Start learning →

UIIC AO Insurance — practice by topic

Browse 27 questions across 23 Insurance topics. Choose what you want to revise, then open a question to check its answer and worked solution.

Start learning UIIC AO with Quill →

Insurance topics

Insurance Intermediaries (2)Insurance Penetration and Density (2)Insurance Repository System (2)IRDA Brief History (2)Composition of IRDA (1)Financial Education (1)Formation of IRDA (1)Grievance Redressal (1)Industry Challenges (1)Industry Entry (1)Insurance Act 1938 — Accounts Separation (1)Insurance Act 1938 — Investment of Assets (1)Insurance Act 1938 — Life Insurance Fund (1)Insurance Advisory Committee (1)Intermediaries — Statistics (1)IRDA Act 1999 (1)IRDA Departments (1)IRDA Offices (1)Malhotra Committee (1)Nature of Insurance (1)Reinsurance (1)Standalone Health Insurers (1)Useful Websites (1)

Try a Insurance question

In which year was the Insurance Regulatory and Development Authority (IRDA) Act enacted?Read the answer and worked solution →On what date was the Insurance Regulatory and Development Authority formed as an autonomous regulatory body?Read the answer and worked solution →Who chaired the Committee on Reforms in the Insurance Sector that recommended opening insurance to private and foreign players?Read the answer and worked solution →How many members make up the Insurance Regulatory and Development Authority of India?Read the answer and worked solution →

Worked practice questions

In which year was the Insurance Regulatory and Development Authority (IRDA) Act enacted?

  1. 1999
  2. 1998
  3. 1996
  4. 2000
Show answer and solution

Correct answer: A. 1999

1. The IRDA Act was passed in 1999. 2. The Act came into force on 19 April 2000 when IRDA was formed. 3. Hence the year of enactment is 1999. _Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "1999: Enactment of the Insurance Regulatory and Development Authority (IRDA) Act, 1999"_

Open this question →

On what date was the Insurance Regulatory and Development Authority formed as an autonomous regulatory body?

  1. 1 April 1999
  2. 19 April 2000
  3. 1 January 2001
  4. 26 December 2014
Show answer and solution

Correct answer: B. 19 April 2000

1. The IRDA Act 1999 came into force on a date appointed by the Central Government. 2. S.O.397(E) appointed 19 April 2000 as that date. 3. IRDA was formed as an autonomous regulator on 19.4.2000. _Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "Formation of the Insurance Regulatory and Development Authority as an autonomous regulatory body on 19.4.2000"_

Open this question →

Who chaired the Committee on Reforms in the Insurance Sector that recommended opening insurance to private and foreign players?

  1. Y. V. Reddy
  2. Rangarajan
  3. R. N. Malhotra
  4. R. H. Patil
Show answer and solution

Correct answer: C. R. N. Malhotra

1. Insurance sector reforms followed the 1991 economic reforms. 2. In 1993 the Government set up a Committee on Reforms in the Insurance Sector. 3. It was headed by Shri R. N. Malhotra, retired Governor of the Reserve Bank of India. _Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "1993: Committee on Reforms in the Insurance Sector, headed by Shri R. N. Malhotra (Retired Governor, Reserve Bank of India)"_

Open this question →

How to practise

  1. Choose a Insurance question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.