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The General Insurance Corporation of India started operation with holding companies:
1. New India Insurance Company Limited
2. National Assurance Company Limited
3. Agriculture insurance company of India Limited
Which of these statements is/are correct?
- a)None of them
- b)1 and 3 Only
- c)All of them
- d)1 and 2 Only
Correct answer is option 'D'. Can you explain this answer?
Verified Answer
The General Insurance Corporation of India started operation with hold...
The General Insurance Corporation of India (GIC) is the state-owned reinsurance company in India. It was formed in 1972 and started operations with four subsidiary companies. To determine the correctness of the statements provided, let's check the history of GIC and its subsidiaries.
The original four subsidiary companies under GIC were:
1. New India Assurance Company Limited
2. National Insurance Company Limited
3. Oriental Insurance Company Limited
4. United India Insurance Company Limited
2. National Insurance Company Limited
3. Oriental Insurance Company Limited
4. United India Insurance Company Limited
Agriculture Insurance Company of India Limited (AIC) was not one of the original subsidiaries when GIC started its operations. AIC was formed later, in 2002, to provide crop insurance to Indian farmers.
Given this information, the correct statements regarding the original holding companies of GIC are:
1. New India Assurance Company Limited
2. National Insurance Company Limited
2. National Insurance Company Limited
Therefore, the correct answer is:
4. 1 and 2 Only
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Most Upvoted Answer
The General Insurance Corporation of India started operation with hold...
The General Insurance Corporation of India (GIC) is a state-owned reinsurance company in India. It was formed in 1972 under the General Insurance Business (Nationalization) Act, 1972. GIC started its operation with holding companies, which are as follows:
1. New India Insurance Company Limited: It was founded in 1919 by Sir Dorabji Tata. It is one of the largest non-life insurance companies in India. It offers a wide range of insurance products such as motor, health, travel, home, and personal accident insurance.
2. National Assurance Company Limited: It was established in 1906. It is one of the oldest non-life insurance companies in India. It provides insurance products such as fire, marine, motor, engineering, and aviation insurance.
3. Agriculture Insurance Company of India Limited: It was incorporated in 2002 to provide insurance to farmers in India. It offers various insurance products such as crop insurance, weather-based crop insurance, and livestock insurance.
The correct answer to the given question is option 'D', i.e., none of them. The reason is that GIC started its operation with four holding companies, not three. The fourth holding company is Oriental Insurance Company Limited, which was founded in 1947. It is a subsidiary of GIC and offers various insurance products such as motor, health, travel, home, and personal accident insurance.
In conclusion, the General Insurance Corporation of India started its operation with four holding companies, i.e., New India Insurance Company Limited, National Assurance Company Limited, Agriculture Insurance Company of India Limited, and Oriental Insurance Company Limited.
1. New India Insurance Company Limited: It was founded in 1919 by Sir Dorabji Tata. It is one of the largest non-life insurance companies in India. It offers a wide range of insurance products such as motor, health, travel, home, and personal accident insurance.
2. National Assurance Company Limited: It was established in 1906. It is one of the oldest non-life insurance companies in India. It provides insurance products such as fire, marine, motor, engineering, and aviation insurance.
3. Agriculture Insurance Company of India Limited: It was incorporated in 2002 to provide insurance to farmers in India. It offers various insurance products such as crop insurance, weather-based crop insurance, and livestock insurance.
The correct answer to the given question is option 'D', i.e., none of them. The reason is that GIC started its operation with four holding companies, not three. The fourth holding company is Oriental Insurance Company Limited, which was founded in 1947. It is a subsidiary of GIC and offers various insurance products such as motor, health, travel, home, and personal accident insurance.
In conclusion, the General Insurance Corporation of India started its operation with four holding companies, i.e., New India Insurance Company Limited, National Assurance Company Limited, Agriculture Insurance Company of India Limited, and Oriental Insurance Company Limited.
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The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer?
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The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer?.
The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The General Insurance Corporation of India started operation with holding companies:1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a)None of themb)1 and 3 Onlyc)All of themd)1 and 2 OnlyCorrect answer is option 'D'. Can you explain this answer?.
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