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).

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.

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.

Correct Answer: Rs 6,86,000

Solution :  Answer = Rs 6,86,000

Hence, the correct option is 4.

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:

• Administrative Officer
• Assistant Administrative Officer
• Development Officer
• Insurance / Composite Agents
• Insurance Surveyors
• Actuaries
• Insurance Underwriter
• Investment Professionals

These are some indicative posts related to insurance business. However actual positions in an insurance company may vary.

• Insurance Agents

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

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.

• Insurance Surveyors

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:

• The Institute of Insurance surveyors and Adjusters (IISA), Mumbai
• A degree or diploma in architecture from a recognized university or institute
• Fellowship or Associate-ship from the Institute of Chartered Accountants or Costs and Works Accountants
• A degree or diploma from a recognized institute of engineering or a degree or diploma in naval architecture.

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.

Institutes offering Insurance Courses in India :-

• Institute of Insurance and Risk Management, Hyderabad
  Plot No:1149, Road No.57, Jubilee Hills , Hyderabad - 500033

• Acharya Nagarjuna University Centre for Distance Education,
  Nagarjuna nagar Guntur Dist. - 522510
  Andhra Pradesh

• Annamalai University
  South Arcot, Vallalar , Annamalai Nagar ( Cuddalore Dist. ) - 608002
  Tamil Nadu

• Manonmaniam Sundaranar University Directorate Of Distance and Continuing Education,
  Tirunelveli - 627012
  Tamil Nadu

• Pondicherry University Directorate of Distance Education,
  R.V. Nagar, Kalapet , Puducherry - 605014

• Punjabi University Department Of Correspondence Studies
  Patiala - 147002, Punjab

• Institute of Actuaries of India
  302, Indian Globe Chambers,
  142, Fort Street, Off D N Road, Mumbai - 400 001
  Tel: +91- 22 - 67843333 Fax: +91-22 - 67843330

Hope this helps.

Good luck.