Question 1

Which One of the Following, is Not a Direct Indicator of Service-Quality?
A)Reliability
B)Empathy
C)Assurance
D)Sales Data

Accepted Answer

Sales data is not a direct indicator of service quality; it reflects business performance rather than customer perceptions of service quality.

Question 2

Which One of the Following, is Not a Contributor, towards Customer Life-Time Value?
A)Historical
B)Present
C)Potential
D)Speculated

Accepted Answer

Customer Life-Time Value (CLTV) is calculated based on historical, present, and potential future interactions and transactions with a customer. "Speculated" is not a recognized contributor to CLTV calculations, as it implies a level of uncertainty not typically quantified in CLTV assessments.

Question 3

Choose the Correct Expand ed Form for I.G.M.S.
A)Indo-German Management School
B)Integrated Government Management System
C)Indian Genome Mapping Scheme
D)Integrated Grievance- Management System

Accepted Answer

Integrated Grievance- Management System

Question 4

--- are a Set of Rules and Regulations that set the Rules and Guide-Lines, to effectively address the Complaints and Grievances of Policy-Holders.
A)Complaints-Hand ling Procedures
B)Grievance-Redressal Procedures
C)Risk-Grievance Procedures
D)Damage-Grievance Procedures

Accepted Answer

Grievance-Redressal Procedures are specifically designed to address and resolve the complaints and grievances of policyholders, ensuring that their concerns are heard and dealt with in an effective and systematic manner.

Question 5

The --- has framed the Rules, known as, Redressal of Public Grievances Rules, 1998.
A)Insurance Regulatory and Development Authority (I.R.D.A.)
B)Non-Banking Finance Company (N.B.F.C.)
C)Securities and Exchange Board of India (S.E.B.I.)
D)Central Government

Accepted Answer

The Central Government has framed the Redressal of Public Grievances Rules, 1998, as part of its efforts to address public complaints and grievances effectively.

Question 6

The Assignment or Transfer, upon the Reasons, In- Writing, to be communicated to the Policy-Holder, Subject to such Decision being challenged, by Way of Petition, before the --.
A)Grievance-Redressal- Authority
B)Consumer-Redressal Authority
C)Seller-Redressal Authority
D)Administrative Redressal Authority

Accepted Answer

The correct choice is Grievance-Redressal Authority because it specifically deals with complaints and grievances related to services, including those provided by insurance companies, allowing policyholders to challenge decisions regarding the assignment or transfer of policies.

Question 7

The Insured can resolve a Dispute, by approaching the Ombudsman, under --.
A)Complaints-Hand ling Procedure
B)Grievance-Redressal Procedure
C)Risk-Grievance Procedure
D)Redressal of Public Grievances Rules

Accepted Answer

The answer of The Insured can resolve a Dispute, by...

Question 8

Which of the Following, is the Main Objective of Consumer Protection Act?
(i) To Protect the Interests of the Policy-Holders.
(ii) To Protect the Interests of the Investors.
(iii) To Provide a Simple, Speedy, and In-Expensive Redressal to the Consumer-Grievances.
A)Only (i) is Correct.
B)Both: (i) and (ii), are Correct.
C)Only (iii) is Correct.
D)Both: (i) and (iii), are Correct.

Accepted Answer

The main objective of the Consumer Protection Act is to provide a simple, speedy, and inexpensive redressal to consumer grievances, focusing on the rights and interests of consumers rather than policy-holders or investors specifically.

Question 9

"Redressal of Public Grievances Rules, 1998", came into Force on --.
A)12th October, 1991
B)11th November, 1998
C)13th December, 1997
D)14th September, 1983

Accepted Answer

The "Redressal of Public Grievances Rules, 1998" came into force on 11th November, 1998, as indicated by the year in the name of the rules themselves.

Question 10

Which of the Following, is an Objective of Redressal of Public Grievances Rules?
(i) Aim at Resolving the Complaints, Relating to the Settlement of Disputes.
(ii) Protection of Consumers' Interests.
(iii) Providing the Grievances to Consumers.
A)Only (i) is Correct.
B)Both: (i) and (ii), are Correct.
C)Only (iii) is Correct.
D)Both: (i) and (iii), are Correct.

Accepted Answer

The answer of Which of the Following, is an Objective...

Question 11

Which of the Following, is, a Function of Ombudsman?
(i) Redressal of Grievances to Consumer.
(ii) Protection of Consumer's Interests.
(iii) Redressal of Grievances from the Policy-Holders.
A)Only (i) is Correct.
B)Both: (i) and (ii), are Correct.
C)Only (iii) is Correct.
D)Both: (i) and (iii), are Correct.

Accepted Answer

The answer of Which of the Following, is, a Function...

Question 12

Which of the Following, has been recommended by Commission, that, the Grievance-Redressal Authorities (G.R.A.s) should be constituted, to deal with?
(i) Disputes between the Insured and the Insurer.
(ii) Disputes between the Insured and the Intermediaries.
(iii) Disputes between the Insurer and the Intermediaries.
(iv) Any Dispute between the Insured, the Insurer, and the Intermediaries.
A)Both: (i) and (ii), are Correct.
B)Both: (i) and (iii), are Correct.
C)Both: (ii) and (iii), are Correct.
D)Only (iv) is Correct.

