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78 Cards in this Set
- Front
- Back
- 3rd side (hint)
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First Life Insurance Company of India |
1818 1834 oriental Life insurance company in calcutta |
The same name again started |
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Madras Equitable company was formed in which year |
1829 in madras presidency |
18 and combo of 11 |
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When was British Insurance Act formed?????? |
1870 |
Multiple of 14 |
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Bombay mutual?????? Oriental?????? Empire of India?????? |
Bombay Mutual 1871 Oriental 1874 Empire of India 1897 |
Last three decades of 19th century |
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Indian Life Assurance Companies Act which year |
1912 1914 India started to publish the returns |
2 years later Gov of India started to publish the returns |
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Indian Insurance Companies Act formed in which year and for what |
1928 it enabled the government to collect statistical information about both life and non life business transacted in India by Indian and foreign insurers including provident insurance societies. |
16 years after Indian Life Assurance Act |
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What amendment came to insurance act in 1938?????? |
Effective control over the activities of insurers |
Protect the interest of Insurance public |
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Amendment of Insurance act in 1950 |
Abolished principal agencies.many companies had unfair trade practices. Nationalization of insurance business |
Amendment to prevent cheating companies |
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Ordinance issued on 19th january 1956 |
Life Insurance sector and Life Insurance corporation came into existence |
Nationalization of Insurance |
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LIC absorption of how many companies |
154 Indian 16 Non Indian Insurers 75 provident societies 245 Indian and foreign insurers in all |
Totally near to 250 |
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What is general insurance?????? |
The insurance except life insurance like automobile home loss for any particular financial event |
You think well |
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In 1907 which insurance was set up |
Indian mercantile Insurance Ltd was set up |
This was the first company to transact all classes of general insurance business |
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First general insurance company in India?????? |
Triton Insurance company Ltd. 1850 in Calcutta. |
3 company |
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General Insurance council was setup in which year |
1957 it was wing of the Insurance Association of India. |
After Independence |
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Why was general insurance council framed?????? |
Code of Conduct for ensuring fair conduct and sound business practices |
Conduct |
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What amendment came to Insurance Act in 1968?????? |
Regulate investments and set minimum solvency margins Tariff advisory committee was also setup then |
Think well |
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General Insurance Business Act was passed in which year?????? |
1972 and its effect from 1st January 1973 |
Nationalisation |
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How many companies were converted into 4 companies and what are they?????? |
107 insurers into 4 companies National Insurance company Ltd. Kolkatta New India Assurance Company Ltd. Mumbai Oriental Insurance Company Ltd. New delhi United Insurance Company Ltd. Chennai |
Top 4 indian insurance companies and more than 100 companies were there initially |
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General Insurance corporation of India was incorporated as a company of India in which year and when it started its business?????? |
1971 started business in 1973 1st January |
Genral insurance Act and commencement of this company business was on the same day |
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In 1993 government under whom a committee was setup and for what?????? |
RN malhotra formmer RBI governor For reforms in Industrial sector |
To complement reforms in financial sector |
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What was the report submitted by RN malhotra committee in 1994?????? |
It suggested entry of private sector in insurance industry Entry of foreign companies preferably with a joint venture of Indian partners |
Entry |
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IRDA full form and when it was formed?????? |
Insurance Regulatory and Development Authority To regulate and develop insurance industry In 1999 |
In new century it had incorporated as a statutory body in April 2000 |
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Key objectives of IRDA |
1 promotion of competition 2 enhance customer satisfaction 3 increase consumer choice and lower premiums 4 financial security of the insurance market |
Basic insurance rights |
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When was subsidaries of genral insurance corporation of India were restructured as Independent companies ??????when was the bill passed for delinking?????? |
December 2000 GIC resurer Bill in july 2002 |
After setup of IRDA |
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Government has increased ordinance to increase FDI limit from where to where |
26 to 49 percent To attract investments sector in India |
Near to double increase |
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IRDAI allowed companies to raise capital through ??????? of how many years old company |
10 years Initial Public Offerings(IPOs) |
Decade |
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Motor vehicles Act which year |
1988 |
Genral council year + 31 years |
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From when GIC role of holding company of its subsidiaries came to an end |
21 march 2003 |
World cup finals india lost that year and this year are the same |
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GIC branches in which foreign countries?????? |
London Dubai Kuala lumpur (malayasia) |
Rulers Petrol Tamil |
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LIC headquarters and head |
Mumbai VK sharma |
Ishant rohit karn |
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LIC branches in foreign |
United Kingdom Mauritius Fiji |
Suva dollar |
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GIC authorized capital and paid up capital of the company |
1000 crore 430 crore |
Near to half |
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GIC headquarters and Chairman and MD |
Mumbai Alice G vaidyan |
James |
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New India insurance started by whom and when |
