Interview Questions.

Question 1. What Is Idv For Car Insurance?

Answer :

If you ever have a total loss in an accident, IDV is the whole compensation the coverage enterprise will offer you calculated as in keeping with the fee of your vehicle on the time of taking coverage. Insured declared cost or IDV is the most quantity that you could claim underneath a motor insurance policy. A new vehicle just out of a showroom will consequently have a better IDV than someone having the same vehicle model but which has been on the street for say 6 months.

Question 2. What Is The Difference Between Third Party Insurance And Comprehensive Insurance?

Answer :

Car or automobile coverage could be very important nowadays due to multiplied traffic and travel. It offers you peace of thoughts in case of any accidents or emergency. The principal sorts of coverage are third celebration insurance and comprehensive insurance.

Third birthday party coverage covers the harm or liabilities because of your car to some other automobile. Third celebration coverage compensates your mistake induced inadvertently.

General Accounting Interview Questions
Question three. What Are The Different Types Of Car Insurances Available In The Market?

Answer :

It may be very critical to get the needful insurance cowl while you personal a vehicle. Car Insurance is obligatory in India as in keeping with the law. Basically there are  sorts of insurance to be had inside the Indian marketplace i.E.

Third Party Insurance: It is a obligatory insurance for all the automobiles. In case your vehicle meets an accident and the other automobile is damaged or character is injured, in such situation, the 0.33 celebration insurance presents financial reimbursement for such losses.

Question 4. Is My Car Insurance Premium Related To The Engine Capacity Of My Car?

Answer :

Yes the size and the power of your automobile's engine is one of the defining factors on the subject of calculating the car insurance top rate. The higher the cubic potential or cc fee of your vehicle engine, the higher might be the top rate amount. As in step with the Indian Motor Tariff Act, the top rate calculations primarily based on cubic capability of your vehicle's engine divided into 3 slabs particularly automobiles having a cubic ability less than 1000cc, motors with cubic ability between 1000-1500cc.

Question five. Is It Possible To Get Long Term Auto Insurance For My Bike?

Answer :

Yes IRDA has brought long time car insurance which gives you freedom to relax for a least the subsequent 2 to three years on coverage renewal. What's greater you may additionally store on hike in annual premium fees every year to your policy renewal. For example the long time vehicle insurance coverage of New India Assurance offers an confident cut price of 30 in keeping with cent for 3-yr policy and 20 in keeping with cent for 2-12 months coverage.

Short Term Insurance Interview Questions
Question 6. Do Third Party Insurance Premiums Get Revised Each Year?

Answer :

Yes the coverage watchdog IRDA revised the costs of mandatory 1/3 birthday party insurance yearly. Since many coverage companies had been dealing with high 1/3 birthday celebration losses IRDA has counseled a price hike of three% to 30% throughout numerous vehicle categories this year. These prices get applicable from first day of the brand new monetary yr.

Question 7. Why Is Third Party Insurance Cheaper Than Regular Auto Insurance?

Answer :

Third birthday celebration insurance is mandatory as according to regulation and gives a basic vehicle coverage that covers all damages brought about due to the fault of the man or woman driving the vehicle. A Comprehensive motor coverage cowl alternatively gives a extra complete protection masking the damages caused to the driving force's vehicle as well as any 1/3 party automobile and people, therefore the delivered costs.

Insurance Interview Questions
Question 8. What Are Zones In India For Car Insurance? Do They Have Different Premiums?

Answer :

India is divided into 2 zones particularly quarter A and area B relying at the danger confronted by means of motorists. Zone A cities have a higher premium than cities in Zone B. Zone A includes Mumbai, New Delhi, Bangalore, Chennai, Kolkata, Ahmedabad, Hyderabad and Pune and Zone B includes relaxation of India.

Question nine. Do Car Insurance Policies Cover Engine Protection By Default?

Answer :

Most automobile insurance policies do no longer offer safety for the engine and electronic circuit. This is due to the fact, most of engine associated issues are blanketed via the producer?S warranty. However, there may be a few exclusion for producer's assurance.

It is a great idea to test together with your vehicle insurance provider provider approximately the details of protecting insurance earlier than choosing a vehicle coverage coverage. In case in case your insurance corporation is not presenting insurance for engine safety.

