Podcast
Questions and Answers
Which of the following is NOT listed as an advantage of the instrument?
Which of the following is NOT listed as an advantage of the instrument?
The primary function of the instrument includes underwriting services and documentation.
The primary function of the instrument includes underwriting services and documentation.
True
What role does the instrument play in promoting industrial growth?
What role does the instrument play in promoting industrial growth?
It supports infrastructure and technology innovation to increase growth's critical areas.
The instrument provides __________ opportunities for employment.
The instrument provides __________ opportunities for employment.
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Match the following functions with their descriptions:
Match the following functions with their descriptions:
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Which function relates to improving the quality of social services?
Which function relates to improving the quality of social services?
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The claim settlement ratio is described as low, providing support in nation building.
The claim settlement ratio is described as low, providing support in nation building.
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Name one role of the instrument related to financial stability.
Name one role of the instrument related to financial stability.
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Study Notes
Advantages
- Protection against risk of death
- Compulsory savings
- Tax exemptions
- Quick loan borrowing (common loan/housing loan)
- High claim settlement ratio
- Input in nation building
Functions
- Security
- Protection (provide cover)
- Issuing policy documents
- Employee opportunities
- Public awareness initiatives
- Social welfare initiatives (water, etc.)
- Handling high priority services to policyholders
- Maintaining personnel and processes
- Policy formulation
- Following procedures and goals
Role
- Investment (capital market intermediaries)
- Underwriting (assess risk, protect industries, mitigate financial instability)
- Disbursing loans
- Subscribing to bonds/debt
- Socially oriented policies
- Shareholding & market stability
- Regulatory control (IRDA)
- Micro and investment products
- Expanding retail/institutional investments
- Promotion of industrial growth
- Infrastructure and technological innovations
- Job creation
- Claim settlement
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Description
This quiz explores the various advantages and functions of insurance, highlighting its role in risk management, economic protection, and social welfare. Understand how insurance contributes to individual financial security and national growth through various initiatives and regulatory frameworks.
