Insurance - Study Mode

[#466] Oldest (1818) life insurance company is:
Correct Answer

(C) Oriental Life Insurance Company

Explanation

Solution: The Oriental Life Insurance Company was started by Europeans in Calcutta in 1818 to cater to the growing numbers of Britishers in India.

[#467] Insurance is listed in the Constitution of India in _________scheduled as Union List subject:
Correct Answer

(C) Seventh

Explanation

Solution: Insurance is listed in the Constitution of India in Seventh scheduled as Union List subject.

[#468] Insurance is legislated by:
Correct Answer

(C) Central Government

Explanation

Solution: Insurance is legislated by Central Government. Insurance in India covers both, public and private sector organisations. It is listed in the Seventh Schedule as a Union List subject in the Constitution of India. It can only be legislated by the Central government.

[#469] Which of the following is not the principle of insurance:
Correct Answer

(C) Maximization of Profit

Explanation

Solution: Maximization of Profit is not the principle of insurance. There are seven basic principles that create an insurance contract between the insured and the insurer: Utmost Good Faith, Insurable Interest, Proximate Cause, Indemnity, Subrogation, Contribution and Loss Minimization.

[#470] A _________ is a formal legal document used by insurance companies that provides details about the product.
Correct Answer

(D) Prospectus

Explanation

Solution: A Prospectus is a formal legal document used by insurance companies that provides details about the product.