Question
What is the restriction imposed on insurance agents or
intermediaries regarding commission or remuneration under the Insurance Act?Solution
Section 40. Prohibition of payment by way of commission or otherwise for procuring business: (2) No insurance agent or intermediary or insurance intermediary shall receive or contract to receive commission or remuneration in any form in respect of policies issued in India, by an insurer in any form in respect of policies issued in India, by an insurer except in accordance with the regulations specified in this regard: Provided that the Authority, while making regulations under sub-sections (1) and (2), shall take into consideration the nature and tenure of the policy and in particular the interest of the agents and other intermediaries concerned.
The 'Third-Party Liability' cover in a motor insurance policy is mandatory in India as per the:
The Private equity investors shall not hold more than _________ percent of the paid up equity share capital of the Indian insurance company.
A form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments is termed as?
What is the insurance of commercial property that protects the property from such perils as fire, theft and natural disaster?
With the implementation of the 'National Green Hydrogen Mission,' India's Green Hydrogen production capacity is likely to reach at least ______ per annum
The insurance is listed in which schedule to the Constitution of India?
The central office of the Life Insurance Corporation of India (LIC) is located at?
Which of the following is NOT a factor that affects the premium of a motor insurance policy?
Which of these changes would typically require an endorsement?
The primary categories of insurance business in India are:
