Question

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

a.

Luxury item protection

b.

Loss of income due to job change

c.

Death of the bread earner, funeral expenses, and asset risks

d.

Home decoration coverage

Posted under IC 14 Regulations of Insurance Business

Answer: (c).Death of the bread earner, funeral expenses, and asset risks Explanation:There are scenarios where micro-insurance can be beneficial, including death of the bread earner, funeral expenses, loss of small-scale assets due to perils, livestock damage, and crop damage.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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

View solution

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

View solution

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

View solution

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

View solution

Q. What is the ultimate aim of microfinance?

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

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

View solution

Q. How is the remuneration for a micro-insurance agent determined for single premium life insurance policies?

View solution

Q. What information should be included in the policy documents for group micro-insurance contracts, according to the regulations?

View solution
View All MCQs on IC 14 Regulations of Insurance Business

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!

IC 14 Regulations of Insurance Business

Prepare for the IC 14 Regulations of Insurance Business exam with our focused set of...

Biology

Dive into the realm of life sciences with our Biology category. Explore the wonders...

Engineering Materials

Discover the building blocks of engineering with our Engineering Materials category....

Enzyme Technology

Unlock the power of enzymes with our Enzyme Technology category. Explore enzyme...

Human and Cultural Diversity

Explore the rich tapestry of human societies with our Human and Cultural Diversity...

DC Machines

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

Engineering Geology

Explore the dynamic field of Engineering Geology with our specialized category. Delve...

Business Statistics

Uncover the power of data analysis with our Business Statistics category. Explore...

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...