Question

Crop insurance is under the monopoly of ___________.

• A. National Insurance Company
• B. General Insurance Company
• C. Life Insurance Company
• D. NABARD

Answer 1

Answer: (B)

General Insurance Company

• Crop insurance is nothing but financial security provided to farmers against the loss due to natural disasters.
  
• In India crop insurance is monopoly of General Insurance Corporation (GIC).
  
• Provision for crop insurance against drought, flood, cyclone, fire, and disease, the establishment of Grameen banks, cooperative societies and banks for providing loan facilities to the farmers at lower rates of interest were some important steps in this direction.