1 Adda247 No. 1 APP for Banking & SSC Preparation Website: bankersadda.com sscadda.com store.adda247.com

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1 1 Adda247 No. 1 APP for Banking & SSC Preparation

2 Solutions S1. Ans.(d) Sol. GIC of India is a state owned enterprise in India. The head office of GIC is in Mumbai. S2. Ans.(a) Sol. Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. It was founded in S3. Ans.(c) Sol. General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares. GIC was formed for the purpose of superintending, controlling and carrying on the business of general insurance. S4. Ans.(e) Sol. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. S5. Ans.(b) Sol. Mrs Alice G Vaidyan is Mrs Alice G Vaidyan. S6. Ans.(a) Sol. Members On The Board Of The Corporation in LIC of India Shri Hemant Bhargava, Chairman (In-charge) and Managing Director, LIC of India Shri B. Venugopal, attached file is in PDF Document Format (Managing Director, LIC of India) Smt. Sunita Sharma, attached file is in PDF Document Format (Managing Director, LIC of India) S7. Ans.(b) Sol. Life Insurance Corporation of India is an Indian state-owned insurance group and investment company headquartered in Mumbai. S8. Ans.(c) Sol. NEW INDIA ASSURANCE CO. LTD, founded by Sir Dorabji Tata in 1919, a Multinational General Insurance Company operates in 28 countries and headquartered at Mumbai, India. Our global business crossed Rs. 22,270 crores in March S9. Ans.(d) Sol. Girish Radhakrishnan is Chairman cum Managing Director of UIIC. 2 Adda247 No. 1 APP for Banking & SSC Preparation

3 S10. Ans.(e) Sol. The headquarter of NIACL is in Mumbai. S11. Ans.(d) Sol. United India Insurance Company Limited was incorporated as a Company on 18th February General Insurance Business in India was nationalized in S12. Ans.(a) Sol. Mr. Atul Sahai is present Chairman cum Managing Director of NIACL. S13. Ans.(e) Sol. Chennai is the Head Office of UIIC. S14. Ans.(b) Sol. The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India have been transferred to Central Government. S15. Ans.(c) Sol. Kolkata is the Head Office of National Insurance Company Limited (NICL). S16. Ans.(b) Sol. Shri A. V. Girija Kumar is present Chairman-Cum-Managing Director of Oriental Insurance Company Limited (OICL). S17. Ans.(e) Sol. NIC (National Insurance Company Ltd.) is India s oldest general insurance Company. It was incorporated in Kolkata on 5th December, 1906 to fulfil the nationalist aspiration for Swaraj. 66 years later, after nationalisation it was merged along with 21 foreign and 11 Indian companies to form National Insurance Company Ltd, one of the 4 subsidiaries of the Govt. owned General Insurance Corporation of India. S18. Ans.(c) Sol. The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September The Company was a wholly owned subsidiary of the Oriental Government Security Life Assurance Company Ltd and was formed to carry out General Insurance business. The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973 ( till the General Insurance Business was nationalized in the country). In 2003 all shares of our company held by the General Insurance Corporation of India have been transferred to Central Government. 3 Adda247 No. 1 APP for Banking & SSC Preparation

4 S19. Ans.(a) Sol. Tajinder Mukherjee is present Chairman-Cum-Managing Director of National Insurance Company Limited. S20. Ans.(d) Sol. The Head Office of OICL is in New Delhi. S21. Ans.(a) Sol. Agriculture Insurance Company of India Limited was incorporated under the Indian Companies Act 1956 on 20th December, 2002 with an authorised share capital of INR 15 billion and paid up capital of INR 2 billion. AIC commenced business from 1st April, S22. Ans.(b) Sol. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, S23. Ans.(c) Sol. Agriculture Insurance Company of India Limited (AIC) has been formed at the behest of Government of India, consequent to the announcement by the then Hon'ble Union Finance Minister in his General Budget Speech FY that, "to subserve the needs of farmers better and to move towards a sustainable actuarial regime, it was proposed to set up a new Corporation for Agriculture Insurance". Authorised Share Capital of AIC was Rs Crores. S24. Ans.(e) Sol. Section 14 of the IRDA Act, 1999 lays down the duties, powers and functions of IRDA. Registering and regulating insurance companies. Protecting policyholders interests. Licensing and establishing norms for insurance intermediaries. Promoting professional organisations in insurance. Regulating and overseeing premium rates and terms of non-life insurance covers. Specifying financial reporting norms of insurance companies. Regulating investment of policyholders funds by insurance companies. Ensuring the maintenance of solvency margin by insurance companies. Ensuring insurance coverage in rural areas and of vulnerable sections of society. S25. Ans.(d) Sol. Registered Office and Head Quarters of Agriculture Insurance Company of India Limited is in New Delhi. 4 Adda247 No. 1 APP for Banking & SSC Preparation

