{"id":32125,"date":"2024-04-15T08:56:25","date_gmt":"2024-04-15T08:56:25","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32125"},"modified":"2024-04-15T08:56:25","modified_gmt":"2024-04-15T08:56:25","slug":"an-insurance-contract-has-to-fulfill-the-requirements-of-the","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/an-insurance-contract-has-to-fulfill-the-requirements-of-the\/","title":{"rendered":"An insurance contract has to fulfill the requirements of the"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6aaa58c565c20\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Insurance Act, 1938                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"true\">\r\n                    IRDA Act, 1999                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    LIC Act, 1956                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Indian Contract Act, 1872                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is: <strong>B. IRDA Act, 1999<\/strong><\/p>\n<p>The Insurance Regulatory and Development Authority (IRDA) Act, 1999 is the main legislation governing the insurance sector in India. The Act provides for the <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> establishment of the Insurance Regulatory and Development Authority (IRDA), which is responsible for regulating and developing the insurance sector in India. The Act also provides for the registration of insurance companies, the regulation of insurance products and services, and the protection of the interests of policyholders.<\/p>\n<p>The Insurance Act, 1938 is an older law that was enacted to regulate the insurance sector in India. However, the IRDA Act, 1999 has superseded the Insurance Act, 1938. The IRDA Act, 1999 is a more comprehensive and modern law that provides for a more effective regulation of the insurance sector.<\/p>\n<p>The LIC Act, 1956 is a law that was enacted to establish the Life Insurance Corporation of India (LIC). The LIC is a government-owned insurance company that is the largest insurance company in India. The LIC Act, 1956 provides for the regulation of the LIC and its activities.<\/p>\n<p>The Indian Contract Act, 1872 is a general law that governs contracts in India. The Indian Contract Act, 1872 does not specifically deal with insurance contracts. However, the Indian Contract Act, 1872 may apply to insurance contracts to the extent that it is not <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div> inconsistent with the IRDA Act, 1999.<\/p>\n<p>In conclusion, the correct answer is: <strong>B. IRDA Act, 1999<\/strong>. The IRDA Act, 1999 is the main legislation governing the insurance sector in India. The Act provides for the establishment of the Insurance Regulatory and Development Authority (IRDA), which is responsible for regulating and developing the insurance sector in India. The Act also provides for the registration of insurance companies, the regulation of insurance products and services, and the protection of the interests of policyholders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[261],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>An insurance contract has to fulfill the requirements of the<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/an-insurance-contract-has-to-fulfill-the-requirements-of-the\/\" \/>\n<meta property=\"og:locale\" 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