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    Question

    Which of the following is true regarding insurance in India?

    1)    The Insurance Act, 1938 regulates the insurance sector in India.

    2)    The Life Insurance Corporation of India is the largest public sector insurance company in India.

    3)    The non Life insurance sector in India is also called as general insurance.

     

    A 1 and 2 only Correct Answer Incorrect Answer
    B 1 and 3 only Correct Answer Incorrect Answer
    C 2 and 3 only Correct Answer Incorrect Answer
    D 1, 2 and 3 Correct Answer Incorrect Answer
    E 3 only Correct Answer Incorrect Answer

    Solution

    The Insurance Act, 1938 is the primary legislation that regulates the insurance sector in India. It governs the establishment, functioning, and management of insurance companies in India. Additionally, the Life Insurance Corporation of India (LIC) is a public sector insurance company and is the largest insurance provider in India but not the only public sector one.

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