Directions(1-6): Read the following passage carefully and answer the questions that follow.
Insurance regulator IRDAI has allowed distribution of all micro-insurance products through point-of-sales (PoS), with an aim further increase insurance penetration in the country.
The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of society. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.
Agreeing to the suggestions of insurance companies, IRDAI in a circular has done away with the practice of pre-fixing the word ‘PoS’ on life, general and health products sold through PoS. The regulator said it has received representations from insurance companies requesting to do away with the prefix ‘POS’ in the product name.
Insurers made representations to change the norms that made it mandatory for every policy sold through the ‘Point of Sales Persons’ to be separately identified and pre-fixed by the name ‘POS’. IRDAI said the requirement was to identify the person involved in the sales process.
The IRDAI (Protection of Policyholder’s Interest) Regulations, 2017, under the matters to be stated in life, general and health insurance policy, makes it mandatory to give the details of the person involved in the sales process. “By virtue of this requirement, the need to have the prefix ‘PoS’ becomes redundant as the insurance policy itself will carry the details of the person selling such a policy,” the regulator said. The Authority, “hereby, discontinues requirements” of using the word ‘PoS’ prefixed before the PoS product name for life, general and health products.
Similarly, IRDAI said it has been observed that advantages such as higher insurance penetration, lower prices, increased choice to customers, which would otherwise accrue to the policyholder by making micro-insurance products available through POS channel are being lost. “Therefore, the Authority after reviewing the position, hereby allows all Micro Insurance products of Life, General and Health insurance to be distributed through the POS also,” the circular said.
On the manner of dealing with cases of health/personal accident (PA) policies where sum insured crosses the limit specified under the POS guidelines, IRDAI said the sponsoring entity is allowed to recognise such policies as being sourced by the POS and pay the fees to the POS.
- Which among the following is /are correct regarding the Micro Insurance policies issued by insurance companies in India?
I. Micro Insurance policies are meant to give coverage to people who belong to the underprivileged section of the society
II. Micro Insurance policies are such that the sum assured in these policies is Rs 50000 or less than that.
III. Micro Insurance policies are only issued by banks and insurance companies because others are not authorized by IRDAI to issue such policiesBoth I and IIOnly IIOnly IIIBoth I and IIIAll I, II and IIIOption A
Refer to, “The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of society. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.” - Which among the following correctly explains the reason of the new guidelines of the IRDAI regarding the withdrawal of the prefix POS in the names of the insurance policies sold by POS?
IRDAI is not authorized to sell policies online since it is the regulating body of the insurance industry in the country but it also needs to keep a tab on the authorized intermediaries.IRDAI made it mandatory to add the prefix of the policy nature in any policy sold by the insurance companies in India.The IRDAI now possesses the information regarding the point of sales persons selling the insurance policies in India and it does not make any sense to identify such policies by name.The IRDAI has made it mandatory that all the policies issued by the micro insurance agents will be sold through point of sales persons only.None of the aboveOption C
Refer to, “The IRDAI (Protection of Policyholder’s Interest) Regulations, 2017, under the matters to be stated in life, general and health insurance policy, makes it mandatory to give the details of the person involved in the sales process. “By virtue of this requirement, the need to have the prefix ‘PoS’ becomes redundant as the insurance policy itself will carry the details of the person selling such a policy,” - Which among the following is correct regarding the objective of IRDAI to allow the distribution of micro insurance policies through the POS delivery channel?
POS channel is the most popular distribution network in the country and that is why most of the people are relying on this only.Banks and insurance companies are very much interested in ensuring that the micro insurance products sold in India are not the global ones.The IRDAI has understood that micro insurance policies are not popular as the normal policies and they should be done away with.The IRDAI is interested in extension of insurance coverage to more and more people in the country.Both C and DOption D
- Which among the following is/are correct as per the information given the passage?
I. The POS channel can also be used to distribute policies of insurance beyond the permissible limit of coverage.
II. The insurance companies are mainly responsible behind the decision of the IRDAI to remove the prefix ‘POS’ from the names of the insurance products.
III. The POS channel of distribution of insurance products will be used by IRDAI only and no insurance company will be able to use itBoth II and IIIBoth I and IIBoth I and IIIOnly IIAll I, II and IIIOption B
Refer to, “On the manner of dealing with cases of health/personal accident (PA) policies where sum insured crosses the limit specified under the POS guidelines, IRDAI said the sponsoring entity is allowed to recognise such policies as being sourced by the POS and pay the fees to the POS.”Refer to, “Insurers made representations to change the norms that made it mandatory for every policy sold through the ‘Point of Sales Persons’ to be separately identified and pre-fixed by the name ‘POS’.”
- Which among the following is/are correct regarding the benefits that were not there before the decision of the IRDAI allowing the micro insurance products to be sold through the POS channel?
