Solution:
The function of IRDA is to regulate insurance business in India. For many years the insurance sector of India was protected. The IRDA Act of 1999 allowed the entry of private companies in the insurance sector. It also allowed for 26% investment by foreign companies.

Solution:
They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872 is true about life insurance contracts.

Solution:
The Integrated Grievance Management System(IGMS) facilitates online registration of policyholders' complaints and helps track their statuses.

Solution:
The set time limit for completing a claim investigation is 6 months.

Solution:
Insurable interest should be present at both the times, i.e. at the time of taking policy as well as at the time of claim.

Solution:
Risk pooling refers to the spreading of financial risks evenly among a large number of contributors. It diversify risks among people who make contributions in investment policies. Investment made by people are invested in other profitable ventures and returns are raised from the profitable ventures which are distributed to insurance policies holders in order to idemnify them in case of any loss occured to them. Therefore, risk of one person is shared among all by idemnifying the person in case of loss from the amount invested in insurance policies by other large number of people. Insurance is neither gambling, nor charity. It is not a kind of investment either. In investment, only returns are given to investment holder but in insurance , property or person is saved against any mishaps. At the time of loss occured, policy amount is reimbursed to risk holder.

Solution:
Both the statements are incorrect. Life insurance is not only the best savings scheme for all persons. Life insurance is not only the best investment scheme for young persons. There are many other insurance also.