Question
Which of the following is the objective of the IRDA Act?
Solution
An Act to provide for the establishment of an Authority to protect the interests of holders of insurance policies, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972.
As the degree of product differentiation increases among the products sold in a monopolistically competitive industry, which of the following occurs?
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