Tata AIG Assistant Branch Head Interview Questions, Process, and Tips

The control authority of the insurance industry is typically the government regulatory body responsible for overseeing insurance companies.

• The control authority may vary by country, but in the United States, it is the state insurance department.

• The control authority sets regulations and guidelines for insurance companies to ensure they are operating fairly and within the law.

• Examples of control authorities in other cou...read more

Sum assured is the guaranteed amount that an insurance company will pay out in the event of a claim.

• Sum assured is the maximum amount that an insurance policy will pay out to the policyholder or their beneficiaries.

• It is specified in the insurance policy and is agreed upon by the insurer and the policyholder.

• The sum assured can vary depending on the type of insurance policy, such as life insurance, health insurance, or...read more

Insurance Regulatory and Development Authority of India

• IRDAI is the regulatory body for insurance in India

• It was established in 1999

• IRDAI regulates and promotes the insurance industry in India

The supreme authority of IRDAI is the Insurance Regulatory and Development Authority of India.

• The Insurance Regulatory and Development Authority of India (IRDAI) is the apex body overseeing the insurance sector in India.

• It was established in 1999 by the IRDAI Act, 1999.

• IRDAI's primary role is to regulate and promote the insurance industry in India, ensuring fair practices and protecting the interests of policyholders.

• T...read more