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 4 of 12

Discover more Topics under IC 14 Regulations of Insurance Business

Q31.
What does IRDA have the duty to regulate, promote, and ensure, according to Section 14 of the IRDA Act, 1999?

a.

The growth of the economy

b.

Orderly conduct in financial markets

c.

Insurance business and re-insurance business

d.

The profitability of insurance companies

Discuss
Answer: (c).Insurance business and re-insurance business Explanation:According to Section 14 of the IRDA Act, IRDA has the duty to regulate, promote, and ensure orderly growth of the insurance business and re-insurance business.
Q32.
What are some of the powers and functions of IRDA as specified in Section 14 of the IRDA Act, 1999?

a.

Issuing certificates of appreciation

b.

Promoting efficiency in the conduct of insurance business

c.

Levying taxes on insurance companies

d.

Specifying the code of conduct for surveyors and loss assessors

Discuss
Answer: (d).Specifying the code of conduct for surveyors and loss assessors Explanation:Some of the powers and functions of IRDA include specifying the code of conduct for surveyors and loss assessors.
Q33.
What is one of the duties of IRDA concerning the rates, advantages, terms, and conditions offered by insurers in respect of general insurance business?

a.

Fixing maximum profits for insurers

b.

Regulating the tariffs through the Tariff Advisory Committee

c.

Determining the minimum premiums for insurance policies

d.

Advising insurers on marketing strategies

Discuss
Answer: (b).Regulating the tariffs through the Tariff Advisory Committee Explanation:One of the duties of IRDA is the control and regulation of the rates, advantages, terms, and conditions in general insurance business through the Tariff Advisory Committee.
Q34.
What does IRDA regulate concerning the investment of funds by insurance companies?

a.

The profitability of investments

b.

The timing of investments

c.

The types of investments

d.

The number of investments

Discuss
Answer: (c).The types of investments Explanation:IRDA regulates the types of investments made by insurance companies.
Q35.
What power does IRDA have in adjudicating disputes between insurers and intermediaries or insurance intermediaries?

a.

Issuing fines to insurers

b.

Revoking licenses of intermediaries

c.

Resolving disputes through arbitration

d.

Recommending mergers between insurers

Discuss
Answer: (c).Resolving disputes through arbitration Explanation:IRDA has the power to adjudicate disputes between insurers and intermediaries or insurance intermediaries.
Q36.
What are some examples of regulations issued by IRDA?

a.

Insurance Profitability Guidelines

b.

Licensing of Insurance Agents Regulations, 2000

c.

Maximum Premium Limitations

d.

Tariff Advisory Committee Guidelines

Discuss
Answer: (b).Licensing of Insurance Agents Regulations, 2000 Explanation:Examples of regulations issued by IRDA include Licensing of Insurance Agents Regulations, 2000.
Q37.
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.
Q38.
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.
Q39.
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.
Q40.
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.
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