{"id":32435,"date":"2024-04-15T09:01:36","date_gmt":"2024-04-15T09:01:36","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=32435"},"modified":"2024-04-15T09:01:36","modified_gmt":"2024-04-15T09:01:36","slug":"identify-the-correct-option-out-of-the-following","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/identify-the-correct-option-out-of-the-following\/","title":{"rendered":"Identify the correct option out of the following."},"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_6aa4989da2c78\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Licence for agency is issued by the Insurance company                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"false\">\r\n                    Licence for a non-life insurance agency is issued by SEBI                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Life Insurance agency licence is issued by Life Insurance Council                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"true\">\r\n                    Agency licence in all cases is issued by the IRDA through the Designated Parson of the Insurer                <\/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>D. Agency licence in all cases is issued by the IRDA through the Designated Person of the Insurer.<\/strong><\/p>\n<p>The Insurance Regulatory and Development Authority of India (IRDA) is the regulatory body for the insurance industry in India. It was established in 1999 by the Insurance Regulatory and Development Authority Act, 1999. The IRDA is responsible for regulating and developing the insurance industry in India. It issues licenses to insurance companies, intermediaries, and other entities involved in the insurance industry.<\/p>\n<p>The IRDA issues agency licenses to individuals who wish to act as agents for insurance companies. To obtain an agency license, an individual must meet certain eligibility criteria, including having a minimum educational qualification, passing an examination conducted by the IRDA, and having a good character.<\/p>\n<p>The IRDA issues agency licenses through the Designated Person of the Insurer. The Designated Person is a senior official of the insurance company who is <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> responsible for ensuring that the company complies with all applicable laws and regulations. The Designated Person is also responsible for overseeing the activities of the company&#8217;s agents.<\/p>\n<p>The IRDA has the power to suspend or cancel an agency license if it finds that the licensee has violated any applicable laws or regulations. The IRDA also has the power to impose penalties on <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> license holders who violate the law.<\/p>\n<p>The IRDA&#8217;s website has more information on the agency licensing process.<\/p>\n<p>Option A is incorrect because the IRDA issues agency licenses, not insurance companies.<\/p>\n<p>Option B is incorrect because the SEBI is the regulatory body for the securities market in India, not the insurance industry.<\/p>\n<p>Option C is incorrect because the Life Insurance Council is a trade association of life insurance companies in India, not a regulatory body.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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>Identify the correct option out of the following.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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