GK Quiz | 05 March 2020

1. Which of the following is true about IRDAI?

1. It is a statutory body set up as per the IRDAI Act 1999.
2. Members of IRDAI are appointed by the Government of India and RBI.
3. It solves the dispute between insurers and intermediaries.
4. It hosted the 4^th International insurance regulator meet and conference in Hyderabad in 2018.

Ans. B

Explanation

Insurance Regulatory and Development Authority of India is the regulatory body of the insurance sector in India established via IRDAI Act 1999. The organization consists of a chairman, 5 whole-time members, and 4 part-time members all appointed by the government of India. The duties of the IRDAI include:

• Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration;
• Protection of the interests of the policyholders in matters concerning assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claim, surrender value of the policy and other terms and conditions of contracts of insurance;
• Specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents
• Specifying the code of conduct for surveyors and loss assessors;
• Promoting efficiency in the conduct of insurance business;
• Promoting and regulating professional organizations connected with the insurance and reinsurance business;
• Levying fees and other charges for carrying out the purposes of this Act;
• Calling for information from, undertaking inspection of, conducting enquires and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business;
• Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries;
• Regulating investment of funds by insurance companies;
• Regulating maintenance of margin of solvency;
• Adjudication of disputes between insurers and intermediaries or insurance intermediaries. (Source: IRDAI Website)

Hence, B is the correct answer.

 

2. Which of the following is true about the Locust attack?

1. Locust breeding occurs in moist and warm conditions, so they are endemic to Asian, African West Asian regions.
2. Their occurrence has increased due to Climate change.
3. Both A and B
4. None of the above

Ans. B

Explanation

Locusts are the species of short-horned grasshoppers belonging to the Acrididae family. They are attracted by green crops and attack them. The favorable condition for their breeding is warm and moist season. Due to climate change, the locust attacks have increased. According to the Food and Agriculture Organization, the main areas affected are Horn of Africa (Ethiopia, Somalia, etc.), Red Sea region (Saudi Arabia, Oman, Yemen), and the southwest Asia region (Iran, India, and Pakistan).

They need to be controlled at the time of breeding, and the main controlling method is the use of an insecticide. Apart from this, the microbial biopesticides are also used. Natural controllers like wasps, birds, and reptiles are also used. The main species of Locust are Desert, Italian, Moroccan, and Asian migratory locusts.

Desert locusts are most dangerous and breed in moist, sandy or clayey soil. India, in 1913 established Permanent Locust Warning and Control Organization under the Indian Council of Agriculture Research with field offices at Jodhpur and Bikaner, etc. Its headquarters is in Faridabad in Haryana.

Hence, B is the correct answer.

 

3. Which of the following is correct about the Microfinancing scheme?

1. It is to provide developmental assistance to the disabled.
2. It is a scheme to provide microfinance loans to MSMEs.
3. It is a scheme under NITI Aayog to provide self- employment opportunities to women.
4. None of the above.

Ans. A

Explanation

The microfinancing scheme is under the Department of Empowerment of Disabilities under the Ministry of Social justice and empowerment. National Handicapped Finance and Development Corporation is the nodal agency. The scheme aims to provide economic assistance to the weaker section of the disabled to help them start a new business and other small enterprises. In case the loan is provided through Special Central Assistance, there is no maximum limit of the loan, but in case the loan is provided to NGOs either through SCA or directly by NHFDC, the maximum amount of loan is INR 10 lakh. 100% of funding is to be provided by NHFDC.

Eligibility criteria to get the loan

• An Indian citizen with 40% or more disability having age above 18 years.
• Preference to be given to women beneficiaries.
• In case the person is getting benefit under any other scheme and have an outstanding loan against him/her, the eligibility stands canceled.

Hence, A is the correct answer.

 

4. Which of the following is true about Palm Oil cultivation?

1. The temperature required for palm oil cultivation is 21-32°C with high humidity.
2. Waterlogged soil is required for its cultivation.
3. India is the largest importer of palm oil with major demand met through Indonesia and Malaysia.

Select the correct answer from the codes given below-

1. 1,2 and 3
2. 1 and 2 only
3. 2 and 3 only
4. 1 and 3 only

Ans. D

Explanation

Palm oil is cultivation requires a temperature of 21-32°C with high humidity (rainfall-200 cm). It is grown at an altitude of 450-900m and above. The appropriate soil is moist, deep, loamy soil with rich humus and good water permeability. It is one of the highest yielding crops and gives 25-30 tonnes/hectare. India is the world's largest importer of palm oil, with about 23% of imports being received from Indonesia and Malaysia. In India, various states are involved in the cultivation of palm oil, which involves Karnataka, Gujarat, Kerala, Tamil Nadu, etc.

Hence, D is the correct answer.

 

5. Which of the following military exercises are correctly matched?

1. Exercise Samvedna- Malaysia
2. Exercise Cyclone- Saudi Arabia
3. Exercise Za’ir Al Bahr- Qatar
4. Exercise Desert Eagle- Oman

Ans. C

Explanation

• Exercise Samvedna: It is a multilateral Human Assistance and Disaster Relief exercise of the Indian Air Force. 1^st exercise was held off the Kerela coast in 2018 in association with Nepal, Bangladesh, Sri Lanka, and UAE.
• Exercise Cyclone: It is a military exercise between India and Egypt.
• ExerciseZa’ir Al Bahr- It is a naval exercise between India and Qatar. The 1^st exercise was conducted in 2019 in Doha.
• Exercise Desert Eagle- It is an airforce exercise between India and UAE.

Hence, C is the correct answer.