5 S26. Ans.(b) Sol. Insurance Regulatory and Development Authority (IRDA) set up as autonomous body under the IRDA Act, S27. Ans.(e) Sol. Mrs. Alamelu T. Lakshmanachari is current Chairman-cum-Managing Director of Agriculture Insurance Company of India Limited. S28. Ans.(a) Sol. Parliament has passed Insurance Laws (Amendment) Bill, It was first passed in Lok Sabha on 4 March 2015 and later in Rajya Sabha on 12 March 2015, which will become an Act when the President signs it. The amendment bill aims to bring improvements and revisions in the existing laws relating to insurance business in India. The bill also seeks to remove archaic provisions in previous laws and incorporate modern day practices of insurance business that are emerging in a changing dynamic environment, which also includes private participation. It is expected that the foreign investment would bring about `20,000-`25,000 crore in short funds. The amendment bill hikes Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from present 26 percent. S29. Ans.(d) Sol. Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household. S30. Ans.(c) Sol. Surrender Charges- A surrender charge may be deducted for premature partial or full encashment of units wherever applicable, as mentioned in the policy conditions. S31. Ans.(b) Sol. Dr Subhash Chandra Khuntia assumed office of Chairman, Insurance Regulatory and Development Authority of India in May S32. Ans.(b) Sol. Insurance of property means insurance of buildings, machinery, stocks etc against Fire and Allied Perils, Burglary Risks and so on. Goods in transit via Sea, Air, Railways, Roads and Courier can be insured under Marine Cargo Insurance. Hulls of ship and boats can be insured under Marine Hull Insurance. Further, there are specialized policies available such as Aviation Insurance Policy for insurance of planes and helicopters. Thus Property Insurance is a very vast category of General Insurance and the type of cover that you need depends upon the type of property you are seeking to cover. 5 Adda247 No. 1 APP for Banking & SSC Preparation

6 S33. Ans.(e) Sol. The Headquarters of IRDAI is in Hyderabad. S34. Ans.(e) Sol. Mortality Charges- These are charges to provide for the cost of insurance coverage under the plan. Mortality charges depend on number of factors such as age, amount of coverage, state of health etc. S35. Ans.(a) Sol. Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. S36. Ans.(a) Sol. Premium Allocation Charge is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses. S37. Ans.(d) Sol. ULIP (Unit Linked Insurance Plan) is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. As a single integrated plan, the investment part and the protection part can be managed according to specific needs and choices. S38. Ans.(d) Sol. In insurance, incurred but not reported (IBNR) claims is the amount owed by an insurer to all valid claimants who have had a covered loss but have not yet reported it. Since the insurer knows neither how many of these losses have occurred, nor the severity of each loss, IBNR is necessarily an estimate. S39. Ans.(c) Sol. Risk control is the method by which firms evaluate potential losses and take action to reduce or eliminate such threats. S40. Ans.(c) Sol. The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI). The General Insurance Council is an important link between the Insurance Regulatory and Development Authority of India and the non-life insurance industry. It also pushes for the Industry s issues with the Government. While the Council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders. 6 Adda247 No. 1 APP for Banking & SSC Preparation

7 S41. Ans.(b) Sol. Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas is the slogan of Oriental Insurance Company Limited (OICL). S42. Ans.(e) Sol. The tagline of Bajaj Allianz Life Insurance Company Limited is "Jiyo Befiqar". S43. Ans.(a) Sol. The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 since 2001 by the Insurance Regulatory and Development Authority of India (IRDAI). The General Insurance Council is an important link between the Insurance Regulatory and Development Authority of India and the non-life insurance industry. It also pushes for the Industry s issues with the Government. While the Council plays the role envisaged for it by the Insurance Act, it also facilitates overall growth for the industry in a fair and equitable manner in the interest of all stake holders. S44. Ans.(d) Sol. Umbrella insurance refers to liability insurance that is in excess of specified other policies and also potentially primary insurance for losses not covered by the other policies. S45. Ans.(c) Sol. The Head Office of General Insurance Council is in Mumbai. S46. Ans.(b) Sol. Policyholder definition: A policyholder is a person who has an insurance policy with an insurance company. S47. Ans.(e) Sol. A Third Party Administrator (TPA) is a person or organization that processes claims and performs other administrative services in accordance with a service contract, usually in the field of employee benefits. S48. Ans.(c) Sol. Claim Service Representative- Also called CSR; they are responsible for clerical completion of all claim files. S49. Ans.(a) Sol. Public Liability Insurance or PLI offers cover for third party liabilities (Bodily Injury/Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith. 7 Adda247 No. 1 APP for Banking & SSC Preparation

8 S50. Ans.(d) Sol. Policy is the written insurance contract that may include all clauses, riders and endorsements. S51. Ans.(e) Sol. The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules, 2017, to set-up and facilitate the Institution of Insurance Ombudsman in India. The Executive Council of Insurers consists of nine members including the Chairperson. S52. Ans.(d) Sol. Universal Health Insurance Scheme (UHIS)- The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families. S53. Ans.(c) Sol. MEMBERS OF THE EXECUTIVE COUNCIL OF INSURERS (Office of the Executive Council of Insurers). Sri Hemant Bhargava, C-in-C, LIC of India - Chairman. S54. Ans.(b) Sol. The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from Rs.100 to Rs.200 for an individual, Rs.300 for a family of five and Rs.400 for a family of seven, without any reduction in benefits. S55. Ans.(a) Sol. Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U MH 2001 NPL dated 25th July IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, IBAI is run by a Board of Directors who are elected by the members. S56. Ans.(c) Sol. Risk- The uncertainty concerning the occurrence of a financial loss. S57. Ans.(e) Sol. The main objects of Insurance Brokers Association of India (IBAI) are to promote interaction among the Insurance/Reinsurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training and research in all fields of insurance and re-insurance and represent the interests of Brokers with other organizations. 8 Adda247 No. 1 APP for Banking & SSC Preparation

9 S58. Ans.(a) Sol. Actuary- A professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values. S59. Ans.(d) Sol. Mumbai is the Corporate Office of Insurance Brokers Association of India. S60. Ans.(b) Sol. Tort is conduct that harms other people or their property. It is a private wrong against a person for which the injured person may recover damages, i.e. monetary compensation. The injured party may sue the wrongdoer (tortfeasor) to recover damages to compensate for the harm or loss incurred. S61. Ans.(b) Sol. The Integrated Grievance Management System (IGMS) is an online consumer complaints registration system created by IRDA. All insurance companies have integrated their online complaint logging systems to the IGMS maintained by IRDA. Policyholders can register their complaints online with their insurance company and track the progress of complaint resolution. IRDA monitors the complaints and their progress in real-time through IGMS. S62. Ans.(e) Sol. The Insurance Act was amended in 1968 to regulate investments and set minimum solvency margins. The Tariff Advisory Committee (TAC) was set up then to mandate policy wordings (insuring clause, terms, conditions, clauses, warranties, etc) and regulate general insurance premium rates. S63. Ans.(a) Sol. Peril: A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded. S64. Ans.(d) Sol. Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI) in It was registered as an independent society under the Andhra Pradesh Societies Registration Act on 21st November S65. Ans.(c) Sol. IIRM is the only dedicated Institution for education in Insurance and Actuarial Science in the World. It is unique in character as the Institute is promoted by the Regulator with the sole aim of developing the required work force for the entire Insurance sector. The Institute offers education through the regular and distance modes. 9 Adda247 No. 1 APP for Banking & SSC Preparation