Health Insurance Interview Questions
Question 10. Is Theft Not Covered Under A third Party Insurance For Bike Or Car?

Answer :

Opting for just a 3rd celebration coverage you're simplest safeguarding your self towards any bodily harm or injury prompted to any 0.33 party or damages induced to the birthday celebration's vehicle. Hence, we ought to take coverage in opposition to theft for our vehicles.

Question eleven. If I Take Comprehensive Car Insurance, Will I Get Deduction In Taxable Income?

Answer :

In traditional cases rates paid for car coverage is not eligible for tax rebates. But in case you are a business proprietor, and the automobile is bought for legit cause, and in your organization's name or to your call in case you are the sole proprietor, you can declare tax deduction for rates paid in opposition to automobile coverage. This deduction is taken into consideration beneath Section 88 of the Income Tax Act and isn't open for all.

Finance Interview Questions
Question 12. Which Is A Better Idea Going To A Large Deductible Or A Small Deductible When Going For An Automobile Insurance?

Answer :

Deductible is the initial amount that the car owner must pay after which all prices might be borne by using the coverage enterprise. Usually car coverage seekers consisting of first time vehicle shoppers opt for a small deductible to store some cash. Opting for a small deductible may also appear like money saving proposition at the start instance however choosing a better deductible isn't always usually an excellent idea.

General Accounting Interview Questions
Question thirteen. My Car Dealer Is Offering Me A Good Car Insurance Plan For My New Car? Should I Go For It As I Do Not Have Time To Hunt For One?

Answer :

Let me first let you know that you aren't by myself. Many humans in their quest to store time and get the compulsory coverage monkey off their lower back take the coverage supplied by using the provider there after which. While human beings good buy long and difficult with the supplier to attain a mutually ideal rate for the car, they turn out to be speaking the automobile coverage with out a whole lot fuss. Dealers have a huge incentive or commission which they do now not pass on to the customer.

Question 14. While Buying A Car, What Kind Of Insurances Are Expected To Be Taken? Will It Cover Even If The Car Is Stolen?

Answer :

While shopping for a vehicle, you could take a complete insurance cover. It covers your car from accident, robbery and self harm. It also presents the third birthday celebration cover that is mandatory while you personal a vehicle in India. You can also decorate the car coverage cover with the help of available add-ons consisting of co passenger insurance, CNG package coverage and so forth. The Insurance cowl gets decreased every 12 months to the fee of vehicle publish depreciation.

Question 15. How Much Does The Idv (insured Declared Value) Of A Car Depreciates Over Time?

Answer :

IDV calculation relies upon on the ex-showroom price for a new car. However as your vehicle becomes antique, the IDV takes under consideration the depreciation price of the car. IRDA offers a calculation chart for depreciation that is used by coverage corporations to reach at the IDV fee for older cars. For cars less than 6 months antique the Depreciation Percentage to calculate IDV is constant at 5%. For automobiles between 6 months to 1 yr the percentage is 15% and for 1 yr to 2 years the percentage is 20%.

Question 16. Does Third Party Insurance Covers Any Car Against Theft?

Answer :

If you're taking up simply a third celebration coverage you're simplest safeguarding yourself in opposition to any physical harm or damage prompted to any 0.33 birthday party or damages brought on to the celebration's vehicle. You are not covered towards robbery.

Only if you opt for a comprehensive insurance plan does your vehicle receives covered for theft. Recent trendy insurance agencies have commenced presenting robbery insurance. So automobile proprietors can now opt for robbery insurance without having to absorb complete complete motor insurance

Question 17. I Have Heard Getting A Third Party Insurance Is Compulsory. Is It True?

Answer :

Yes you heard it proper. Third birthday celebration coverage is mandatory as in step with law. Motor coverage is extensively categorised as third birthday celebration cowl and complete cowl. Third birthday celebration insurance is a simple car insurance that covers all damages caused because of the fault of the person riding the vehicle. A Comprehensive motor insurance cover then again gives a extra complete protection overlaying the damages brought on to the driving force's automobile in addition to any 0.33 celebration car and individuals.