Tag: insurance - introduction and importance

Questions Related to insurance - introduction and importance

Unorganized sector in India does not have an opportunity to participate in the social security schemes offered in India.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

Unorganized sector in India does not have an opportunity to participate in the social security scheme offered in India- this is a true statement. Social security refers to protection provided by the society to its members against providential mishaps over which a person has no control. Social security schemes are only available to the the employees of the organized sector of India.

Which of the following is an example of group insurance in India?

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. Workers Compensation Insurance

  2. Group Pension/Superannuation Plans

  3. Public Liability Insurance

  4. All of the above

Show answer
Correct Option: D
Explanation:
Following are examples of group insurance in India:
a) Workers Compensation Insurance
b) Group Pension/Superannuation Plans
c) Public Liability Insurance
Group insurance policy is a type of policy by which a group of people subscribe for one single policy. Usually group insurance offers discounts on the basis of number of members.

Who among the following has the responsibility for employee welfare?

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. Employers

  2. Central government

  3. State government

  4. All of the above

Show answer
Correct Option: D
Explanation:
Following has the responsibility for employee welfare:
a) Employees
b) Central government
c) State government
Employee welfare deals with any kind of activities which will improve the conditions of the employees by any means. Employee welfare helps to provide a better living standards for the employees.

 Select the correct statement/statements regarding the pension reforms in India. using the code given below:
1. Pension reforms in India have evolved primarily in response to the need of reform in the Government pension system.
2. These have been designed to make a shift from 'defined-benefit to 'defined-contribution' by putting a cap on the Government's liability.  

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. Only 1

  2. Only 2

  3. 1 and 2

  4. Neither I nor 2

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Correct Option: C

As per the Employees Provident Funds and Miscellaneous Provisions Act, $1952$ the employees contribute a total of ________ to the funds established under the schemes prescribed by the Central Government.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. $15\%$ of their basic salary plus dearness allowance

  2. $15\%$ of their basic salary plus allowances

  3. $12\%$ of their dearness allowance

  4. $12\%$ of their basic salary plus dearness allowance

Show answer
Correct Option: D
Explanation:

According to the employees provident funds and miscellaneous provisions act, 1952 the employees have to contribute a total of minimum twelve percent of their salary with dearness allowance to the funds established under the schemes prescribed by the central government. 

_____ policy compensates the insured groups members in case they meet with an accident during their employment.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. Group Personal Accident Insurance Cover

  2. Group Health Cover

  3. Group Term Life Cover

  4. Workers Compensation Insurance

Show answer
Correct Option: A
Explanation:

Group Personal Accident Insurance Cover policy compensates the insured groups members in case they meet with an accident during their employment. This policy provides full coverage in the event of death or disablement of the policy holder. Group Personal Accident Insurance Cover policy also provides discount on the number of members.

____ covers the hazards faced by travelers, including theft of documents and luggage.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1.  Term Life Cover

  2.  Health Cover

  3. Travel Insurance

  4.  Personal Accident Insurance Cover

Show answer
Correct Option: C
Explanation:

Travel insurance covers the hazards faced by travelers, including theft of documents and luggage.Travel insurance covers all the costs and losses associated with traveling. It is a useful protection for those travelling domestically or abroad.

The objectives of social security can be categorized as _____.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. Compensation

  2. Restoration

  3. Prevention of loss

  4. All of the above

Show answer
Correct Option: D
Explanation:
The objectives of social security can be categorized as:
a) Compensation
b) Restoration
c) Prevention of loss Social security refers to protection provided by the society to its members against providential mishaps over which a person has no control. Social security schemes are only available to the the employees of the organized sector of India.

______ refers to protection provided by the society to its members against providential mishaps over which a person has no control.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. Pension

  2. Gratuity

  3. Social security

  4. Salary

Show answer
Correct Option: C
Explanation:

Social security refers to protection provided by the society to its members against providential mishaps over which a person has no control. Social security schemes are only available to the the employees of the organized sector of India. Unorganized sector in India does not have an opportunity to participate in the social security scheme offered in India.

As per the Employees Provident Funds and Miscellaneous Provisions Act, $1952$, the employer has to deposit PF amounts by the _______________.

commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

  1. First week of the following month

  2. Last week of the following month

  3. Middle of the following month

  4. Last day of the following month

Show answer
Correct Option: C
Explanation:

According to the employees provident funds and miscellaneous provisions act, 1952 the employees have to contribute a total of minimum twelve percent of their salary with dearness allowance to the funds established under the schemes prescribed by the central government. The contribution to the provident fund is deposited by the middle of the next month from the date when the salary got due.