- a.Life Insurance
- b.General Insurance
- c.Crop Insurance
- d.Social Insurance
Answer: (B) General Insurance
Insurance is of two broad kinds: life insurance, which covers the risk to human life, and general (non-life) insurance, which covers loss of or damage to property and wealth through fire, marine, motor, theft, health and liability policies. Hence loss of wealth relates to general insurance. Crop insurance (for example PM Fasal Bima Yojana, 2016) is only one branch of general insurance, and social insurance means State-backed schemes such as ESI and provident fund. Facts: general insurance was nationalised in 1972-73 under the General Insurance Corporation with four companies, National (Kolkata), New India (Mumbai), Oriental (New Delhi) and United India (Chennai); LIC was set up in 1956; the regulator IRDAI (1999) is based in Hyderabad.