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Insurance Questions Daily-42

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Q-11- Insurance Repository formed under

  1. IRDA Act 1999
  2. Insurance Act 1938
  3. Life Insurance Act 1908
  4. The Companies Act 1956

Option-4 “Insurance Repository” means a company formed and registered under the Companies Act, 1956 (1 of 1956).

Q-12- Insurance Repository has been granted a Certificate of registration by

  1. Government of India (GOI)
  2. Tariff advisory committee (TAC)
  3. General Insurance Corporation (GIC)
  4. Insurance Regulatory and Development Authority (IRDA)

Option-4 “Insurance Repository” means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a Certificate of registration by ‘Insurance Regulatory and Development Authority’.(IRDA).

Q-13- What is the main function of ‘Insurance Repository’ ?

  1. regularly publish insurance statistics and analysis
  2. keep track of all insurance companies transactions with policyholders
  3. maintains data of insurance policies in Electronic form on behalf of Insurers
  4. All of above

Option-3 Insurance repository maintains data of insurance policies in Electronic form on behalf of Insurers. It also provide the ease of holding insurance policies issued in an electronic form.

Q-14- What is an ‘eIA’ stands for ?

  1. e-Insurance Act
  2. e-Insurance Account
  3. e-Insurance Accountant
  4. None of above

Option-1 eIA stands for e-Insurance Account or “Electronic Insurance Account” which will safeguard the insurance policy documents of policyholders in electronic format.

Q-15- Among below which is not an entity granted certificate from IRDA to act as an Insurance Repository.

  1. General Insurance Corporation
  2. CAMS Repository Services Limited
  3. Karvy Insurance Repository Limited
  4. NSDL Database Management Limited

Option-1 General Insurance Corporation(GIC) is not a body granted certificate by IRDA to act as a Repository.

Q-16- What is the charges of e-Insurance Account or on periodic basis

  1. 1000 p.a.
  2. 1500 p.a.
  3. 2000 p.a.
  4. 2500 p.a.
  5. None of above

Option-5 e-Insurance Account(e-IA) is offers ‘free of cost’ service to the applicants.

Q-17- Can any Individual have multiple e-IA accounts?

  1. No
  2. Yes
  3. Can’t say
  4. Maximum 2

Option-1 As per the IRDA guidelines, an individual cannot open multiple e-Insurance Accounts.

Q-18- For having an account with e-IA, an individual should any life or General insurance policy?

  1. True
  2. False
  3. Can’t say

Option-2 An individual who is not having any Insurance policy can open an e-Insurance Account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person.

Q-19- Is it possible to shift from one Insurance Repository to the other?

  1. Yes
  2. No
  3. Can’t say

Option-1 Yes, the e-Insurance Account holder always have an option to shift from one Insurance Repository to the other. All the policy details and transaction history would then be transferred to the new Insurance Repository.

Q-20- Is it possible to opt out of the Insurance Repository system?

  1. Yes
  2. No
  3. depend on Repository policy
  4. Can’t say

Option-1 Yes, the policyholder shall make a request to his insurer and upon completion of all formalities in respect of the same, the hard copy of the policy document shall be made available.

These Insurance GK questions are based on Accounting Standards and Practices followed in the industry. Awareness of e-IA and practices followed in managing and maintaining various accounting standards.

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