List of top Commerce Questions on Insurance Law and Accounts asked in Common University Entrance Test

Arrange the following incidents in order of their occurrence (First to Last):
(A) Establishment of LIC
(B) Establishment of IRDA
(C) The Insurance Act
(D) FDI in Insurance Sector in India
Choose the correct answer from the options given below:

An insurance contract is based on some basic principles of insurance, which of the following is against those principles?

In reference to fire insurance following facts are given. Identify the correct statements.
(A) Fire insurance is a comprehensive policy which covers loss on account of fire, earthquake, riots, floods, strikes and malicious intent.
(B) Fire Insurance can be taken only by the owner of the premises to be insured.
(C) A tenant cannot insure rented premises but he can insure the contents of the premises.
(D) Fire insurance is compulsory if your house/flat is financed by a bank or any other financial institution.
Choose the correct answer from the options given below: