Question
Under the Insurance Act, 1938, which authority is
responsible for regulating and supervising the insurance sector in India?Solution
The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory body established under the IRDA Act, 1999 to regulate, promote, and ensure orderly growth of the insurance sector in India. While the Insurance Act, 1938 governs the framework of insurance business, IRDAI is empowered to: • Issue licenses to insurers and intermediaries • Regulate premium rates • Protect policyholders’ interests • Monitor financial health of insurance companies
Insurance is primarily a method of:
Coverage for property taken or destroyed by breaking and entering the insured’s premises, burglary or theft, forgery or counterfeiting, fraud, kidnap ...
What is the purpose of "excess" in an insurance policy?
A term policy that can be converted to permanent coverage rather than expiring on a specific date is called?
Which of the following is one who offers claims services on behalf of the insurer?
To which of the following thing we can do insurance?
“Uberrimae fidei” or "uberrima fides" means -
Circumstance including possibility of loss or no loss but no possibility of gain is termed as?
There is unlimited coverage to Third parties injury and Third party property damage is covered up to a sum of Rs ______.
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?
Relevant for Exams:
