Insurance Quiz 2

A company registered under the Companies Act 1956, the total equity shares holding by a foreign company does not exceed-------of the paid-up equity capital of the Indian Company.

• 10%

• 15%

• 50%

• 26%

IRDA abbreviation

• Indian regulatory development authority

• Insurance Regulatory and Development Authority

who can file a complaint?

• A Consumer

• A group of consumers having common dispute

• Industry

• Company

_________refers to an official appointed to look into the complaints of general public regarding mal-administration by public authorities.

• Insurance Agents

• LIC

• Insurance Ombudsman

• Central Government

Reinsurance business is required to keep deposited with RBI

• 1% of Gross Premium Income

• Rs.20 Crores

• 3% of GP Income

The expenses incurred in Ombudsman's office have to be shared by the ------------in equal proportion by each industry.

• Life Insurance

• State Government

• Central Government

• IRDA

The following Legal formalities should be fulfilled

• Writing of the Document

• Registration of the same

• Attestation

• Oral promises

IRDA Act contains --------chapters and --------schedules

• 8 chapters and 3 schedules

• 5 chapters and 8 schedules

• 3 chapters and 2 schedules

• 6 Chapters and 3 Schedules

-----------------insurance is a contingent contract

• Fire

• Marine

• Life

• General

Consumer Protection of Act was enacted in the year

• 1956

• 1999

• 1986

• 1872