BANK Union Bank of India Local Bank Officer Mock Test 2024 Current Affairs Business and Economy Banking Affairs
Which of the following statements regarding IRDAI's revised guidelines for long-term motor insurance policies is/are correct?
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Insurers can now provide commissions within the expense management framework for long-term motor insurance policies.
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The commission for the 4th and 5th years of long-term motor insurance policies has been reduced to 10%.
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For a 3-year motor insurance policy for 4-wheelers, the commission in the 1st year is capped at 15%, in the 2nd year at 10%, and in the 3rd year at 5%.
1
Only statement 1 is correct.
2
Only statement 2 is correct.
3
Only statement 1 and 3 are correct.
4
Only statement 2 and 3 are correct.
5
All statements are correct.