All Questions

Insurance

Follow
Showing 41 - 50 out of 135 Questions
19 Views

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

Team Careers360 7th Jan, 2024

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).

6 Views

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


 

Team Careers360 14th Jan, 2024

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.

23 Views

Question : Insurance sector in India is regulated by:

 

Option 1: RBI

Option 2: CII

Option 3: IRDA

Option 4: SEBI

Team Careers360 2nd Jan, 2024

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.

10 Views

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:

Particulars 31st march, 2020(Rs) 31st march, 2019(Rs)
Inventories 1,15,000 1,25,000
Prepaid Expenses 20,000 6,000
Trade Payables 1,10,000 80,000
Provision for Tax 20,000 15,000

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

Team Careers360 11th Jan, 2024

Correct Answer: Rs 6,86,000


Solution :  Answer = Rs 6,86,000

Provision for tax a/c
To Cash(paid) 1,000 By Bal b/d 15,000
To bal c/d 20,000 By tax provided 15,000
  30,000   30,000

 

N.P After charging Tax and Extraordinary items 6,10,000
(+) Tax charged 15,000
(-) Insurance claim received (50,000)
NP Before tax and Extraordinary items 5,75,000

 

Cash flow from operating activities
NP before tax 5,75,000
(+) Dep 55,000
(-) Profit on sale of fixed asset (20,000)
op. Profit Before the Change in Working Capital 6,10,000
(+)Decrease in CA/ Increase in CL  
Inventories=10,000  
Tax payable=30,000 40,000
(-)Increase in CA/ Decrease in CL(Prepaid expenses) (14,000)
(+)Insurance claim received 50,000
Operating profit before a change in working capital 6,86,000

Hence, the correct option is 4.

16 Views

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)

 

Option 4: None of the above

Team Careers360 12th Jan, 2024

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.

 

48 Views

i want to make a career in insurance industry,which is the most respect courses in insurance sector in india,

pri111nah 6th May, 2022

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.

The question have been saved in answer later, you can access it from your profile anytime. Access now

Download the Careers360 App on your Android phone

Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile

Careers360 App
150M+ Students
30,000+ Colleges
500+ Exams
1500+ E-books