Question

What is the primary goal of micro-insurance?

a.

Maximizing profits for insurance companies

b.

Providing insurance coverage to affluent individuals

c.

Offering insurance products exclusively for urban areas

d.

Providing insurance cover to low-income individuals at affordable rates

Answer: (d).Providing insurance cover to low-income individuals at affordable rates Explanation:The primary goal of micro-insurance is to provide insurance cover to poor and low-income people at affordable rates.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the primary goal of micro-insurance?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. In the context of micro-insurance, what is the role of micro finance institutions (MFIs)?

Q. What are some scenarios where micro-insurance can be beneficial?

Q. What role does the insurance company play in micro-insurance?

Q. What are some risks covered under micro-insurance?

Q. Which of the following is not a product offered under micro-insurance?

Q. In what situations can micro-insurance be particularly beneficial?

Q. What is the ultimate aim of microfinance?

Q. Who is credited with conceiving the idea of forming a microcredit institution during a great famine in Bangladesh?

Q. Which of the following is the most well-known international example of a microcredit institution?

Q. When did the concept of micro-financing receive global appreciation?

Q. What was recommended by the Consultative Group regarding the status of micro-insurance in India?

Q. What suggestion was made regarding the distribution channel for micro-insurance?

Q. How were micro-insurance agents proposed to be compensated for their additional services?

Q. What language recommendation was made for policy literature and documents in micro-insurance?

Q. What are the three types of entities allowed to act as micro-insurance agents according to the Micro-Insurance Regulations?

Q. What requirement needs to be fulfilled before a micro-insurance agent enters into an agreement with an insurer?

Q. How many insurers can a micro-insurance agent work for in life insurance and general insurance business, respectively?

Q. What functions may be performed by a micro-insurance agent as specified in the deed of agreement?

Q. What requirement must be met by a micro-insurance agent when employing specified persons?

Q. According to the regulations, what is the duration of training that insurers must provide to micro-insurance agents and their specified persons?

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!