Accepted Answer

The correct answer is D) Only (iv) is Correct. This is because the Grievance-Redressal Authorities (G.R.A.s) are recommended to deal with any dispute that involves the insured, the insurer, and the intermediaries, encompassing all possible disputes within the insurance sector.

Question 13

Who shall deal with the Disputes, between the Insured and the Insurer?
A)Consumer Group
B)Grievance Redressal Authorities (G.R.A.s)
C)Consumer Authority
D)Consumer Commission

Accepted Answer

Grievance Redressal Authorities (G.R.A.s) are specifically established to address and resolve disputes between the insured and the insurer, ensuring that grievances are heard and settled in an efficient manner.

Question 14

Who shall deal with the Disputes between the Insurer and the Intermediaries?
A)Consumer Authority
B)Consumer Group
C)Consumer Commission
D)Grievance-Redressal Authorities (G.R.A.)

Accepted Answer

Grievance-Redressal Authorities (G.R.A.) are specifically established to address and resolve disputes between insurers and intermediaries, ensuring a formal process for grievance redressal within the insurance sector.

Question 15

--- shall have No Jurisdiction in Cases, relating to Third-Party Motor-Vehicle Insurance and Marine Insurance.
A)Consumer Commission
B)Consumer Authority
C)Grievance Redressal Authority (G.R.A.)
D)Consumer Group

Accepted Answer

The answer of --- shall have No Jurisdiction in Cases,...

Question 16

Redressal of Public Grievances Rules, 1998 created the System of --.
A)Insurance Agency
B)Insurance-Surveyors
C)Insurance Ombudsman
D)Consumer Forum

Accepted Answer

The Redressal of Public Grievances Rules, 1998 established the system of Insurance Ombudsman to address complaints from policyholders and settle them out of court in a cost-effective, efficient, and impartial manner.

Question 17

On Which Date, was, Consumer Protection Act, formed?
A)11th April, 1974
B)24th December, 1968
C)24th December, 1986
D)22nd November, 1968

Accepted Answer

The Consumer Protection Act was formed on 24th December 1986, aiming to provide consumers with effective safeguards against different types of exploitation such as defective goods, unsatisfactory services, and unfair trade practices.

Question 18

Which One of the Following, is Not an Example of Non- Verbal Communication?
A)Signaling "Okay" with a Hand -Gesture.
B)Gesturing in an Empty Room.
C)Wearing Jewellery.
D)Raising Your Voice.

Accepted Answer

Gesturing in an empty room is not an example of non-verbal communication because there is no one to receive the message.

Question 19

Non-Verbal Communication is made up of --.
A)Behavior, Other Than the Words, that is intended to convey a Message
B)Body-Language Actions
C)Any Instance, in which, a Stimulus, Other Than the Words, creates a Meaning in either a Sender's Mind or a Receiver's Mind
D)All Human Behavior

Accepted Answer

The answer of Non-Verbal Communication is made up of --.
A)Behavior,...

Question 20

Identify the Place-of-Origin of Modern-Day Insurance.
A)Vatican City in Rome
B)Hanging Gardens of Babylon
C)Lloyds Coffee House in London
D)Big Apple in New York

Accepted Answer

The modern-day insurance industry can trace its origins back to Lloyd's Coffee House in London, which in the late 17th century became a meeting place for shipowners, merchants, and sailors to discuss and transact business, including the sharing of risk in exchange for premiums - essentially, the birth of modern insurance.

Quiz 6: Service Quality Indicators, Customer Lifetime Value, and Consumer Protection Laws and Regulations

Which One of the Following, is Not a Direct Indicator of Service-Quality?

Which One of the Following, is Not a Contributor, towards Customer Life-Time Value?

Choose the Correct Expand ed Form for I.G.M.S.

--- are a Set of Rules and Regulations that set the Rules and Guide-Lines, to effectively address the Complaints and Grievances of Policy-Holders.

The --- has framed the Rules, known as, Redressal of Public Grievances Rules, 1998.

The Assignment or Transfer, upon the Reasons, In- Writing, to be communicated to the Policy-Holder, Subject to such Decision being challenged, by Way of Petition, before the --.

The Insured can resolve a Dispute, by approaching the Ombudsman, under --.

Which of the Following, is the Main Objective of Consumer Protection Act? (i) To Protect the Interests of the Policy-Holders. (ii) To Protect the Interests of the Investors. (iii) To Provide a Simple, Speedy, and In-Expensive Redressal to the Consumer-Grievances.

"Redressal of Public Grievances Rules, 1998", came into Force on --.

Which of the Following, is an Objective of Redressal of Public Grievances Rules? (i) Aim at Resolving the Complaints, Relating to the Settlement of Disputes. (ii) Protection of Consumers' Interests. (iii) Providing the Grievances to Consumers.

Which of the Following, is, a Function of Ombudsman? (i) Redressal of Grievances to Consumer. (ii) Protection of Consumer's Interests. (iii) Redressal of Grievances from the Policy-Holders.

Who shall deal with the Disputes, between the Insured and the Insurer?

Who shall deal with the Disputes between the Insurer and the Intermediaries?

--- shall have No Jurisdiction in Cases, relating to Third-Party Motor-Vehicle Insurance and Marine Insurance.

Redressal of Public Grievances Rules, 1998 created the System of --.

On Which Date, was, Consumer Protection Act, formed?

Which One of the Following, is Not an Example of Non- Verbal Communication?

Non-Verbal Communication is made up of --.

Identify the Place-of-Origin of Modern-Day Insurance.