III IC-29 Practice Questions - III IC-29 General Insurance Claims Exam

In motor insurance, what does 'Constructive Total Loss' (CTL) refer to?

When the vehicle is stolen and untraceable When the vehicle is completely destroyed by fire When the cost of retrieval and repair exceeds 75% of the Insured Declared Value (IDV) When the policyholder refuses to accept a partial repair

Correct Answer:

When the cost of retrieval and repair exceeds 75% of the Insured Declared Value (IDV)

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