Q. Consider the following statements:
1.The Oriental Life Insurance Company was the first British Insurance company that started their functions in India.
2.The Life Insurance Company (LIC) is an executive body operating under the Government of India.
Select the correct statements using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: A
Notes:

Explanation –

Statement 1 is correct. The Oriental Life Insurance Company was the first British Insurance company that started their functions in India in 1818.

Statement 2 is incorrect. The Life Insurance Company was created as a statutory body under the LIC Act of 1956.

Source: LiveLaw