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UGC NET Commerce || Free Quiz || Jun 2023

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Question 1

Read the passage carefully and answer the questions that follow

Life Insurance in its modem form came to India from England in the year 1818. The Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on


Indian soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of the European community, and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seat, foreign insurance companies started insuring Indian lives too. But Indian lives were being treated as sub-standard lives, and extra heavy premium was being charged upon them. The Bombay Mutual Life Assurance Society heralded the birth of the first Indian life insurance company in the year 1870 and covered Indian lives at normal rates, Starting as an Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. In 1907, the Hindustan Co-operative Insurance Company took birth in one of the rooms of 'The Jorsanko’, house of the great poet Rabindranath Tagore in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912, India had no legislation to regulate the insurance business. In the year 1912, the Life Insurance Companies Act and Provident Fund Act were passed. The life Insurance Companies Act 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting Indian Companies at a disadvantage.

The insurance business in India was started first by which one of the following?

Question 2

Michael Porter proposed generic strategies that provide starting points for strategic thinking. Identify them from the below-mentioned strategies

(a) Overall cost leadership


(b) Innovation


(c) Focus


(d) Differentiation


Choose the correct answer from the options given below


Question 3

The second stage in product life cycle is

Question 4

Market logistic planning has the following four steps. Arrange the steps in the correct sequence

(a) Develop operational excellence in sales forecasting, warehouse management, transportation, and material management


(b) Select the best channel design and network strategy for reaching the customers


(c) Implement the solution with the best information systems, equipment, policies, and procedures


(d) Decide on the company’s value proposition to its customers


Select the correct option from those below


Question 5

Arrange the following steps in research in the appropriate order:

(a) Hypothesis testing

(b) Drawing a sample

(c) Determining the size of sample

(d) Conduct the survey

(e) Decide the sampling method

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Jun 9UGC NET & SET