CS Professional · Banking and Insurance - Laws and Practice · Professional Opportunities
Arvind Textiles Pvt Ltd wants an independent adviser to compare quotes from several insurers and place its fire cover with the one best suited to the company, acting for the client rather than any one insurer. Which intermediary suits this need?
An IRDAI-registered insurance broker suits the need, because a broker represents the client and can approach multiple insurers to compare terms and place the cover. Agents are tied to insurers, and aggregators only display quotes without advising or negotiating on the client's behalf.
- AIndividual agent tied to one insurer
- BInsurance broker registered with IRDAI, who represents the client and can deal with multiple insurersCorrect
- CCorporate agent restricted to a single life insurer and single general insurer
- DInsurance web aggregator that only displays quotes
Explanation
A broker acts on behalf of the client and can approach several insurers to find suitable terms. An agent is tied to an insurer's panel and represents the insurer. A web aggregator only displays comparisons and does not advise or negotiate placement.
Did you get it right without looking?
One question tells you little. A timed set on Professional Opportunities shows your real accuracy, how long you take and where you lose marks.
More Professional Opportunities questions
- A company secretary, Rahul Nair, wishes to start as a surveyor and loss assessor for general insurance claims. Which statement correctly des…
- A company secretary is engaged as a compliance adviser to a licensed corporate agent. The agent's insurer-wise business this year: Insurer A…
- Rohit wants to build a career as an insurance intermediary who sells policies of several insurers, advises clients on suitable cover and ear…
- After a factory fire, Sunrise Textiles Ltd's insurer needs an independent licensed professional to inspect the site and report on the cause …
- Suman Rao, a practising Company Secretary, is appointed as compliance officer of a life insurance company. The CEO asks what her core functi…
- Ananta Insurance Ltd has a Company Secretary who is also designated compliance officer. The Board of Ananta is considering whether the Compa…