Super 30 GK questions on IRDA will be very helpful to all students and industry professionals. Before starting let us discuss some details about IRDA in nutshell.
The dictionary meaning of the term ‘Insurance’ is “an arrangement by which an organization undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium”.
All insurance companies work on principle to pool the money. Insurance companies enter into contracts with their clients i.e Policyholders and agree to pay a certain amount at the time of requirement as per contract.
This insurance Industry has both public sectors along private sector Insurance companies.
With the growth of the Insurance industry, the demand for regulating it arose and then a committee was set up for this. The committee recommended the requirement of a regulatory body to regulate both public and private sector insurance companies. As a result of this, the formation of the Insurance Regulatory and Development Authority(IRDA).
The main objective of IRDA is to protect the interest of and secure fair treatment to policyholders.IRDA regulates the insurance sector according to its laws and regulations.
IRDA also issues time to time updation require in insurance law in form of its Order. Like during the COVID situation IRDA issues many orders to protect the Interest of its Policyholders under existing policies. IRDA also regularly directs insurance companies to devise a new product to meet new challenges like COVID etc.
IRDA governs the Indian insurance sector according to its own set of laws and regulations.
The revenue of insurance companies depends on Premium charged from their policyholders. This premium is again reinvesting to generate revenue for insurance companies.
Advanced technologies and digital platforms have allowed insurance companies to try new means of tracking, measuring, and controlling risk.
Q-1- Full form of ‘IRDA’ ?
- Insurance Regulatory & Development Authority
- Indian Regulatory & Development Authority
- Insurance Rules & Development Authority
- Indian Rules & Development Authority
Option-1 Insurance Regulatory & Development Authority
Q-2- IRDA act was passed in _______
Option-2 IRDA act was passed in 1999
Q-3- IRDA is a _______ member body?
Option-3 IRDA is a 10 member body
Q-4- IRDA Management team comprise of ___________________
- Chairman, Brokers & Surveyors
- Chairman, underwriters & Brokers
- Chairman, Insurance company heads
- Chairman, members(whole time/part time)
Option-4 IRDA team comprise of Chairman, 5 full time & 4 part time members
Q-5- IRDA formed in _______
Option-3 IRDA act was passed in 1999, and formed as a statutory body in April,2000 after the President approval
Q-6- IRDA headquarter is in ________?
Option-4 IRDA headquaarter is in Hyderabad.
Q-7- IRDA main mission is ___________________
- To regularly update claims status of the policyholders
- To protect the interest of and secure fair treatment to policyholders
- To help policyholders in making informed decisions for policy purchase
- To ensure timely policy issuance and related documents reach to policyholders
Option-2 IRDA main mission is to protect the interest of and secure fair treatment to policyholders
Q-8- IRDA regional offices are in ___________
- Delhi & Mumbai
- Bangalore & Delhi
- Chennai & kolkata
- Hyderabad & Mumbai
Option-1 IRDA’s regional offices are in Delhi & Mumbai.
Q-9- IMF full form is ______________
- Insurance Marine Form
- Insurance Marketing Firm
- Insurance Monetary Fund
- International monetary fund
Option-2 IMF refers to Insurance Marketing Firm
Q-10- IRDA power & Authority mentioned in_________
- Section 12 of the IRDAI Act, 1999
- Section 13 of the IRDAI Act, 1999
- Section 14 of the IRDAI Act, 1999
- Section 15 of the IRDAI Act, 1999
Option-3 IRDA power & Authority mentioned in Section 14 of the IRDAI Act, 1999.