COST ACCOUNTING
FINANCIAL TERMINOLOGY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Deductible
|
|
|
Premium
|
|
|
Assigned Risk pool
|
|
|
Beneficiary
|
Detailed explanation-1: -IRDAI’s Head Office is at Hyderabad All the major activities of IRDAI including ensuring financial stability of insurers and monitoring market conduct of various regulated entities is carried out from the Head Office.
Detailed explanation-2: -The main function of insurance is that eliminates the uncertainty of an unexpected and sudden financial loss. This is one of the biggest worries of a business. Instead of this uncertainty, it provides the certainty of regular payment i.e. the premium to be paid.
Detailed explanation-3: -The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India.