SSC Economics Sample Paper NCERT Sample Paper-6

  • question_answer
    Consider the following statements:
    1. Life Insurance Corporation of India is the oldest insurance company in India.
    2. National Insurance Company Limited was nationalized in the year 1972 and made a subsidiary of General Insurance Corporation of India.
    3. Headquarters of United India Insurance Company Limited are located at Chennai. Which one of these statements is/are correct?

    A)  1, 2 and 3        

    B)  1 and 2

    C)  2 and 3

    D)  1 and 3 only

    Correct Answer: C

    Solution :

    [c] 1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the private insurance industry in India. Over 245 insurance companies and provident societies were merged to create the state owned Life Insurance Corporation.

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