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The correct answer is Integrated Grievance Management System.

Key Points

• IGMS stands for Integrated Grievance Management System. 
• Integrated Grievance-Management-System (IGMS) was launched by the Insurance Regulatory and Development Authority of India (I.R.D.A.I.).
• IRDAI launched the Integrated Grievance Management System (IGMS) in the year 2010.​
• It is an online consumer complaints registration system.
• Policyholders can register their complaints online with their insurance company and track the progress of complaint resolution.
• IRDAI monitors the complaints and their progress in real time through IGMS.
• The system has the ability to assign, store and track unique complaint IDs.
• It also sends intimations to various stakeholders as required, within the workflow.
• The system has defined target Turnaround Times (TATs) and measures the actual TATs on all complaints.
• A complaint registered through IGMS will flow to the insurer's system as well as the IRDAI repository.

The correct answer is It is the Evidence, that the Policy-Contract has begun.

Key Points

• First Premium Receipt (F.P.R.)
• It is the receipt you receive when you pay the premium of your policy for the very first time.
• acknowledges that the Policy-Contract has begun.
• It also contains all details of the policy, including the Tax/Premium Paid Certificate.
• An insurance contract commences when the life insurance company issues a first premium receipt (FPR).
• After the issue of the FPR, the insurance company will issue subsequent premium receipts when it receives further premiums from the proposer.

Additional Information

• IRDA or Insurance Regulatory and Development Authority of India is the apex body that supervises and regulates the insurance sector in India.
• The primary purpose of IRDA is to safeguard the interest of the policyholders and ensure the growth of insurance in the country.
• Some of the functions of IRDAI are-
• To safeguard the policyholder’s interest while ensuring fair and just treatment.
• To have a fair regulation of the insurance industry while ensuring financial soundness of the applicable laws and regulations.
• To frame regulations periodically so that there is no ambiguity in the insurance industry.

The correct answer is- Product.

Key Points

 Marketing:

1. Marketing refers to all activities a company does to promote and sell products or services to consumers.
2. Marketing makes use of the "marketing mix," also known as the four Ps—product, price, place, and promotion.
3. ​​Product, price, place, and promotion are the Four Ps of marketing. The Four Ps collectively make up the essential mix a company needs to market a product or service.
4. At its core, marketing seeks to take a product or service, identify its ideal customers, and draw the customers' attention to the product or service available.

Important Points

 Product Mix:

• Product refers to an item or items the business plans to offer to customers. The product should seek to fulfil an absence in the market, or fulfil consumer demand for a greater amount of a product already available. Before they can prepare an appropriate campaign, marketers need to understand what product is being sold, how it stands out from its competitors, whether the product can also be paired with a secondary product or product line, and whether there are substitute products in the market.

Hence, the correct answer is- First 'p,' of 4p's is Product.

Additional Information

 Price:

• Price refers to how much the company will sell the product for. When establishing a price, companies must consider the unit cost price, marketing costs, and distribution expenses. Companies must also consider the price of competing products in the marketplace and whether their proposed price point is sufficient to represent a reasonable alternative for consumers.

 Place:

• Place refers to the distribution of the product. Key considerations include whether the company will sell the product through a physical store, online, or through both distribution channels.

 Promotion:

• Promotion, the fourth P, is the integrated marketing promotion and communications campaign. Promotion includes a variety of activities such as advertising, selling, sales promotions, public relations, direct marketing, sponsorship, and guerrilla marketing. Promotions vary depending on what stage of the product life cycle the product is in. Marketers understand that consumers associate a product’s price and distribution with its quality, and they take this into account when devising the overall marketing strategy.

• LIC Aadhaar Stambh is an insurance plan is only for male applicants holding Aadhaar card.
• The premium payment term for this plan will be the same as the policy term.
• The minimum basic sum assured offered under the plan is Rs.75,000 and the maximum basic sum assured is Rs.3,00,000.
• This policy will be issued for a term of 10 years to 20 years.

The correct answer is prospectus. 

