Question

What was the significant contribution of Bombay Mutual Life Assurance Society in 1870?

a.

It was the first to offer life insurance to Indians at normal rates.

b.

It introduced the concept of mutual insurance in India.

c.

It was the first foreign insurance company in India.

d.

It nationalized the life insurance sector.

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (a).It was the first to offer life insurance to Indians at normal rates. Explanation:Bombay Mutual Life Assurance Society, founded in 1870, was significant for being the first Indian life insurance company, offering life insurance to Indians at normal rates, thereby democratizing access to life insurance across different sections of the society.

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Q. What was the significant contribution of Bombay Mutual Life Assurance Society in 1870?
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