10 S66. Ans.(e) Sol. Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI) in It was registered as an independent society under the Andhra Pradesh Societies Registration Act on 21st November The Society is governed by a Governing Council headed by the Chairman, IRDAI. The Council has 20 members comprising of experts from the insurance and technology sector besides eminent management experts and academicians. S67. Ans.(d) Sol. Rashtriya Swasthya Bima Yojana (RSBY) is a government-run health insurance programme for the Indian poor. The scheme aims to provide health insurance coverage to the unrecognised sector workers belonging to the BPL category and their family members shall be beneficiaries under this scheme. S68. Ans.(c) Sol. Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI) in It was registered as an independent society under the Andhra Pradesh Societies Registration Act on 21st November The Society is governed by a Governing Council headed by the Chairman, IRDAI. The Council has 20 members comprising of experts from the insurance and technology sector besides eminent management experts and academicians. S69. Ans.(b) Sol. Aam Aadmi Bima Yojana is a social security scheme introduced by the Government of India. The scheme focuses on the people of rural and landless households. The beneficiaries can apply for this scheme without any cost as the specified premium amount of Rs.200 is mutually shared by the Central and State Governments. S70. Ans.(a) Sol. The Head Office of Insurance Information Bureau is in Hyderabad. S71. Ans.(d) Sol. Benefits Aam Aadmi Bima Yojana- 1. If the person had a natural death, the nominee or the family member of the policyholder would be conferred a sum of Rs. 30,000/- 2. If the person died due to accident or has been permanently incapacitated in an accident, Rs. 75,000 will be given to the nominee or the family member of the policyholder. 3. If the person met with permanent partial disability in an accident which results in the loss of an eye or limb or any other mishaps; Rs. 37,500 will be given to the nominee or the family member of the policyholder. Note: Scholarship benefits will be provided to two of the beneficiary s children pursing grade 9 to 12. A sum of Rs. 100/- per month must be remitted for each child at every year on a half early basis. 10 Adda247 No. 1 APP for Banking & SSC Preparation

11 S72. Ans.(a) Sol. Beneficiaries under Rashtiya Swasthiya Bima Yojana (RSBY) are entitled to hospitalization coverage up to Rs. 30,000/- for most of the diseases that require hospitalization. S73. Ans.(c) Sol. Applicant should be aged between the range of 18 to 59 years under the Aam Aadmi Bima Yojana. S74. Ans.(e) Sol. Ministry of Finance, Government of India has approved the merger of Social Security Schemes viz., Aam Admi Bima Yojana (AABY) and Janashree Bima Yojana (JBY). The merged scheme is renamed "Aam Admi Bima Yojana" and has come into effect from S75. Ans.(b) Sol. Shri Kunnel Prem took charge as Chief Executive Officer of Insurance Information Bureau of India (IIB) on 25th October He had a long stint with Life Insurance Corporation of India (LIC) prior to joining the Bureau. S76. Ans.(c) Sol. Employees' State Insurance is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation according to rules and regulations stipulated in the ESI Act S77. Ans.(e) Sol. The Insurance Ombudsman scheme was created by the Government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way. S78. Ans.(a) Sol. The scheme was inaugurated in Kanpur on 24th February 1952 (ESIC Day) by then Prime Minister Pandit Jawahar Lal Nehru. The venue was the Brijender Swarup Park, Kanpur and Panditji addressed a 70,000 strong gathering in Hindi in the presence of Pt.Gobind Ballabh Pant, Chief Minister Uttar Pradesh; Babu Jagjivan Ram, Union Labour Minister; Raj Kumari Amrit Kaur, Union Health Minister; Sh.Chandrabhan Gupt, Union Food Minister and Dr.C.L.Katial, the first Director General of ESIC. S79. Ans.(d) Sol. There are at present 17 Insurance Ombudsman in different locations and any person who has a grievance against an insurer, may himself or through his legal heirs, nominee or assignee, make a complaint in writing to the Insurance ombudsman within whose territorial jurisdiction the branch or office of the insurer complained against or the residential address or place of residence of the complainant is located. 11 Adda247 No. 1 APP for Banking & SSC Preparation

