GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IDC stands for ____
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Insurer Declared Value
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Insured Declared Value
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Interest Declared Value
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Insurance Declared Value
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Explanation:
Detailed explanation-1: -How is IDV calculated? The formula used to calculate IDV in insurance is given below: IDV= (Manufacturer’s listed selling price-depreciation) + (Accessories not included in listed selling price-depreciation) excluding registration and insurance costs.
Detailed explanation-2: -Insured Declared Value (IDV) is the maximum sum insured fixed by the insurer which is provided on theft or total loss of the insured vehicle. Basically, IDV is the current market value of the vehicle.
Detailed explanation-3: -IDV = Manufacturer’s registered price – depreciation. Insured Declared Value = (Company’s listed price – Depreciation value) + (Cost of vehicle accessories-Depreciation value of the accessories) More items
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