Question

Read the following passage and answer the questions 1 x 5=5 Marks Insurance industry in India has seen a major growth in the last decade along with an introduction of a huge number of advanced products. This has led to a tough competition with a positive and healthy outcome. Insurance sector in India plays a dynamic role in the wellbeing of its economy. It substantially increases the opportunities for savings amongst the individuals, safeguards their future and helps the insurance sector form a massive pool of funds. With the help of these funds, the insurance sector highly contributes to the capital markets, thereby increasing large infrastructure developments in India. The Indian Insurance Sector The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-life Insurance. The Non-life Insurance sector is also termed as General Insurance. Both the Life Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and Development Authority of India). The role of IRDA is to thoroughly monitor the entire insurance sector in India and also act like a custodian of all the insurance consumer rights. This is the reason all the insurers have to abide by the rules and regulations of the IRDAI. The Insurance sector in India consists of total 57 insurance companies. Out of which 24 companies are the life insurance providers and the remaining 33 are non-life insurers. Out of which there are seven public sector companies. Life insurance companies offer coverage to the life of the individuals, whereas the non-life insurance companies offer coverage with our day-to-day living like travel, health insurance, our car and bikes, and home insurance. Not only this, but the non-life insurance companies provide coverage for our industrial equipment’s as well. Crop insurance for our farmers, gadget insurance for mobiles, pet insurance etc. are some more insurance products being made available by the general insurance companies in India. The life insurance companies have gained an investment prospectus in the recent times with an idea of providing insurance along with a growth of your savings. But, the general insurance companies remain reluctant to offer pure risk cover to the individuals. 1. Competition in any field leads to----------------. a) A healthy and positive outcome. b) An unhealthy and negative outcome. c) A healthy and negative outcome. d) An unhealthy and positive outcome. 2. Insurance Sector contributes to ---------------- a) An economic growth of the state b) An economic growth of the country. c) An economic growth of a person. d) An infrastructure growth of the country. 3. You purchased a car from Maruti Showroom and decided to do your own and the car insurance. Under which category it would fall. a) Life-Insurance b) Non-life insurance. c) Life Insurance and None-life insurance. d) None of the above. 4. Non-life insurance companies cover5. Choose an appropriate preposition that does not go with the word Abide a) Abide by b) Abide in c) Abide with d) Abide off​

Answer 1

Answer:

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1. A
2. B
3. D
4. Cvvcv
5. A

Answer 2

Answer:

1. A.

2. B.

3. D.

4. C.

5. A.

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