12 S80. Ans.(b) Sol. The Employees' State Insurance scheme was inaugurated in Kanpur on 24th February 1952 (ESIC Day) by then Prime Minister Pandit Jawahar Lal Nehru. The venue was the Brijender Swarup Park, Kanpur and Panditji addressed a 70,000 strong gathering in Hindi in the presence of Pt.Gobind Ballabh Pant, Chief Minister Uttar Pradesh; Babu Jagjivan Ram, Union Labour Minister; Raj Kumari Amrit Kaur, Union Health Minister; Sh.Chandrabhan Gupt, Union Food Minister and Dr.C.L.Katial, the first Director General of ESIC. S81. Ans.(d) Sol. The Ombudsman will receive and consider complaints or disputes relating to (a) delay in settlement of claims, beyond the time specified in the regulations, framed under the Insurance Regulatory and Development Authority of India Act, 1999; (b) any partial or total repudiation of claims by the life insurer, General insurer or the Health insurer ; (c) disputes over premium paid or payable in terms of insurance policy; (d) misrepresentation of policy terms and conditions at any time in the policy document or policy contract; (e) legal construction of insurance policies in so far as the dispute relates to claim; (f) policy servicing related grievances against insurers and their agents and intermediaries; (g) issuance of life insurance policy, general insurance policy including health insurance policy which is not in conformity with the proposal form submitted by the proposer; (h) non-issuance of insurance policy after receipt of premium in life insurance and general insurance including health insurance; and (i) any other matter resulting from the violation of provisions of the Insurance Act, 1938 or the regulations, circulars, guidelines or instructions issued by the IRDAI from time to time or the terms and conditions of the policy contract, in so far as they relate to issues mentioned at clauses (a) to (f). S82. Ans.(a) Sol. Raj Kumar is the present Director General of Employees' State Insurance Corporation. S83. Ans.(e) Sol. The Insurer shall comply with the Award within 30 days from the date of receipt of the Award and intimate of its compliance to the Insurance Ombudsman. S84. Ans.(b) Sol. IRDAI has launched the Integrated Grievance Management System (IGMS) in the year Apart from creating a central repository of industry-wide insurance grievance data, IGMS is a grievance redress monitoring tool for IRDAI. Policyholders who have grievances should register their complaints with the Grievance Redress Channel of the Insurance Company first. If policyholders are not able to access the insurance company directly for any reason, IGMS provides a gateway to register complaints with insurance companies. S85. Ans.(c) Sol. Employees' State Insurance is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation according to rules and regulations stipulated in the ESI Act The Head Office of ESIC is in New Delhi. 12 Adda247 No. 1 APP for Banking & SSC Preparation

13 S86. Ans.(b) Sol. Central Government Health Scheme is providing comprehensive medical care to the Central Government employees and pensioners enrolled under the scheme. This scheme was launched in S87. Ans.(c) Sol. Janashree Bima Yojana (JBY) was launched on 10th August The Scheme replaced Social Security Group Insurance Scheme (SSGIS) and Rural Group Life Insurance Scheme (RGLIS). S88. Ans.(a) Sol. The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families. The scheme provides for reimbursement of medical expenses upto Rs.30,000/- towards hospitalization floated amongst the entire family, death cover due to an Rs.25,000/- to the earning head of the family and compensation due to loss of earning of the earning Rs.50/- per day upto maximum of 15 days. The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from Rs.100 to Rs.200 for an individual, Rs.300 for a family of five and Rs.400 for a family of seven, without any reduction in benefits. S89. Ans.(d) Sol. Pradhan Mantri Fasal Bima Yojana (PMFBY) is the government sponsored crop insurance scheme that integrates multiple stakeholders on a single platform. S90. Ans.(e) Sol. Pradhan Mantri Fasal Bima Yojana (PMFBY) aims at supporting sustainable production in agriculture sector by way of - (a) providing financial support to farmers suffering crop loss/damage arising out of unforeseen events (b) stabilizing the income of farmers to ensure their continuance in farming (c) encouraging farmers to adopt innovative and modern agricultural practices (d) ensuring flow of credit to the agriculture sector; which will contribute to food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from production risks S91. Ans.(d) Sol. Government through the Budget Speech announced three ambitious Social Security Schemes pertaining to the Insurance and Pension Sectors, namely Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and an the Atal Pension Yojana (APY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged. Hon ble Prime Minister launched PMJJBY and PMSBY schemes nationally in Kolkata on 9th May, Adda247 No. 1 APP for Banking & SSC Preparation

