Section 45 of the Insurance Act generally restricts an insurer from calling a policy into question on the grounds of misstatement after two years. Since one-year policies expire before this period, the provision is effectively inapplicable. While the provided answer key identifies 'Only 1' as correct, note that group insurance premiums are often subject to annual review based on experience, making statement 1 also potentially debatable.

In many regulatory frameworks, including those governed by the Insurance Regulatory and Development Authority (IRDA), an insurance agent's license is issued with a validity period of three years. After this period, the agent must undergo a renewal process to ensure they remain compliant with current regulations and professional standards required to continue operating in the insurance sector.

The Lead Bank Scheme was introduced to ensure that banks adopt a district-specific approach to credit deployment. The lead bank is designated to coordinate the efforts of all financial institutions in the district, specifically focusing on the preparation and implementation of the District Credit Plan to promote balanced economic development.

An Automated Teller Machine (ATM) is a specialized electronic telecommunications device that enables customers of a financial institution to perform financial transactions, such as cash withdrawals, deposits, and balance inquiries, without the need for direct interaction with a bank teller. It is a fundamental component of modern retail banking infrastructure.

Punjab National Bank (PNB) is one of the oldest and largest public sector banks in India. It was incorporated on May 19, 1894, under the Indian Companies Act, with its office in Anarkali Bazaar, Lahore. It was the first bank in India to be started solely with Indian capital.

The Imperial Bank of India was formed in 1921 by the amalgamation of the three Presidency Banks (Bank of Bengal, Bank of Bombay, and Bank of Madras). In 1955, following the recommendation of the All India Rural Credit Survey Committee, the Imperial Bank of India was nationalized and renamed the State Bank of India.

An annuity in perpetuity, or simply a perpetuity, is a financial arrangement where a series of equal payments are made at regular intervals indefinitely. Because the payments continue forever, the present value of a perpetuity is calculated by dividing the periodic payment amount by the discount rate. This concept is frequently used in finance to value assets that provide a constant stream of cash flows without a defined maturity date.

Capital-intensive sectors like infrastructure, iron, steel, and real estate are prone to cyclical downturns and project delays, leading to higher NPAs. In contrast, the software and BPO sectors are service-oriented with lower capital requirements and higher liquidity, resulting in significantly lower default rates.

Car insurance is categorized under general insurance, not life insurance. Life insurance products, such as whole life, term insurance, and annuities, are designed to provide financial protection against the risk of death or to provide income during retirement. In contrast, car insurance is a mandatory general insurance product designed to cover financial losses resulting from accidents, theft, or damage to a vehicle.

The Oriental Life Insurance Company was established in 1818 in Calcutta. It is historically significant as the first life insurance company to operate in India, primarily catering to the European population residing in the country at that time. This marked the beginning of the formal insurance industry in the Indian subcontinent.