Key Points

• Issue of Prospectus: Prospectus is an invitation to the public in large for inviting them to subscribe for the shares of the company. The prospectus contains complete details such as the financial position of the company, the number of shares offered, the price of such shares, etc.
• Receipt of Application: After the receipt of the prospectus, interested investors can apply through application and deposit of specified application money with the scheduled bank as mentioned in the prospectus. The subscription remains to open up to 120 days. The company shall refund the application with 130 days of issue of a prospectus in case the minimum subscription has not been reached.
• Shares allotment: Shares are allotted on a pro-rata basis if the minimum subscription is received. Allotment letter is offered to the investors to whom shares are issued.

The correct answer is Lloyds Coffee House in London.

Key Points

• Lloyds Coffee House in London 
• ​It was a significant meeting place in London in the 17^th and 18^th centuries.
• It was opened by Edward Lloyd.
• It was a popular place for sailors, merchants, and shipowners.
• Many people from the shipping industry used to visit the coffee house to discuss maritime insurance, shipbroking, and foreign trade.
• Lloyd's coffee house soon became known as a good place to purchase insurance to cover ships and their cargoes against the perils of the seas.
• Edward Lloyd also obtained a monopoly on maritime insurance related to the slave trade and maintained it until the early 19^th century.

The correct answer is Within 30 Days.

Key Points

• IRDAI (Protection of Policyholders Interest) Regulations 2017
• It is applicable to all policyholders- Individual and Corporate.
• ​Under this, Within 30 Days, the claim under a Life Assurance Policy shall be paid or shall be disputed, provided that, the Company has received All Relevant Papers.

Additional Information

• ​The objective of these regulations is to-
• To ensure that the interests of insurance policyholders’ are protected.
• To ensure that insurers, distribution channels, and other regulated entities fulfill their obligations towards policyholders and have in place standard procedures and best practices in the sale and service of insurance policies.
• To ensure policyholder-centric governance by insurers with emphasis on grievance redressal.
• It protects the Interest-
• At the time of sale of the insurance products
• At the time of issuing the policy
• After-sale service in respect of policy document
• The Regulations say that Insurers shall take steps-
• For enhancing insurance awareness so as to educate prospects
• To prevent mis-spelling
• To make fully aware the buyer of the insurance policy about the benefits of the products

The correct answer is 2015.

Key Points

• Senior Citizen’s Welfare Fund was established under the Finance Act, 2015, to be utilized for such schemes for the promotion of the welfare of senior citizens, in line with the National Policy on Older Persons.
• Fund gets money from unclaimed deposits of Public Provident Fund PPF and Employee Provident Fund EPF.
• The money in accounts that have been inoperative for more than seven years will be diverted into this fund.
• However, if someone comes back to claim the money even after seven years, the payment will be made after furnishing the required documents.
• The fund will be administered by an Inter-Ministerial Committee, headed by a Chairperson.
• The Committee will be competent to spend money from the fund for satisfying various objectives.

• Net Asset Value (NAV) means the difference between entity’s assets and the value of its liabilities.
• The Price per fund unit is termed as the Net Asset Value.
• NAV is the base for operations for open-ended mutual fund schemes i.e. investor can trade funds at their convenience and exit when they like at the current Net Asset Value.

The correct answer is Insured.

Key Points

• Insured is protected under the In-Contestability Clause included under a Life Assurance Policy.
• ​Contestability refers to having a dispute or contest over a claim.
• All life insurance companies include the contestability clause to protect their interest.
• According to the clause, if the policyholder expires within specified years of purchasing the policy (generally two years), the insurance company can contest or question the claim raised by his/her beneficiaries.
• The insurer has the right to ask for verification of the personal details of the buyer.
• This clause enables the insurers to deny or cancel a claim made before the completion of two years (or other specified years) from the policy date.
• The clause also prevents the policy provider from tampering with any part of the insurance coverage based on mistranslation or misstatements by the insured (policyholder) after a period of time.

Additional Information

• An insurer is an entity that accepts the risk and promises to pay for the losses that arise within the policy term. The insurer is generally called an 'insurance company'.
• An insurance agent is a representative who sells the policy on behalf of an insurance company. The agent helps consumers select the right insurance based on their needs, but represents an insurance company.
• An insurance broker is a specialist in insurance and risk management. Insurance brokers act on behalf of their clients and provide advice in the interests of their clients.
• In other words, he is a professional who acts as an intermediary between a consumer and an insurance company, helping the consumer find a policy that best suits their needs.