Discuss the powers, duties and scope of IRDA. Ans:- Meaning- Insurance regulatory development authority is a statutory body which is formed by the Parliament. So IRDA act 1999 was formed for the purpose of supervision and development in the insurance sector of India. However, the insurance system of India is governed by the insurance act …
Discuss the advantages and disadvantages of the private insurance sector. Ans:- Meaning:- Private insurance companies means when the government has no direct control over the insurance company it is called private companies. When the control of business is in the hands of the private. They can manage tasks as per their choice. In other words:- …
What is life Insurance? Discuss the features of Life Insurance and General Insurance. Ans:- Meaning of Life Insurance – Life insurance is a contract in which an insurance company in consideration of a premium undertakes to pay a certain sum of money either on the death of the policyholder to his/her nominees or on the …
characteristics of insurance
Write a note on the importance of insurance for a developing country like India. Write a note on the importance of insurance for a developing country like India. Ans:- Meaning of insurance:- Insurance is a process whereby a loss is suffered by an individual, shared by a group of persons from the pool of funds. …
Discuss the concept and meaning of insurance and its functions. Ans:- Meaning :- Insurance is a process whereby a loss is suffered by an individual, shared by a group of persons from the pool of funds. It covers physical and assets potential loss in the future. Thus it is a service which is provided on …