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Sample Reading Comprehension - 8 | HPSC Preparation: All subjects - HPSC (Haryana) PDF Download

Directions: Read the passage and answer the questions that follow:
Insurance regulator IRDAI has allowed distribution of all micro -insurance products through point-ofsales (PoS), with an aim further increase insurance penetration in the country.
The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of society. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.
Agreeing to the suggestions of insurance companies, IRDAI in a circular has done away with the practice of pre-fixing the word ‘PoS’ on life, general and health products sold through PoS. The regulator said it has received representations from insurance companies requesting to do away with the prefix ‘POS’ in the product name.
Insurers made representations to change the norms that made it mandatory for every policy sold through the ‘Point of Sales Persons’ to be separately identified and pre-fixed by the name ‘POS’. IRDAI said the requirement was to identify the person involved in the sales process.
The IRDAI (Protection of Policyholder’s Interest) Regulations, 2017, under the matters to be stated in life, general and health insurance policy, makes it mandatory to give the details of the person involved in the sales process. “By virtue of this requirement, the need to have the prefix ‘PoS’ becomes redundant as the insurance policy itself will carry the details of the person selling such a policy,” the regulator said. The Authority, “hereby, discontinues requirements” of using the word ‘PoS’ prefixed before the PoS product name for life, general and health products.
Similarly, IRDAI said it has been observed that advantages such as higher insurance penetration, lower prices, increased choice to customers, which would otherwise accrue to the policyholder by making micro-insurance products available through POS channel are being lost. “Therefore, the Authority after reviewing the position, hereby allows all Micro Insurance products of Life, General and Health insurance to be distributed through the POS also,” the circular said.
On the manner of dealing with cases of health/personal accident (PA) policies where sum insured crosses the limit specified under the POS guidelines, IRDAI said the sponsoring entity is allowed to recognise such policies as being sourced by the POS and pay the fees to the POS. 

Question for Sample Reading Comprehension - 8
Try yourself:Which among the following is /are correct regarding the Micro Insurance policies issued by insurance companies in India?
I. Micro Insurance policies are meant to give coverage to people who  belong to the underprivileged section of the society
II. Micro Insurance policies are such that the sum assured in these policies is Rs 50000 or less than that.
III. Micro Insurance policies are only issued by banks and insurance companies because others are not authorized by IRDAI to issue such policies
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Question for Sample Reading Comprehension - 8
Try yourself:Which among the following is correct regarding the objective of IRDAI to allow the distribution of micro insurance policies through the POS delivery channel?
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Question for Sample Reading Comprehension - 8
Try yourself:Which among the following is/are correct regarding the benefits that were not there before the decision of the IRDAI allowing the micro insurance products to be sold through the POS channel?
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Question for Sample Reading Comprehension - 8
Try yourself:Which among the following correctly explains the reason of the new guidelines of the IRDAI regarding the withdrawal of the prefix POS in the names of the insurance policies sold by POS?
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Question for Sample Reading Comprehension - 8
Try yourself:Which among the following is/are correct as per the information given the passage?
I. The POS channel can also be used to distribute policies of insurance beyond the permissible limit of coverage.
II. The insurance companies are mainly responsible behind the decision of the IRDAI to remove the prefix ‘POS’ from the names of the insurance products.
III. The POS channel of distribution of insurance products will be used by IRDAI only and no insurance company will be able to use it
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Question for Sample Reading Comprehension - 8
Try yourself:Which among the following is opposite in meaning to the word Mandatory as used in the passage?
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The document Sample Reading Comprehension - 8 | HPSC Preparation: All subjects - HPSC (Haryana) is a part of the HPSC (Haryana) Course HPSC Preparation: All subjects.
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FAQs on Sample Reading Comprehension - 8 - HPSC Preparation: All subjects - HPSC (Haryana)

1. What is the HPSC (Haryana Public Service Commission) exam?
Ans. The HPSC exam, also known as the Haryana Public Service Commission exam, is a competitive exam conducted by the Haryana Public Service Commission. It is held to recruit candidates for various administrative services and government positions within the state of Haryana, India.
2. What are the eligibility criteria for the HPSC exam?
Ans. The eligibility criteria for the HPSC exam are as follows: - The candidate must be a citizen of India. - The candidate must have a bachelor's degree from a recognized university. - The age limit for most of the posts is between 21 to 42 years, although it may vary for different categories and positions. - The candidate must meet the specific physical and medical standards, if applicable.
3. How can I apply for the HPSC exam?
Ans. To apply for the HPSC exam, follow the steps below: 1. Visit the official website of the Haryana Public Service Commission. 2. Look for the "Apply Online" link on the homepage and click on it. 3. Register yourself by providing the required details and creating a unique login ID and password. 4. Fill in the application form with accurate personal, educational, and contact information. 5. Upload the necessary documents, such as a scanned photograph and signature, as per the specified format and size. 6. Pay the application fee online through the available payment modes. 7. Submit the application form and take a printout of the confirmation page for future reference.
4. What is the selection process for the HPSC exam?
Ans. The selection process for the HPSC exam typically consists of three stages: 1. Preliminary Examination: This is an objective type exam that tests the candidate's knowledge in subjects such as General Studies, General Science, Current Affairs, and others. The candidates who qualify in this stage move to the next round. 2. Main Examination: The main exam is a descriptive type exam that assesses the candidate's proficiency in subjects like General English, Hindi, General Studies, and Optional Subjects. The marks obtained in this stage are considered for the final selection. 3. Interview: The final stage is a personal interview conducted by the HPSC board to evaluate the candidate's personality, communication skills, and overall suitability for the position. The marks obtained in the interview are added to the main exam marks for the final selection.
5. What are the best books to prepare for the HPSC exam?
Ans. Some recommended books for HPSC exam preparation are: - "Indian Polity" by M. Laxmikanth - "Indian Economy" by Ramesh Singh - "Certificate Physical and Human Geography" by Goh Cheng Leong - "General Studies Paper I" by Arihant Experts - "History of Modern India" by Bipan Chandra These books cover the syllabus comprehensively and provide in-depth knowledge of the subjects required for the HPSC exam. It is also advisable to refer to previous years' question papers and practice mock tests to gauge the exam pattern and improve time management skills.
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