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Insurance in India
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- Question 1 of 5
1. Question
1 pointsConsider the following statement about life Insurance corporation of India.
1) LIC was set up in the year of 1956.
2) It is fully government owned company.
Which of the above statement(s) is/are correct?Correct• The Life insurance industry in the country was nationalised by Government of India in 1956 and a fully government owned company, the life Insurance Corporation of India was established.
Incorrect• The Life insurance industry in the country was nationalised by Government of India in 1956 and a fully government owned company, the life Insurance Corporation of India was established.
- Question 2 of 5
2. Question
1 pointsInsurance Reforms committee was set up in April 1993 under the chairmanship of _____________.
Correct• Insurance Reforms Committee was set up in April 1993 under the chairmanship of the Ex-RBI Governor R.N. Malhotra.
Incorrect• Insurance Reforms Committee was set up in April 1993 under the chairmanship of the Ex-RBI Governor R.N. Malhotra.
- Question 3 of 5
3. Question
1 pointsConsider the following statement about ‘Insurance Regulatory and Development Authority (IRDA)’
1) IRDA was set up in 1995
2) It consists of one chairman and five members.
Which of the above statement(s) is/are correct?Correct• IRDA was set up in 2000 under the IRDAI Act 1999.
• It is a ten-member body consisting of a chairman, five full time and four part time members appointed by government of India.Incorrect• IRDA was set up in 2000 under the IRDAI Act 1999.
• It is a ten-member body consisting of a chairman, five full time and four part time members appointed by government of India. - Question 4 of 5
4. Question
1 pointsConsider the following statement about ‘Deposit insurance and credit guarantee Corporation’.
1) Deposit Insurance had been introduced in India out of concerns to protect depositors, ensure financial stability, instil confidence in the banking system.
2) It was set up in 1978
Which of the following statement(s) is/are correct?Correct• DICGC was set up in 1978 by merging the Deposit Insurance corporation and the Credit Guarantee Corporation.
• It was set up to protect to protect depositors and ensure financial stability and confidence in the banking system.Incorrect• DICGC was set up in 1978 by merging the Deposit Insurance corporation and the Credit Guarantee Corporation.
• It was set up to protect to protect depositors and ensure financial stability and confidence in the banking system. - Question 5 of 5
5. Question
1 pointsConsider the following statement about ‘Pradhan Mantri Fasal Bima Yojana’
1) Scheme was launched in 2016
2) It is a centre-sector scheme
3) The scheme even covers oilseed crops.
Choose the correct option using code below:-Correct• PMFBY was started in 2016 and this is a centrally sponsored scheme to be implemented by states and also covers oil seeds.
Incorrect• PMFBY was started in 2016 and this is a centrally sponsored scheme to be implemented by states and also covers oil seeds.