{"id":32140,"date":"2024-04-15T08:56:40","date_gmt":"2024-04-15T08:56:40","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32140"},"modified":"2024-04-15T08:56:40","modified_gmt":"2024-04-15T08:56:40","slug":"which-of-the-following-statements-is-incorrect-6","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-of-the-following-statements-is-incorrect-6\/","title":{"rendered":"Which of the following statements is incorrect?"},"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_6aaae7716ffc7\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    An agent licenced to act as such for an insurer is required to have a licence under Section 42 of the Insurance Act, 1938 for procuring and continuing insurance business against payment of commission                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"true\">\r\n                    An agent can only be a trained individual for working for an insurance company                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    A bank can also act as a broker for life insurance business                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    None of the three                <\/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. An agent can only be a trained individual for working for an insurance company<\/strong><\/p>\n<p>An agent can be a trained individual or a self-employed person. They can also be a corporate body.<\/p>\n<p>Section 42 of the Insurance Act, 1938 states that &#8220;No person shall act as an agent for an insurer unless he is licensed to act as such under this Act.&#8221;<\/p>\n<p>A bank can also act as a broker for life insurance business.<\/p>\n<p>A broker is a person who acts as an intermediary between an insurer and an insured. They are not employed by either party and their role is to help the insured find the best possible policy for their needs.<\/p>\n<p>Brokers <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  <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>           <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> are required to be licensed by the Insurance Regulatory and Development Authority of India (IRDAI).<\/p>\n<p>To be eligible for a license, a broker must:<\/p>\n<ul>\n<li>Be a citizen of India<\/li>\n<li>Be at least 21 years of age<\/li>\n<li>Have a good character and reputation<\/li>\n<li>Have passed an examination conducted by the IRDAI<\/li>\n<li>Have paid the prescribed fees<\/li>\n<\/ul>\n<p>Once licensed, a broker must comply with the Code of Conduct for Insurance Brokers issued by the IRDAI.<\/p>\n<p>The Code of Conduct sets out the standards of conduct that brokers are expected to adhere to. These include:<\/p>\n<ul>\n<li>Acting in the best interests of their clients<\/li>\n<li>Providing accurate and complete information to their clients<\/li>\n<li>Not misleading their clients<\/li>\n<li>Not taking advantage of their clients<\/li>\n<li>Not engaging in unfair trade practices<\/li>\n<\/ul>\n<p>Brokers who breach the Code of Conduct may be subject to disciplinary action by the IRDAI.<\/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>Which of the following statements is incorrect?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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