Insurance Companies
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Indian Economy and Indian Financial System — JAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
Which regulatory authority governs the insurance sector in India?
The Insurance Regulatory and Development Authority of India (IRDAI) governs and supervises the insurance sector in India.
What is the full form of IRDAI?
Insurance Regulatory and Development Authority of India
In which year was IRDAI established as a statutory body?
IRDAI was established as a statutory body in 2000 under the IRDA Act, 1999.
What is the minimum paid-up capital required to start a general insurance company in India?
Rupees 100 crore minimum paid-up capital required
What are the two broad categories of insurance business in India?
Insurance business in India is broadly classified into Life Insurance and General (Non-Life) Insurance.
Which principle of insurance states that the insured must not profit from a claim?
Principle of indemnity prevents profit from insurance claims
Which public sector undertaking holds the largest share of life insurance business in India?
Life Insurance Corporation of India (LIC) is the largest public sector life insurer, established under the LIC Act, 1956.
What is a 'money-back policy' in life insurance?
Policy paying periodic survival benefits during policy term
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