Q: 147 (IAS/2006)
question_subject:
Economics
question_exam:
IAS
stats:
0,58,109,53,41,58,15
keywords:
{'national insurance company limited': [0, 0, 1, 0], 'united india insurance company limited': [0, 0, 1, 0], 'oldest insurance company': [0, 0, 1, 0], 'general insurance corporation': [0, 0, 1, 0], 'life insurance corporation': [0, 0, 4, 1], 'subsidiary': [0, 0, 1, 0], 'headquarters': [7, 0, 18, 27], 'india': [8, 1, 7, 13]}
The correct answer is option 3, which includes statements II and III. Statement I claims that Life Insurance Corporation of India is the oldest insurance company in India which is incorrect. The oldest insurance company in India is actually Oriental Life Insurance Company, founded in 1818. In contrast, Life Insurance Corporation of India was established later in 1956.
Statement II is correct. National Insurance Company Limited was indeed nationalised in 1972 and became a subsidiary of the General Insurance Corporation of India.
Statement III is also correct as the United India Insurance Company Limited truly has its headquarters located in Chennai. Therefore, only statements II and III are accurate, making option 3 the correct choice.