Development of Insurance Legislation in India and Insurance Act 1938 MCQs

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Development of Insurance Legislation in India and Insurance Act 1938 MCQs | Page 1 of 5

Discover more Topics under IC 14 Regulations of Insurance Business

Q1.
What is the nature of the Constitution of India concerning the division of powers between the Centre and the States?

a.

Unitary

b.

Federal

c.

Confederal

d.

Regional

Discuss
Answer: (b).Federal Explanation:The Constitution of India is federal in nature, with a division of powers between the Centre and the States.
Q2.
In which list of the Constitution is insurance included, granting exclusive legislative competence to the Centre?

a.

State List

b.

Concurrent List

c.

Union List

d.

Directive Principles of State Policy

Discuss
Answer: (c).Union List Explanation:Insurance is included in the Union List, granting exclusive legislative competence to the Centre.
Q3.
What was the first British firm established in India, marking the origins of insurance law in the country?

a.

Bombay Life Assurance Company

b.

Madras Equitable Life Insurance Society

c.

Oriental Life Insurance Company

d.

Bombay Mutual Life Assurance Society

Discuss
Answer: (c).Oriental Life Insurance Company Explanation:The Oriental Life Insurance Company was the first British firm established in India in 1818.
Q4.
In which year was the Bombay Mutual Life Assurance Society established, ending the extra premium charged to Indians?

a.

1823

b.

1871

c.

1829

d.

1874

Discuss
Answer: (b).1871 Explanation:The Bombay Mutual Life Assurance Society was established in 1871, ending extra premiums for Indians.
Q5.
Which statutory measure in India regulated the life insurance business in 1912?

a.

Indian Companies Act, 1912

b.

Insurance Regulatory Act, 1912

c.

Indian Life Assurance Companies Act, 1912

d.

Insurance Control Act, 1912

Discuss
Answer: (c).Indian Life Assurance Companies Act, 1912 Explanation:The Indian Life Assurance Companies Act, 1912, regulated life insurance business in India.
Q6.
Where did the first general insurance company, Triton Insurance Company Ltd., originate?

a.

Delhi

b.

Calcutta

c.

Bombay

d.

Madras

Discuss
Answer: (b).Calcutta Explanation:Triton Insurance Company Ltd., the first general insurance company, was promoted in Calcutta in 1850.
Q7.
When was the management of the life insurance business of two hundred and forty-five Indian and foreign insurers taken over by the Central Government?

a.

January 1, 1956

b.

September 1956

c.

January 19, 1956

d.

November 1972

Discuss
Answer: (c).January 19, 1956 Explanation:The Central Government took over the management of life insurance business on January 19, 1956.
Q8.
What legislative act granted the Life Insurance Corporation (LIC) the exclusive privilege to conduct life insurance business in India in September 1956?

a.

LIC Act, 1956

b.

Insurance Act, 1938

c.

GIC Act, 1972

d.

Companies Act, 1956

Discuss
Answer: (a).LIC Act, 1956 Explanation:The Life Insurance Corporation Act, 1956 (LIC Act) granted LIC the exclusive privilege in September 1956.
Q9.
Under the General Insurance Business (Nationalisation) Act, 1972, what was transferred to the General Insurance Corporation (GIC) for the regulation and control of general insurance business?

a.

Shares of existing Indian general insurance companies

b.

Management control of foreign insurers

c.

Life insurance policies

d.

LIC's exclusive privilege

Discuss
Answer: (a).Shares of existing Indian general insurance companies Explanation:The shares of existing Indian general insurance companies were transferred to GIC for regulation and control.
Q10.
When did the General Insurance Corporation (GIC) commence business under the provisions of the Companies Act, 1956?

a.

November 1972

b.

January 1, 1973

c.

January 19, 1956

d.

September 1956

Discuss
Answer: (b).January 1, 1973 Explanation:GIC, established in November 1972, commenced business on January 1, 1973.
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