IRDA Functions and Insurance Councils MCQs

Welcome to our comprehensive collection of Multiple Choice Questions (MCQs) on IRDA Functions and Insurance Councils, a fundamental topic in the field of IC 14 Regulations of Insurance Business. Whether you're preparing for competitive exams, honing your problem-solving skills, or simply looking to enhance your abilities in this field, our IRDA Functions and Insurance Councils MCQs are designed to help you grasp the core concepts and excel in solving problems.

In this section, you'll find a wide range of IRDA Functions and Insurance Councils mcq questions that explore various aspects of IRDA Functions and Insurance Councils problems. Each MCQ is crafted to challenge your understanding of IRDA Functions and Insurance Councils principles, enabling you to refine your problem-solving techniques. Whether you're a student aiming to ace IC 14 Regulations of Insurance Business tests, a job seeker preparing for interviews, or someone simply interested in sharpening their skills, our IRDA Functions and Insurance Councils MCQs are your pathway to success in mastering this essential IC 14 Regulations of Insurance Business topic.

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IRDA Functions and Insurance Councils MCQs | Page 2 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q11.
When did the Railways Act, 1989, come into effect?

a.

1st July, 1989

b.

1st July, 1990

c.

1st January, 1990

d.

1st January, 1989

Discuss
Answer: (b).1st July, 1990 Explanation:The Railways Act, 1989, came into effect from 1st July, 1990.
Q12.
What legislation has the Government of India enacted to ensure the smooth functioning of the insurance business?

a.

Insurance Regulatory and Development (IRDA) Act, 1999

b.

Companies Act, 1956

c.

Insurance Act, 1938

d.

Banking Regulation Act, 1949

Discuss
Answer: (c).Insurance Act, 1938 Explanation:The Government of India has enacted the Insurance Act, 1938, for the smooth functioning of the insurance business.
Q13.
Under which section of the Insurance Act, 1938, are the Insurance Councils formed?

a.

Section 64A

b.

Section 64B

c.

Section 64C

d.

Section 64D

Discuss
Answer: (c).Section 64C Explanation:The Insurance Councils are formed under Section 64C of the Insurance Act, 1938.
Q14.
What is the role of the Insurance Regulatory and Development Authority (IRDA)?

a.

Selling insurance policies

b.

Regulating insurance industry

c.

Compensating policyholders

d.

Investing in financial markets

Discuss
Answer: (b).Regulating insurance industry Explanation:IRDA is a national agency of the Government of India responsible for regulating the insurance industry.
Q15.
How is insurance defined?

a.

A periodic payment for potential future losses

b.

A promise of compensation for past losses

c.

A tool of risk management

d.

An investment in financial markets

Discuss
Answer: (c).A tool of risk management Explanation:Insurance is defined as a tool of risk management.
Q16.
What does the Railways Claims Tribunal Act, 1987, provide for?

a.

Formation of Tribunals to deal with claims for cargo loss, personal injuries, refund of excess freight, etc.

b.

Regulation of railway fares

c.

Establishment of railway stations

d.

Setting up railway infrastructure

Discuss
Answer: (a).Formation of Tribunals to deal with claims for cargo loss, personal injuries, refund of excess freight, etc. Explanation:The Railways Claims Tribunal Act, 1987, provides for the formation of Tribunals to deal with claims for cargo loss, personal injuries, refund of excess freight, etc.
Q17.
What does The Carriers Act, 1865, define?

a.

Rights and liabilities of ship-owners

b.

Rights and liabilities of truck owners or operators who carry goods for public hire

c.

Rights and liabilities of cargo owners

d.

Rights and liabilities of railway operators

Discuss
Answer: (b).Rights and liabilities of truck owners or operators who carry goods for public hire Explanation:The Carriers Act, 1865, defines the rights and liabilities of truck owners or operators who carry goods for public hire in respect of loss or damage to goods carried by them.
Q18.
What is the purpose of The Carriers Act, 1865?

a.

To regulate marine insurance

b.

To establish guidelines for truck owners

c.

To define the responsibilities of cargo owners

d.

To define the rights and liabilities of truck owners or operators carrying goods for public hire

Discuss
Answer: (d).To define the rights and liabilities of truck owners or operators carrying goods for public hire Explanation:The Carriers Act, 1865, defines the rights and liabilities of truck owners or operators carrying goods for public hire in respect of loss or damage to goods carried by them.
Q19.
When did the Workmen’s Compensation Act, 1923, come into force?

a.

01st January, 1923

b.

01st July, 1924

c.

01st January, 1924

d.

01st July, 1923

Discuss
Answer: (b).01st July, 1924 Explanation:The Workmen’s Compensation Act, 1923, came into force on 01st July, 1924.
Q20.
What is the objective of the Workmen’s Compensation Act, 1923?

a.

To provide benefits to employers

b.

To protect workmen from accidents and diseases in the course of employment

c.

To increase the complexity of industry

d.

To reduce the efficiency of industry

Discuss
Answer: (b).To protect workmen from accidents and diseases in the course of employment Explanation:The objective of the Workmen’s Compensation Act, 1923, is to protect workmen from accidents and diseases arising out of and in the course of employment.
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