Which of the following statements is incorrect?

A. An agent licenced to act as such for an insurer is required to have a licence under Section 42 of the Insurance Act, 1938 for procuring and continuing insurance business against payment of commission

B. An agent can only be a trained individual for working for an insurance company

C. A bank can also act as a broker for life insurance business

D. None of the three

Answer: Option B

Solution(By Examveda Team)

An agent licenced to act as such for an insurer is required to have a licence under Section 42 of the Insurance Act, 1938 for procuring and continuing insurance business against payment of commission by the insurer.
Banks can now act as brokers for life insurance businesses.
It is not mandatory for an individual to be a trained person to work for an insurance company.
Hence, option (2) is the correct answer.