Question

Why does every insurance product need to be filed with IRDAI for approval before being offered for sale?

a.

To receive a Unique Identification Number (UIN) for the product

b.

To determine the market demand for the product

c.

To ensure the insurer is willing to accept the risks and pay claims

d.

To withdraw the product from the market

Posted under IC38 Life Insurance Agent Exam

Answer: (a).To receive a Unique Identification Number (UIN) for the product Explanation:Insurance products need to be filed with IRDAI to receive a Unique Identification Number (UIN) and approval.

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Q. Why does every insurance product need to be filed with IRDAI for approval before being offered for sale?
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