There was fewer choices available to the policyholders to choose from the insurance products available in the market.The policyholders were not able to get benefitted from lower and competitive premiums offered by insurance companies.The insurance companies were not after the policyholders to take their policies without making any kind of customizations on the part of the insurance companies.Both A and BBoth B and COption D
Refer to, “Similarly, IRDAI said it has been observed that advantages such as higher insurance penetration, lower prices, increased choice to customers, which would otherwise accrue to the policyholder by making micro-insurance products available through POS channel are being lost. “Therefore, the Authority after reviewing the position, hereby allows all Micro Insurance products of Life, General and Health insurance to be distributed through the POS also,” the circular said.” - Which among the following is opposite in meaning to the word ”Mandatory” as used in the passage?
VoluntaryFreeLicensedDemystifiedNone of the aboveOption A
- The Pagodas should ideally be visited early in the morning or in the evening because walking barefoot on the marble paths in the (afternoon heat will be unbearable).
afternoon heat would be unbearableafternoon heat might be unbearableafternoon heat may unbearableafternoon heat will unbearableNo correction requiredOption A
- The (slaughter of the animals have brought) hundreds of animal activists together to protest.
slaughter of the animals has broughtslaughter of the animals have boughtslaughter of the animal bringsslaughter of the animals are bringingNo correction requiredOption A
- Another innovation has been made in the form of a bioswale rain garden (which is not only ornamental but also) collects rainwater from the pathways to recharge the groundwater.
which is neither ornamental norwhich is neither just ornamental but norwhich are not just ornamental but alsowhich are neither ornamental norNo correction requiredOption E
- The couple (disclosed it’s intentions of not getting married) before the new year since they wanted to take more time in building the relationship stronger.
disclosed their intentions of not getting marrieddisclosed its intentions of not getting marrieddisclose it’s intentions of not getting marriedhad disclosed their intentions of not getting marriedNo correction requiredOption A
Directions(7-10): In the given question, a part of the sentence is printed in bold. Below the sentence alternatives to the bold part are given at (A), (B), (C) and (D) which may help improve the sentence. Choose the correct alternative. In case the given sentence is correct, your answer is (E), i.e., ‘No correction required’.
This web site is really a stroll-by means of for all of the information you wanted about this and didn?t know who to ask. Glimpse right here, and you?ll positively uncover it.
Your style is so unique compared to other folks I have read
stuff from. Thank you for posting when you’ve got the opportunity, Guess I’ll just bookmark this page.
whoah this weblog is excellent i really like reading your posts.
Keep up the good work! You already know, many people are hunting
around for this information, you can aid them greatly.
It’s in fact very complex in this busy life to listen news on TV, therefore I only use web
for that reason, and take the most up-to-date information.
Wow, marvelous blog layout! How long have you been blogging for?
you make blogging look easy. The overall look of your web site is great, let alone the
content!
Today, I went to the beach front with my kids.
I found a sea shell and gave it to my 4
year old daughter and said “You can hear the ocean if you put this to your ear.” She placed the shell to her
ear and screamed. There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is completely off
topic but I had to tell someone!
Hello mates, its wonderful post regarding educationand completely explained, keep it up
all the time.
With havin so much content do you ever run into any issues of plagorism or copyright violation? My site
has a lot of unique content I’ve either written myself or outsourced but it seems a lot
of it is popping it up all over the internet without my authorization. Do you know any ways to help protect against content from
being stolen? I’d really appreciate it.
I was curious if you ever considered changing the structure of
your site? Its very well written; I love what youve got to say.
But maybe you could a little more in the way of content so people could connect with it better.
Youve got an awful lot of text for only having 1 or two
pictures. Maybe you could space it out better?
Hi, yeah this article is truly fastidious and I have learned lot of things
from it concerning blogging. thanks.
Greate pieces. Keep writing such kind of information on your blog.
Im really impressed by your site.
Hi there, You have performed a fantastic job.
I’ll definitely digg it and for my part suggest to my friends.
I am confident they will be benefited from this site.
Oh my goodness! Amazing article dude! Thanks, However I am experiencing difficulties with your RSS. I don’t know the reason why I am unable to subscribe to it. Is there anyone else having identical RSS problems? Anyone that knows the solution will you kindly respond? Thanks!!
Good way of describing, and good paragraph to get information regarding my presentation focus,
which i am going to convey in college.
Hi! Do you use Twitter? I’d like to follow you if that
would be okay. I’m absolutely enjoying your blog and look forward
to new updates.
This site really has all the info I wanted about this subject and didn’t know who to ask.
Hey I am so glad I found your website, I really found you by
error, while I was looking on Digg for something else, Anyhow I am here now and would just like to
say thanks for a fantastic post and a all round interesting blog (I also love the theme/design), I don’t have time to go through it all at the moment but I have book-marked it and also added in your
RSS feeds, so when I have time I will be back to read a lot more, Please
do keep up the fantastic jo.
Hey! I know this is kinda off topic but I was wondering which blog platform
are you using for this site? I’m getting sick and
tired of WordPress because I’ve had issues with
hackers and I’m looking at alternatives for another platform.
I would be great if you could point me in the direction of a good platform.