Question

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

a.

Micro-insurance should remain an independent entity.

b.

Micro-insurance should be excluded from the insurance spectrum.

c.

Micro-insurance should be a part of the broader spectrum of insurance in the country.

d.

Micro-insurance should replace traditional insurance schemes.

Answer: (c).Micro-insurance should be a part of the broader spectrum of insurance in the country. Explanation:The Consultative Group recommended that micro-insurance should be a part of the broader spectrum of insurance in India.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

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

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

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?

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

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

Q. What provision do the regulations make for a tie-up between a life insurer and a non-life insurer in offering micro-insurance products?

Q. How often can group insurance products be renewable?

Q. What is the minimum number of members required for a group to be eligible for group insurance?

Q. What does ULIP stand for and what does it combine?

Q. What are the triple benefits that a ULIP offers to investors?

Q. How are the investment risks in ULIPs different from traditional insurance plans?

Q. How are ULIPs similar to mutual funds in terms of investment operations?

Q. What are the two major components of the premium on a ULIP?

Q. What was the debate in 2010 regarding the regulation of ULIPs, and who were the two regulators involved?

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!