14 S92. Ans.(a) Sol. PMSBY stands for Pradhan Mantri Suraksha Bima Yojana. S93. Ans.(e) Sol. HDFC Life is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance. S94. Ans.(c) Sol. Indian Railway Catering and Tourism Corporation (IRCTC), the Railways subsidiary, will offer insurance of up to INR50 lakh for free for air passengers who book their tickets through its portal. IRCTC has tied up with Bharti-Axa for the offer. S95. Ans.(b) Sol. Syndicate Bank and SBI Life Insurance has announced that they have signed a bancassurance pact to offer a comprehensive financial planning solution to its customers. The agreement was signed in the presence of Syndicate Bank Managing Director and Chief Executive Officer Mrutyunjay Mahapatra and MD and CEO of SBI Life. S96. Ans.(e) Sol. The government has constituted a seven-member panel to select managing directors of public sector insurance companies. According to sources, the panel would be headed by Banks Board Bureau (BBB) chairman BP Sharma. The other members of the panel are Financial Services Secretary, Department of Public Enterprises Secretary and Chairman of Insurance Regulatory and Development Authority of India. S97. Ans.(d) Sol. Paytm (One 97 Communications Limtied) and arch rival Mobikwik, have simultaneously announced entry into online insurance payments and purchase of digital insurance on their platforms, respectively. Paytm has partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform. Softbank-backed Paytm will provide premium payment solutions from over 30 insurance companies including LIC, ICICI Prudential Life, Reliance Life and Max Life Insurance among others. S98. Ans.(c) Sol. Atal Pension Yojana (APY) is a government-backed pension scheme in India targeted at the unorganised sector. It was mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi on 09th May 2015 in Kolkata. 14 Adda247 No. 1 APP for Banking & SSC Preparation

15 S99. Ans.(b) Sol. Atal Pension Yojana (APY) is a pension scheme for citizens of India focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. S100. Ans.(a) Sol. HDFC ERGO General Insurance Company, India s third largest non-life insurance provider in the private sector launched the Cyber Security Awareness Week starting from October 21, 2018 to October 27, During the week, HDFC ERGO aims to create awareness about the facets of cybercrime and promote the need of cyber security among individuals under its theme #HackSeLado. S101. Ans.(b) Sol. Reliance Health Insurance, a wholly-owned subsidiary of Reliance Capital has received R3 approval from IRDAI for its new health insurance business. The new company was commenced operations by the December quarter of S102. Ans.(e) Sol. The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment f rom the subscriber s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. S103. Ans.(c) Sol. Insurance regulator Irdai has raised the minimum insurance cover for owner-driver to Rs 15 lakh for a premium of Rs 750 per annum, a move that will provide some succour to road accident victims. Currently, the capital sum insured (CSI) under this section for motorised two-wheelers and private cars/commercial vehicles is Rs 1 lakh and Rs 2 lakh, respectively. However, a few general insurers have been offering addon covers under package policies with higher CSI over and above the stipulated on payment of additional premium. S104. Ans.(a) Sol. State-owned India Post Payments Bank (IPPB) and private life insurer Bajaj Allianz Life Insurance Co Ltd (BALIC) has entered into a strategic partnership to provide life insurance solutions, especially at the doorstep of every household in the country. 15 Adda247 No. 1 APP for Banking & SSC Preparation

16 S105. Ans.(d) Sol. Pradhan Mantri Suraksha Bima Yojana(PMSBY): - The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme isrs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder s bank account through auto-debit facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. 16 Adda247 No. 1 APP for Banking & SSC Preparation