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CMA Final · Corporate and Economic Laws · Laws and Regulations related to Insurance Sector

Under the Insurance Act, 1938, which of the following must an insurer's policies for the rural sector and the unorganised sector include, in addition to life or general insurance for the persons covered?

Insurance for crops is the correct answer. Section 32C says that policies offered to rural residents, unorganised or informal sector workers and economically vulnerable or backward classes shall include insurance for crops. The section does not mention ships, aircraft or foreign investments.

  1. AInsurance for cropsCorrect
  2. BInsurance for ships
  3. CInsurance for aircraft
  4. DInsurance for foreign investments

Explanation

Section 32C requires every insurer to discharge its obligations to provide life or general insurance to rural residents, unorganised sector workers and economically vulnerable or backward classes. It states that such policies shall include insurance for crops. The other options are not mentioned in that section.

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