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Question

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.

A
Only 1
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B
Only 2
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C
1 and 2
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D
Neither 1 nor 2
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Solution

The correct option is A Only 2
There are 4 such public sector insurance companies, namely-the New India Assurance Company Limited, National Insurance Company Limited, The Oriental Insurance Co. Ltd., United India Insurance Co. Ltd. (involved in the general insurance segment as competitors); the Export Credit Guarantee Corporation (provides different insurance services to the export sector of India) and the Agriculture Insurance Company of India Ltd. (a dedicated PSU for agriculture insurance) - latter two are the dedicated insurance companies of GoI but offering different general insurance products.

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