Insurance
Question : Which of the following is not a common product offered by microfinance institutions in India?
Option 1: Credit cards
Option 2: Personal loans
Option 3: Insurance products
Option 4: Savings accounts
Correct Answer: Credit cards
Solution : The correct option is Credit cards.
In India, credit cards are not a frequently given product by microfinance organisations. Typically, microfinance organisations concentrate on offering financial services to low-income and underprivileged community members, including individuals and small enterprises. These services frequently include insurance
Question : Which of the following institutions regulates and supervises the functioning of insurance companies in India?
Option 1: Reserve Bank of India (RBI)
Option 2: Insurance Regulatory and Development Authority of India (IRDAI)
Option 3: Securities and Exchange Board of India (SEBI)
Option 4: None of the above
Correct Answer: Insurance Regulatory and Development Authority of India (IRDAI)
Solution : The correct answer is (b). Insurance Regulatory and Development Authority of India (IRDAI).
The IRDAI is the regulatory and supervisory body responsible for overseeing the functioning of insurance companies in India. It was established under the Insurance Regulatory
Question : In which year was the Insurance Regulatory and Development Authority of India set up?
Option 1: 2002
Option 2: 1999
Option 3: 2011
Option 4: 1995
Correct Answer: 1999
Solution : The correct answer is 1999.
In line with the suggestions of the Malhotra Committee report in 1999, the Insurance Regulatory and Development Authority (IRDA) was established as an independent entity to oversee and foster the growth of the insurance sector. Formally constituted as a statutory
Question : Who took charge as the chairman of The Insurance Regulatory and Development Authority of India in March 2022?
Option 1: Debasish Panda
Option 2: Ajay Bhushan Pandey
Option 3: Sanjeev Sanyal
Option 4: Ashwin Yardi
Correct Answer: Debasish Panda
Solution : The Correct Option is Debasish Panda
Shri Debasish Panda is an Indian Administrative Service officer from the Uttar Pradesh cadre, class of 1987. Odisha is the State he is from. On March 14, 2022, he began serving as Chairman of the Insurance Regulatory and
Question : In 2019, the Export Credit Guarantee Corporation of India (ECGC) introduced the Export Credit Insurance Scheme(ECIS) called ______.
Option 1: NIRANKUSH
Option 2: NIRUKT
Option 3: NIRVAY
Option 4: NIRVIK
Correct Answer: NIRVIK
Solution : The correct answer is NIRVIK.
NIRVIK stands for Niryat Rin Vikas Yojana. The scheme was announced by the Export Credit Insurance Scheme (ECIS) to enhance loan availability and ease the lending process. The scheme was introduced to provide enhanced insurance coverage and reduce the
Question : In which city is the head office of the Insurance Regulatory and Development Authority of India (IRDAI) situated?
Option 1: Hyderabad
Option 2: Mumbai
Option 3: Kolkata
Option 4: New Delhi
Correct Answer: Hyderabad
Solution : The correct option is Hyderabad
The head office of the Insurance Regulatory and Development Authority of India (IRDAI) is located in Hyderabad, Telangana, India. It was established by the Government of India in 1999 as an autonomous and statutory body. The primary objective of IRDAI
Question : Directions: Study the given diagram carefully and answer the question. The numbers in different sections indicate the number of persons.
How many men are sales executives in the insurance industry?
Option 1: 47
Option 2: 33
Option 3: 31
Option 4: 39
Correct Answer: 31
Solution : In the diagram, the shaded parts represent the men who are sales executives in the insurance industry.
Thus, the number of men who are sales executives in the insurance industry = 31. Hence, the third option is correct.
Question : Who is the regulator of the insurance sector in India?
Option 1: IRDAI
Option 2: RBI
Option 3: SEBI
Option 4: PFRDA
Correct Answer: IRDAI
Solution : The correct answer is (a) IRDAI (Insurance Regulatory and Development Authority of India).
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body responsible for overseeing and regulating the insurance industry in India. It was established in 1999 under the Insurance Regulatory
Question : The novel Self-Help Group Bank Linkage Program (SHG-BLP) project, which grew into a dominant microfinance model, was piloted by ________.
Option 1: The National Bank for Agriculture and Rural Development
Option 2: Micro Finance Institutions
Option 3: The Insurance Regulatory and Development Authority
Option 4: The Securities and Exchange Board of India
Correct Answer: The National Bank for Agriculture and Rural Development
Solution : The correct answer is The National Bank for Agriculture and Rural Development.
The Self-Help Group Bank linkage program (SHG-BLP) is a major part of the strategy for delivering financial services to marginalised people in India. It was initiated
Question : Which total cost is highlighted in the given statement? Statement: It does not vary directly with level of output like rent or insurance.
Option 1: Fixed cost
Option 2: Variable cost
Option 3: Semi variable cost
Correct Answer: Fixed cost
Solution : Total cost includes three types of cost fixed costs, variable costs and semi variable costs. Fixed cost does not varies directly with level of output like rent or insurance. Variable cost varies directly with output like payment for raw material, wages, power,etc. Semi variable
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