 |  Insurance in India 24 Flashcards |  Start |
 | What was the primary motivation behind the nationalization of the life insurance industry in India in 1956? |  Card: 1 / 24 |
| To spread the message of life insurance for greater social security and to mobilize people's savings for nation building. | Card: 2 / 24 |
| The Agriculture Insurance Company of India Limited (AICIL) was established to primarily address the needs of ___ and to ensure a sustainable actuarial regime. | Card: 3 / 24 |
| Farmers | Card: 4 / 24 |
| True or False: The General Insurance Corporation of India (GIC) was formed after the nationalization of the private sector companies in the general insurance segment. | Card: 5 / 24 |
| True | Card: 6 / 24 |
| The Insurance Regulatory and Development Authority (IRDA) was established in what year? | Card: 7 / 24 |
| 2000 | Card: 8 / 24 |
| Fill in the blank: The Indian insurance industry allows ___ percent Foreign Direct Investment (FDI) under the automatic route. | Card: 9 / 24 |
| 49 | Card: 10 / 24 |
| What is the main purpose of the National Export Insurance Account (NEIA)? | Card: 11 / 24 |
| To promote medium- and long-term exports by providing credit insurance support where ECGC cannot cover. | Card: 12 / 24 |
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| True or False: The DICGC was formed by merging the Deposit Insurance Corporation and the Credit Guarantee Corporation in 1978. | Card: 13 / 24 |
| True | Card: 14 / 24 |
| What does insurance penetration measure in the context of an insurance market? | Card: 15 / 24 |
| The ratio of premium underwritten in a given year to the Gross Domestic Product (GDP). | Card: 16 / 24 |
| The Pradhan Mantri Suraksha Bima Yojana offers a renewable one-year accidental-death cover for a premium of ___ per annum. | Card: 17 / 24 |
| ₹12 | Card: 18 / 24 |
| What is the maximum percentage of Foreign Direct Investment (FDI) allowed in the Indian insurance sector under the automatic route? | Card: 19 / 24 |
| 49% | Card: 20 / 24 |
| What significant change did the Insurance Laws (Amendment) Act, 2015 bring about regarding foreign investment in Indian insurance companies? | Card: 21 / 24 |
| It increased the foreign investment cap from 26 percent to 49 percent. | Card: 22 / 24 |
| True or False: Micro insurance is primarily aimed at high-income individuals. | Card: 23 / 24 |
| False; it is designed for low-income individuals and those with limited access to traditional insurance. | Card: 24 / 24 |
| Completed! Keep practicing to master all of them. |  Restart |
