Insurance Sector in India

Question 1

Which report published by Lloyd of London suggesting India’s insurance gap is widening ?

Answer 1

A world at risk - closing the insurance gap

Question 2

When was IRDA Act established ?

Answer 2

1999

Question 3

What is the full form of IRDA ?

Answer 3

Insurance Regulatory and Development Authority

Question 4

What is the IRDA responsible for ?

Answer 4

Regulating, promoting of insurance business

Question 5

What are the two sectors in which Insurance is divided ?

Answer 5

Life insurance

Non Life Insurance

Question 6

Which is the sole public sector company in life insurance ?

Answer 6

LIC

Question 7

What is insurance gap ?

Answer 7

Total value of assets divided by value of assets under cover

Question 8

What is insurance penetration ?

Answer 8

Ratio of total premium underwritten in a year

Question 9

What was the insurance gap in India in 2012 ?

Answer 9

20 billion dollars

Question 10

What was the insurance gap in India in 2018 ?

Answer 10

27 billion dollars

Question 11

What is the FDI limit in insurance in 2018 ?

Answer 11

49%

Question 12

Name some government policies associated with insurance

Answer 12

National Health Protection Scheme
PMJBY
PMJDY
PMFBY
PMSBY

Question 13

What does PMFBY provide insurance about ?

Answer 13

Crops to farmers

Question 14

How does the insurance sector generate financial resources ?

Answer 14

Collecting Premium which are further invested in
government securities and stock.
Employment

Question 15

What are the challenges faced by the insurance sector ?

Answer 15

1. Low awareness
2. Poor distribution
3. Pricing
4. Perception of insurers
5. Fewer Product Innovations