Careers360 Quick Guide to Actuarial Science

Commercial insurance protects businesses from financial losses arising from various unforeseen events. It's distinct from personal insurance you might have for your car or home.C ommercial insurance provides peace of mind and financial stability for businesses. It helps ensure they can recover from unforeseen events without facing crippling financial burdens.

• Organizations like The Institutes (formerly IIII) and the National Alliance for Insurance Education & Research (NAIER) offer online and in-person courses leading to certifications like the Associate in Commercial Insurance (ACI) or Certified Insurance Counselor (CIC).
• Websites like Udemy, Coursera, and edX offer various insurance-related courses, including those focused on commercial insurance.
• Some insurance companies provide training programs for brokers, agents, and underwriters.

Correct Answer: Regulating the insurance industry

Solution : The answer is (c) Regulating the insurance industry.

SEBI is the regulatory body for the securities market in India. It does not regulate the insurance industry. The insurance industry is regulated by the Insurance Regulatory and Development Authority of India (IRDA).

Correct Answer: Rs 6,86,000

Solution :  Answer = Rs 6,86,000

Hence, the correct option is 4.

Correct Answer: Life Insurance Corporation of India

Solution : The correct option is Life Insurance Corporation of India.

The Government of India nationalised the private life insurance companies already in operation, creating the Life Insurance Corporation of India (LIC) in 1956. The action, which was a component of the banking sector's nationalisation agenda, resulted in the establishment of a state-owned monopoly in India's life insurance market.

Correct Answer: Kerala

Solution : The correct answer is Kerala.

All active and retired employees of the Kerala State Government and the Kerala High Court currently covered by the Kerala Government Servants Medical Attendant Rules [1960] are to receive full medical insurance coverage under the MEDISEP scheme.

Correct Answer: 51%

Solution : The correct answer is 51%.

The General Insurance (Amendment) Act of 2021 removes the provision that required the Central Government to have at least 51% ownership in four subsidiaries of General Insurance Company, namely, National Insurance, New India Assurance, Oriental Insurance, and United India Insurance. The bill increases the limit on foreign investment in an Indian insurance company from 49% to 74% and removes restrictions on ownership and control.

Correct Answer: SEBI (Securities and Exchange Board of India)
   

Solution : The correct answer is (b) SEBI (Securities and Exchange Board of India).

SEBI (Securities and Exchange Board of India) is the regulatory authority for the Indian stock market. It is an independent statutory regulatory body established in 1988 and operates under the jurisdiction of the Ministry of Finance, Government of India. SEBI's primary objective is to protect the interests of investors and promote the development and regulation of the securities market in India.

SEBI plays a vital role in regulating various participants in the Indian securities market, including stock exchanges, brokers, merchant bankers, portfolio managers, and other market intermediaries. 

Correct Answer: Reserve Bank of India (RBI)

Solution : The correct option is the Reserve Bank of India (RBI).

The regulatory body that oversees microfinance institutions in India is the Reserve Bank of India (RBI). The RBI regulates and supervises microfinance activities in the country to ensure their stability and compliance with applicable regulations.

Correct Answer: Land Development Banks

Solution : The correct answer is Land Development Banks.

The Land Development Bank is a commercial type of bank in India. The first bank was initiated in 1960 in Punjab to develop land and agriculture. It provides medium and long-term loans to small and medium-scale industries.

Hi!

National Law University, Jodhpur offers an MBA in Insurance programme through its School of Insurance Studies . Every year, a number of reputed domestic and International Law Firms, and Insurance companies participate in the placement process, and hire students. According to the placement data released by the NLU Jodhpur , the highest package offered to the MBA Insurance programme students stood at Rs. 6.25 LPA, and the average package of the placed graduates stood at Rs. 5 LPA . A number of Insurance companies, Broking Houses and Law firms hire students.