maximum of 60 days. It is important not to note a date or time pre-dating the issue of the cover note, as it would be an offense under the Road Traffic Act.
Test: Concept of Insurance - 2 - Question 2

What is the purpose of a cover note in car insurance?

Detailed Solution for Test: Concept of Insurance - 2 - Question 2
A cover note in car insurance serves the purpose of providing temporary proof of insurance. It acts as a placeholder until the full certificate of insurance is issued to the policyholder.
Test: Concept of Insurance - 2 - Question 3

What information is typically included in a cover note?

Detailed Solution for Test: Concept of Insurance - 2 - Question 3
A cover note in car insurance includes details such as the names of individuals authorized to drive the vehicle, the vehicle's make and model, and the extent of coverage, which can be fully comprehensive, third party only, or third party, fire, and theft.
Test: Concept of Insurance - 2 - Question 4
What happens if the cover note expires before the permanent documents are issued?
Detailed Solution for Test: Concept of Insurance - 2 - Question 4
If a cover note expires before the permanent certificate of insurance is issued, the insurance company typically sends an extension cover note to ensure continuous coverage. It's essential to check that the new document starts immediately after the previous note expires.
Test: Concept of Insurance - 2 - Question 5
Why should you keep car insurance documents in a safe place?
Detailed Solution for Test: Concept of Insurance - 2 - Question 5
Keeping your car insurance documents in a safe place is crucial because you may need to produce them if stopped by the police. It's a legal requirement to have proof of insurance while driving.
Test: Concept of Insurance - 2 - Question 6
What should you do if you discover errors in your insurance documents?
Detailed Solution for Test: Concept of Insurance - 2 - Question 6
If you discover errors in your insurance documents, it's essential to contact your insurer promptly to correct the mistakes. Accurate documentation is crucial to ensure you have proper coverage.
Test: Concept of Insurance - 2 - Question 7
In the claims process, what is the first thing you should do after an event like theft or an accident?
Detailed Solution for Test: Concept of Insurance - 2 - Question 7
The first thing you should do in the claims process after an event like theft or an accident is to contact the police and obtain an incident number. This is important for documenting the incident.
Test: Concept of Insurance - 2 - Question 8
What is the purpose of an insurance assessor in the claims process?
Detailed Solution for Test: Concept of Insurance - 2 - Question 8
An insurance assessor's primary role in the claims process is to assess the situation, the loss, and its value. They provide this information to the insurer to aid in decision-making.
Test: Concept of Insurance - 2 - Question 9
What does the term "peril" mean in insurance?
Detailed Solution for Test: Concept of Insurance - 2 - Question 9
In insurance, the term "peril" refers to anything that can cause a loss based on the coverage terms of an insurance policy. It encompasses various risks and events that may result in a claim.
Test: Concept of Insurance - 2 - Question 10
What should you do if your insurance lacks coverage for a specific peril?
Detailed Solution for Test: Concept of Insurance - 2 - Question 10
If your insurance policy lacks coverage for a specific peril that you believe is important, you should contact your insurer to request additional coverage. This ensures that you have the protection you need for your specific circumstances.
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