Question 1
Which legislation is widely regarded as the first comprehensive statute to regulate insurance business in India?
Correct Answer:
The Insurance Act, 1938
Question 2
Life insurance business in India was nationalised in 1956 through:
Correct Answer:
The Life Insurance Corporation Act, 1956
Question 3
General insurance business in India was nationalised in 1972, leading to the formation of:
Correct Answer:
The General Insurance Corporation of India and four subsidiary companies
Question 4
The Insurance Regulatory and Development Authority Act, 1999 primarily aimed to:
Correct Answer:
Establish a statutory regulator and enable private participation in insurance
Question 5
Under the Insurance Act, 1938 framework taught at Licentiate level, 'insurance business' regulation covers:
Correct Answer:
Life, general, and health insurance operations subject to the Act and IRDAI rules
Question 1
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Prepare with the III IC-14 Practice Questions - III IC-14 Regulations of Insurance Business (Insurance Institute of India) Exam practice quiz. This question bank includes 100 questions covering insurance, life, irdai, india, and business. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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III IC-14 Practice Questions - III IC-14 Regulations of Insurance Business (Insurance Institute of India) Exam

This practice set contains 100 questions from the matching question bank and focuses on insurance, life, irdai, india, and business. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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