Question

Which among the following is the regulatory body for the insurance industry in India?

a.

Insurance Authority of India

b.

Insurance Regulatory and Development Authority of India

c.

Life Insurance Corporation of India

d.

General Insurance Corporation of India

Posted under IC38 Life Insurance Agent Exam

Answer: (b).Insurance Regulatory and Development Authority of India Explanation:The regulatory body for the insurance industry in India is the Insurance Regulatory and Development Authority of India (IRDAI). The Insurance Authority of India, Life Insurance Corporation of India (LIC), and General Insurance Corporation of India (GIC) are not the regulatory bodies but are entities within the insurance industry in India.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Which among the following is the regulatory body for the insurance industry in India?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the fundamental principle of insurance?

View solution

Q. How is the economic loss due to loss or destruction of assets compensated in insurance?

View solution

Q. In the case of death and disability, how does the mechanism of pooling risks work?

View solution

Q. What is the primary role of an insurer in the insurance process?

View solution

Q. What is the fundamental requirement for insurance to take place?

View solution

Q. What is a "peril" in the context of insurance?

View solution

Q. What is the primary purpose of pooling in insurance?

View solution

Q. What role does the insurer play in the insurance process?

View solution

Q. How does insurance reduce the "burden of risk"?

View solution

Q. What is the primary burden of risk in insurance?

View solution

Q. What is an example of the primary burden of risk?

View solution

Q. What is the secondary burden of risk in insurance?

View solution

Q. What is one of the physical and mental strains caused by the secondary burden of risk?

View solution

Q. Why is transferring the risk to an insurer important in managing the secondary burden of risk?

View solution

Q. Which among the following is a secondary burden of risk?

View solution

Q. What is the principle that underlies insurance contracts?

View solution

Q. How do insurance companies reduce risk in financial markets?

View solution

Q. In the context of risk reduction, what does "Diversification" involve?

View solution

Q. How do funds flow in the principle of mutuality?

View solution

Q. What creates a potential corpus of money in insurance contracts?

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!

Electrical Measurement and Instrumentation

Unlock the world of electrical measurements with our dedicated category. Explore...

Waste Water Engineering

Navigate the challenges of wastewater treatment and management with our Waste Water...

Data Interpretation

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

Human Anatomy and Physiology

Embark on a journey through the human body with our Human Anatomy and Physiology...

Biochemistry

Delve into the intricate world of Biochemistry with our Biochemistry category....

IC38 Life Insurance Agent Exam

Prepare for success in the Insurance Institute of India (III) IC38 IRDA examination...

Molecular Biology

Dive into the intricate world of molecular biology with our specialized category....

Non Verbal Reasoning

Enhance your cognitive abilities with our Non-Verbal Reasoning category. Dive into...

Heat Transfer

Explore the fascinating world of heat transfer with our Heat Transfer category....