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.

Accepted Answer

The Insurance Regulatory and Development Authority (IRDA) was established in the year 2000 under the IRDA Act, 1999.

Question 2

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

Accepted Answer

Section 41 of the Insurance Act, 1938, specifically prohibits the use of rebates as an inducement to take out an insurance policy. This is to ensure fair practices and prevent the misuse of policy terms for undue advantage.

Question 3

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

Accepted Answer

Section 39 of the Insurance Act, 1938, specifies the rules for the nomination of insurance policies.

Question 4

Minimum Academic Qualification of a Sepcified Person is --.

Accepted Answer

Class 12 is the minimum academic qualification required for most jobs.

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.

Accepted Answer

The correct form for an applicant seeking an appointment as an insurance agent is Form I-A, and it should be submitted to the Designated Official of the insurer.

Question 6

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

Accepted Answer

The Integrated Grievance Management System (IGMS) was launched by the Insurance Regulatory and Development Authority of India (IRDAI) to provide policyholders a platform for registering and tracking their complaints against insurance companies.

Question 7

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

Accepted Answer

The basis for a valid consumer complaint includes scenarios where the goods purchased are defective or do not meet the quality or functionality standards as promised by the seller or manufacturer. Complaints about not receiving discounts or the shopkeeper's inventory decisions do not constitute valid legal grounds for consumer complaints. Charging a price as per the Maximum Retail Price (M.R.P.) is legally compliant and thus not a valid basis for a complaint.

Question 8

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

Accepted Answer

The basis for a valid consumer complaint typically involves issues with the product or service provided, such as overcharging (A), defects (B), or unfair practices (D). The failure of a shopkeeper to provide a certain product (C) does not in itself constitute a basis for a consumer complaint unless it involves a failure to fulfill a specific contractual obligation or promise.

Question 9

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

Accepted Answer

The Integrated Grievance Management System (I.G.M.S.) is a tool specifically designed for monitoring grievance redressal in the insurance industry. It allows policyholders to register and track complaints against insurers.

Question 10

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

Accepted Answer

All of the consumer-disputes-redressal-agencies have the powers of a civil court.

Question 11

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

Accepted Answer

The National Commission has supervisory jurisdiction over the State Commissions, allowing it to oversee and manage the activities and decisions made at the state level in the context of consumer disputes redressal.

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.

Accepted Answer

An Ombudsman can act as a mediator and counsellor in case of disputes between the insured and the insurer, within the terms of reference, by mutual agreement. This role is specifically designed to provide an impartial resolution process.

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?

Accepted Answer

The correct avenue for appealing against an order made by the District Forum is the State Commission. This hierarchical structure allows for the escalation of grievances to higher authorities for review and potential redressal.

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?

Accepted Answer

The correct avenue for appealing against an order made by a State Commission is the National Commission. This is in accordance with the consumer protection laws in many jurisdictions, where there is a hierarchical structure for the adjudication and appeal of consumer disputes.

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?

Accepted Answer

The Consumer Protection (Amendment) Act, 2002, in India, makes provision for the establishment of consumer councils and other authorities for the settlement of consumers' disputes, aiming to protect and promote consumer rights.

Question 16

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

Accepted Answer

The National Commission has supervisory jurisdiction over State Commissions, as part of the consumer protection mechanism in many countries, ensuring a hierarchical structure for addressing consumer grievances and appeals.

Question 17

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

Accepted Answer

The Ombudsman can award compensation up to Rupees 20 Lakhs in case of a grievance. This limit is set to ensure a fair and reasonable resolution for complaints against service providers or institutions within the Ombudsman's jurisdiction.

Question 18

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

Accepted Answer

A complaint can be filed by the complainant or their authorized representative, not just by the complainant themselves.

Question 19

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

Accepted Answer

The Consumer Protection (Amendment) Act, 2002, does not include a person who obtains goods for resale or for any commercial purpose in its definition of 'consumer'. This is because the act is designed to protect individuals who purchase goods or services for personal use, not for business or commercial activities.

Question 20

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

Accepted Answer

The answer of Which One of the Following Protocols, is...

Quiz 5: Insurance Regulatory and Consumer Protection in India