Insurance Sector in India: Quiz-3
1. In context of heath insurance, under which policy the insurer pays the total or partial amount of the insured person’s hospital bills?
[B]Hospital Daily Cash Benefit policy
[C]Critical Illness benefit policy
[D]All of the above
Answer: Hospitalization policy
The Hospitalization policy covers, fully or partly, the actual cost of the treatment for hospital admissions during the policy period. This is a wider form of coverage applicable for various hospitalization expenses, including expenses before and after hospitalization for some specified period. Such policies may be available on individual sum insured basis, or on a family floater basis where the sum insured is shared across the family members.
2. In which year, Insurance Regulatory and Development Authority (IrDA) was constituted?
Insurance Regulatory and Development Authority (IRDA) was constituted in 1999 as an autonomous body to regulate and develop the insurance industry.
3. The headquarters of IRDA is located in –
The headquarters of Insurance Regulatory and Development Authority (IRDA) of India is located in Hyderabad.
4. Which was the first Life Insurance company in India?
[A]India Life Assurance company
[B]New India Life Assurance company
[C]Royal Insurance company
[D]Oriental Life Insurance company
Answer: Oriental Life Insurance company
The Oriental Life Insurance Company was the first Life Insurance company in India that was established in Calcutta in 1818, though it failed in 1834.
5. On which date, nationalisation of private insurance sector in India took place?
[D]September 1, 1956
Answer: January 19,1956
On January 19,1956, the nationalisation of private insurance sector in India took place and Life Insurance Corporation came into existence by the Life Insurance of India Act on September 1, 1956. In it, more than 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.
6. In which year, Indian Insurance Companies Act was enacted?
In 1928, Indian Insurance Companies Act was enacted that enabled the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies.
7. On which date, general insurance business in India was nationalized?
Answer: January 1,1973
In January 1,1973, the general insurance business in India was nationalized by the General Insurance Business (Nationalisation) Act, 1972.
8. In which year, the General Insurance Corporation of India (GIC) was incorporated as a company?
The General Insurance Corporation of India (GIC) was incorporated as a company in 1971 and it started business on January 1,1973. It was formed to control and operate the business of general insurance in India.