Question

What is the main reason behind the idea of insurance?

a.

To anticipate and predict events

b.

To cause economic loss and grief

c.

To provide aid to affected individuals

d.

To create a system of sharing and mutual support

Posted under IC38 Life Insurance Agent Exam

Answer: (d).To create a system of sharing and mutual support Explanation:The main reason behind the idea of insurance is to create a system of sharing and mutual support.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the main reason behind the idea of insurance?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Which traders paid extra money to their lenders to write off loans if shipments were lost or stolen?

View solution

Q. In which societies did Greeks and English people practice advance payment to take care of family members who died?

View solution

Q. What did traders of Rhodes do to share losses if any of them lost their goods due to jettison?

View solution

Q. Where did the origins of modern commercial insurance start?

View solution

Q. Which company is considered to be the first life insurance company in the world?

View solution

Q. When did modern insurance in India begin?

View solution

Q. Which was the first life insurance company to be set up in India?

View solution

Q. Which was the first Indian insurance company?

View solution

Q. Which is the oldest insurance company in India?

View solution

Q. When was the Insurance Act 1938 passed in India?

View solution

Q. When was the life insurance business nationalized in India?

View solution

Q. When was the non-life insurance business nationalized in India?

View solution

Q. Which committee recommended the opening of the insurance market for competition in India?

View solution

Q. When was the insurance market in India liberalized?

View solution

Q. What is the role of the Insurance Regulatory and Development Authority of India (IRDAI)?

View solution

Q. What is the maximum percentage of paid-up equity capital that foreign investors are now allowed to hold in an Indian insurance company?

View solution

Q. What type of insurance can foreign insurers now establish branches for in India?

View solution

Q. How many life insurance companies are currently operating in India?

View solution

Q. How many general insurance companies are there in India?

View solution

Q. Which is the reinsurance company in India?

View solution
View All MCQs on IC38 Life Insurance Agent Exam

Recommended Subjects

Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Irrigation Engineering

Master the science of Irrigation Engineering with our dedicated category. Explore...

Instrumentation Transducers

Master the art of instrumentation and transducers with our specialized category....

Basic Electrical Engineering

Master the fundamentals of Electrical Engineering with our specialized category....

Foundation Engineering

Master the principles of Foundation Engineering with our specialized category....

Food Engineering

Explore the fascinating world of Food Engineering with our specialized category....

DC Machines

Dive into the fundamentals of direct current (DC) machines with our specialized...

Geotechnical Engineering

Dive into the world of Geotechnical Engineering with our dedicated category. Explore...

Concrete Technology

Welcome to Concrete Technology, a category that unravels the secrets behind the...

Data Interpretation

Master the art of data analysis and interpretation with our Data Interpretation...