Direction: Given below is a short passage followed by some items based on the passage. First, read the passage and answer the items based on it. You are required to select your answers based on the contents of the passage and the opinion of the author only.

Insurance regulator IRDAI has allowed the distribution of all micro-insurance products through point-of-sales (PoS), with an aim to further increase insurance penetration in the country.

The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of society. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs 50,000 or less.

Agreeing to the suggestions of insurance companies, IRDAI in a circular has done away with the practice of prefixing the word ‘PoS’ on life, general and health products sold through PoS. The regulator said it has received representations from insurance companies requesting to do away with the prefix ‘POS’ in the product name. Insurers made representations to change the norms that made it mandatory for every policy sold through the ‘Point of Sales Persons’ to be separately identified and pre-fixed by the name ‘POS’.