Question

How is a Composite Broker defined in IRDA regulations?

a.

An insurance broker handling both life and general insurance

b.

An insurance broker licensed to act on behalf of clients for remuneration

c.

An insurance broker arranging insurance and reinsurance for clients

d.

An insurance broker holding a licence to act as an agent for insurers

Answer: (c).An insurance broker arranging insurance and reinsurance for clients Explanation:A Composite Broker, licensed by the Authority, arranges insurance for its clients with insurance companies and/or reinsurance for its client/s for remuneration.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. How is a Composite Broker defined in IRDA regulations?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. What is the distinguishing feature of a Corporate Agent?

Q. What is the scope of a Composite Corporate Agent's licence?

Q. What entities are eligible to obtain an Insurance Broker license according to IRDA regulations?

Q. What types of entities can be appointed as Corporate Agents according to IRDA regulations?

Q. What are the minimum qualification requirements for Agents based on the population of the area where the applicant resides?

Q. What are the permissible types of entities recognized by the Authority to act as Insurance Brokers?

Q. Which organizations are eligible to be appointed as Corporate Agents according to IRDA regulations?

Q. In what circumstances is a minimum qualification of 10th standard required for Agents?

Q. Can an individual be granted an Insurance Broker license according to IRDA regulations?

Q. Who has the authority for issuing licenses to Insurance Brokers according to regulations?

Q. How are licenses for Corporate Agents issued and renewed?

Q. Who is authorized to issue and renew licenses for Agents?

Q. What qualifications are required for the Principal Officer of an Insurance Broker?

Q. What qualification is required for a Corporate Insurance Executive representing a Corporate Agent?

Q. What qualifications are necessary for an Individual Agent to solicit and procure business?

Q. What are the functions of an Insurance Broker according to the Regulations?

Q. How does a corporate agent identify themselves with the insurance company they represent?

Q. How does an individual agent identify themselves with the insurance company they represent?

Q. What disqualifications are applicable to applicants for an Insurance Broker license?

Q. What disqualifications are applicable to both corporate agents and individual agents?

Recommended Subjects

Are you eager to expand your knowledge beyond IC 14 Regulations of Insurance Business? 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!