Insurance
Question : The novel Self-Help Group Bank Linkage Program (SHG-BLP) project, which grew into a dominant microfinance model, was piloted by ________.
Option 1: The National Bank for Agriculture and Rural Development
Option 2: Micro Finance Institutions
Option 3: The Insurance Regulatory and Development Authority
Option 4: The Securities and Exchange Board of India
Correct Answer: The National Bank for Agriculture and Rural Development
Solution : The correct answer is The National Bank for Agriculture and Rural Development.
The Self-Help Group Bank linkage program (SHG-BLP) is a major part of the strategy for delivering financial services to marginalised people in India. It was initiated by the National Bank for Agriculture and Rural Development (NABARD) in 1989 and started as a pilot project in 1992. RRBs and commercial and cooperative banks are all part of this famous Self-Help Group Bank linkage program (SHG-BLP).
Question : Which total cost is highlighted in the given statement? Statement: It does not vary directly with level of output like rent or insurance.
Option 1: Fixed cost
Option 2: Variable cost
Option 3: Semi variable cost
Option 4: None of the above
Correct Answer: Fixed cost
Solution : Total cost includes three types of cost fixed costs, variable costs and semi variable costs. Fixed cost does not varies directly with level of output like rent or insurance. Variable cost varies directly with output like payment for raw material, wages, power,etc. Semi variable cost varies with output level but not indirect proportion like salary plus commission on sales.
Hence, option A is correct.
Question : Insurance sector in India is regulated by:
Option 1: RBI
Option 2: CII
Option 3: IRDA
Option 4: SEBI
Correct Answer: IRDA
Solution : The correct option is IRDA.
The Insurance Regulatory and Development Authority of India (IRDAI) oversees the insurance industry in India.. According to the Insurance Regulatory and Development Authority Act of 1999, IRDAI is a self-governing, statutory organization. In addition to ensuring fair practices, defending the rights of policyholders, and fostering the expansion and development of the insurance sector, it is in charge of regulating and overseeing the Indian insurance market.
Question : Sun pharma Ltd., reported Net Profit after Tax of Rs. 6,10,000 for the year ended 31 st March, 2020. The relevant extract from Balance Sheet as at 31 st March, 2020 is:
Depreciation charged on Plant and Machinery Rs. 55,000, tax provided during the year Rs 15,000 and insurance claim received Rs. 50,000, gain (profit) on sale of investment Rs. 20,000 appeared in the Statement of Profit and Loss for the year ended 31st March, 2020.
Cash Flow from Operating Activities are ____________.
Option 1: Rs 6,36,000
Option 2: Rs 6,66,000
Option 3: Rs 6,96,000
Option 4: Rs 6,86,000
Correct Answer: Rs 6,86,000
Solution : Answer = Rs 6,86,000
Hence, the correct option is 4.
Question : Which of the following institutions regulates and supervises the functioning of insurance companies in India?
Option 1: Reserve Bank of India (RBI)
Option 2: Insurance Regulatory and Development Authority of India (IRDAI)
Option 3: Securities and Exchange Board of India (SEBI)
Correct Answer: Insurance Regulatory and Development Authority of India (IRDAI)
Solution : The correct answer is (b) Insurance Regulatory and Development Authority of India (IRDAI)
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for regulating and supervising the functioning of insurance companies in India. It was established under the Insurance Regulatory and Development Authority Act, 1999. The IRDAI ensures that insurance companies comply with the relevant regulations and guidelines, protects the interests of policyholders, promotes the development of the insurance sector, and maintains stability in the insurance market. The Reserve Bank of India (RBI) regulates and supervises banks, while the Securities and Exchange Board of India (SEBI) oversees the securities market in India.
Hi,
Work opportunities in insurance sector are enormous. Those who satisfy eligibility qualification works under following capacities in Insurance companies of India:
These are some indicative posts related to insurance business. However actual positions in an insurance company may vary.
Agents are not on the payrolls of the insurance company. The insurance agents get a fixed commission on each policy they (insurance-agent) manage to sell. People who wish to become insurance agents are required to undergo 100 hours of training by the respective insurance company. Once the training is complete, the candidate is eligible to appear for an online examination conducted by the Insurance Regulatory Development Authority (IRDA) with at least 50 per cent marks set for qualifying.
Composite Agent is the one who sells both life and general insurance policies. One has to put in 100 hours promoting life insurance products assuming that you are a general insurance agent. A life insurance agent, before appearing for another exam, has to dedicate 50 hours towards promoting general insurance products. A composite agent has to appear for another test also (conducted by the I.R.D.A.)The agent is supposed to renew his license after three years, by putting in another 25 hours (and 50 hours for composite insurance agent) of training. An agent can register under a development officer in any insurance company. The training institutes are accredited by the I.R.D.A. and the insurance Company merely sponsors its agent(s). An agent works with the Development Officer in the insurance Company and the credit for the policy of the insurance agents goes to the Development Officers within the organization. Nevertheless, this job is as good as freelancing. Secondly, the insurance companies also provide incentive schemes for the insurance agents from time to time.
Surveyors, Loss Adjusters and Assessors are technically qualified professionals who perform the job of assessing the losses, according to their qualifications and experience. They work as 'consultants' for the company. A surveyor with a background in mechanical engineering assesses industrial accidents. Here the surveyor would investigate, evaluate, assess, adjust and determine the liability, negotiate and then finally submit a report. A surveyor must hold either a fellowship or associate ship from one of the following:
They have to apply to the IRDA for a license that further categorizes them as Class A, B, C, or D. A surveyor, loss adjuster or assessor is the only specialized link between the insurers and the insured.
Hope this helps.
Good luck.
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