Sir Dorabji Tata in july 23 1919 |
Hint as oriental insurance and mani |
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New India assurance company capital and paid up equity |
300 crore 200 crore |
Multuple of 100 |
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New India Assurance company CEO and MD and headquarters |
G srinivasan Mumbai |
CSK |
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United insurance capital and paid up capital |
200 crore 150 crore |
Here capital and new india assurance company paid up equity are same |
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United insurance head office and head |
Chennai AVGirija kumar |
One of my relative |
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Oriental insurance capital and paid up equity |
Both 200 crore |
Capital same to that of united insurance |
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Natiobal insurance company incorporated in which year with how much companies |
1906 21 foreign 11 indian |
32 |
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National insurance company authorized capital and paid up equity |
200 crore 100 crore |
Capital same as united and oriental |
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National insurance company limited head office and MD chairman |
Kolkata K sanath kumar |
Radhika |
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Agricultural insurance companies of india limited started when |
20 december 2002 |
After GIC got separted from insurance companies |
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Who contributed towards capital of agricultural insurance company |
GIC Nabard Other 4 public insurance company |
All |
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Authorized capital and paid up capital of agricultural insurance company |
1500 crore 200 crore |
Paid up is equal to united india assurance |
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Agricultual head office and head |
New Delhi Alamelu T lakshmanachari |
Oriental |
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LIC Regulation which year |
1959 |
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Types of Health Insurance |
Hospitalization policy -wider policy Hospital Daily Cash Benefit policy- daily sum Critical illness benefit policy- specified illeness Anyone illness- continuous period of illness 45 days Family Floater-entire family |
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LIC housing finance new head |
Vinay shah |
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Who has launched india's first and the simplest life insurance product that can be bought at a point of sale(PoS) |
Edelweiss Toko |
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Which bank has being partnered with LIC |
Karnatka Bank |
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AI based application launched by HDFC |
SPOK |
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Bharat Insurance Company started in which year?????? |
1896 |
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Co operative assurance which city |
Lahore |
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ECGC full form and where and when |
Export credit guarantee corporation Mumbai 30 july 1957 |
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Two types of Life Assurance Policies |
1 Whole life policy 2 Endowment policy for short time |
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When the ship is the subject matter of Insurance what it is |
Hull insurance |
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The insurance which pays for the shipping company in the risk of loss of freight if the cargo is damaged or lost such a marine insurance is called as |
Freight insurance |
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Types of marine insurance policy |
1 Time Policy subject to time (1year) especially for hull insurance 2 Voyage Policy no time particularly for cargo 3 mixed=Time+Voyage 4 Floating Policy cargo would be insured when it have been shipped the value of the cargo would be reduced |
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Fidelity Insurance |
Miss appropriation of goods by eomployees business man get policies of covering risks for employee fraud where in this insurance employees must also sign a bond |
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Employeers Liability |
Covers the employeers legal liability for the safety of each employee |
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Public Liability |
Covers the liability of Individuals and business for members of public visiting their premises |
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Utmost Good faith |
Faith if clear information from insurer to insured |
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Insurable Interest |
Insured interest in insurance |
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Indemnity |
To put insured in the same position which he was immediately prior to happening of uncertain event |
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Contribution principle |
Insured can claim only for the actual extent of loss not full amount |
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Principle of Subrogation |
After insurer pays for the loss of property the property would be owned by Insurer |
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Principle loss of Minimization |
The insured must take all necessary steps to minimize the loss of insured property |
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Principle of CAUSA PROXIMA |
Nearest cause of damage of property would be looked out if it is in policy then amount would be paid otherwise not paid |
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Endowment plan |
Death or maturity plan |
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Whole Life insurance plans |
Insurance and investment component |
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Group Life Insurance |
Insurance offered to a group of people usually employees of company where risk is as a whole |
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Micro Insurance plan |
Insurance that offer coverage for low income households |
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Joint Life Insurance Plan |
Couples life insurance which comes to end when one dies |
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Single Life Insurance Plan |
Covers only one person which would come to an end when one person dies |
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Termed Insurance Plan |
Insurance for a period of Time |
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Convertible Insurance plan |
Term to permanent policy because at first insured don't have the capacity to pay it |
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Pure Endowment plan |
It runs for certain number of years and matures and is paid out to person nominated |
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