For the following questions answer them individually
Consider the following statements regarding Paid up Policy:
(a) It is an insurance policy that requires no further premium payments to be made.
(b) In such a policy, the sum assured is reduced in accordance with the paid premiums.
(c) Insurance company does not provide interest on premium Select the correct answer using the codes given below:
Which of the following statements is/are correct regarding the Insurance Regulatory
and Development Authority?
(a) Its aims at the protection of the interests of the policy holders.
(b) As laid down in section 14 of IRDA Act, 1999 it has powers of undertaking inspection of, conducting enquiries and investigations into all the companies of insurance business.
(c) It is an authority of State Government
Select the correct answer using the codes given below:
What does ‘subscription policy’ imply in the field of insurance?
(a) It is a policy shared by two or more insurers.
(b) In a subscription policy, each insurer assumes a portion of the risk.
(c) A maxiumum of three companies can cake part in it Select the correct answer using the codes given below: