Statutory Corporations and Its Features

Q.

Give two examples of each - statutory corporation and government company.

Q.

___________ are set up under an Act of parliament and are governed by the provisions of the Act.

1. Partnership

2. Statutory Corporations

3. Limited Companies

4. Private Companies

Q.

LIC is an Indian private-owned insurance group and investment company headquartered in New Delhi.

1. True

2. False

Q.

What is meant by Government Company ? Explain any three features of Government Company ?

Q.

In a Hindu Undivided Family, whose liability is unlimited?

Q. Insurance companies in India are regulated by the _______.

1. AMFI
2. IRDA
3. SEBI
4. RBI

Q.

LIC was brought into existence by a Special Act of Parliament.

1. True

2. False

Q.

A well developed insurance sector provides funds for infrastructure development and strengthens the risk taking ability of the country.

1. False

2. True

Q. Which of the following is example of a public corporation?

1. Life Insurance Corporation of India
2. Employees State Insurance Corporation
3. Industrial Development Bank of India
4. All of above

Q. Select the proper option from the options given below and rewrite the sentences.

The nature and power of a statutory corporation is defined in _______.

(a) Companies Act 1956
(b) Special statute
(c) Prospectus

Q. The company which is incorporated under a special royal charter issued by the king or head of the state is called _______.

1. Statutory companies
2. Registered companies
3. Cooperative organisation
4. Chartered company

Q.

The State Government also has the power for appropriation of profits and bearing all losses, if any. Which feature of statutory corporations is identified in the given statement

1. Body corporate
2. Finance
3. Ownership
4. All of the above

Q. Statutory corporations are financially dependent.

1. True
2. False

Q. The employees of statutory corporations are _____________.

1. Government employees
2. Civil servants
3. Public sector employees
4. None of the above

Q. Where is the headquarters of Life Insurance Corporation situated?

1. Kolkata
2. Chennai
3. Mumbai
4. New Delhi

Q. The government does not interfere in the financial matters of statutory corporations.

1. True
2. False

Q. Select the incorrect one/ones about the public sector insurance companies in India using the code given below:
1. There are 5 public sector companies involved in offering various general insurance products in India today.
2. There are two dedicated public sector agriculture insurance companies in India today.

1. Only 2
2. 1 and 2
3. Neither 1 nor 2
4. Only 1

Q. Which of the following is/are statutory corporation?

1. All of the above
2. Unit Trust of India(UTI)
3. Life Insurance Corporation(LIC)
4. Food Corporation of India

Q. The majority of central government enterprises belongs to the _________.

1. private limited companies
2. public limited companies
3. departmental organisations
4. public corporations

Q. Select the correct one/ones about the re-insurance market in India using the code given below:
1.There is a single re-insurer in the Indian insurance industry.
2. IRDA itself functions as the re-insurer in India.

1. Only 1
2. Only 2
3. 1 and 2
4. Neither 1 nor 2

Q. A ___ is a corporate person and has the power of the government.

Q. What is correct about 'bancassurance' in India? Select your answer using the code given below:
1. It is the sale of insurance policies through banks as a low-cost option of distribution.
2. In it, banks tie up with one insurance company in the life, non-life , and health insurance spaces but only in a specified number of states.

1. Only 1
2. Only 2
3. 1 and 2
4. Neither 1 nor 2

Q. Which form of Public Sector brought into existence by a Special Act of the Parliament? Also state any two features of identified above.

Q. Insurance Regulatory and Development Authorities Act come in to effect in ____________.

1. 2001
2. 2004
3. 1999
4. None of these

Q. The policies and procedures of a statutory corporation are assigned to them by __________.

1. Government
2. Special act of parliament
3. Organization itself
4. Neither of the above

Q. Which of the following is a public sector insurance company?

1. Exide Life Insurance Company
2. Reliance Life Insurance Company
3. New India Assurance Company
4. IDBI Federal Life Insurance Co. Ltd.