Read the passage given below: Since its creation in the 17th Century , insures have amassed polices in each class of risk they cover. Thanks to technology, insures now have access to more information about the risks that individuals run. Car insures have begun to set premiums based on how actual drivers behave, with “telematic” tracking devices to show how often they speed or slam on the brakes. Analysts at Morgan Stanley, a bank, predict that damage to insured homes will fall by 40-60% if smart sensors are installed to monitor, say, frayed electrical wiring. Some health insures provide digital fitness- bands to track policy holders vital signs – and give discounts if they lead a healthier life. But the data can only go so far. Even the safest driver can be hit by a falling tree: people in connected homes still fall off ladders. But the potential gains from smart insurance are large. First, giving people better insights into how they are managing risk should help them change their behaviour for the better. Progressive, an American car insurer, tells customers who use its trackers where they tend to drive unsafely; they crash less often as a result. Second, pricing will become keener for consumers. The insurance industry made $338 billion in profits last year. More accurate risk assessment should result in lower premiums for many policyholders. Third , insurers should be able to spot fraud more easily, by using data to verify claims.But two worries stand out. One is a fear that insures will go from being with to ones that watch your every move. The other, thornier problem is that insures will cherry pick the good risks, leaving some people without safety net or to be taken care of by the state. Forgone privacy is the price the insured pay receiving personalised pricing. Many people are indeed willing to share the data, but individuals should always have to opt in to do so. Some worry that this safeguard may not be enough :the financial costs of not sharing data may be so great that people have no real choice over whether to sign up. The second concern is the worry that more precise underwriting will create a class of uninsurable people, selected out of insurers businesses because they are too high a risk. 1. Which of the following will be said about the insurance industry? a) It is not well regulated in Europe and America b) It is plagued by frauds on the part of the policy holders , who manipulate data. c) It faces challenges about the use of personal data. d) It requires ballouts from the government.2. The insurers got their inception in the a) 16th century b) 17th Century c) 1870 d) 1902 3. Which of the following is/ are outcome(s) of smart insurance? A. Create awareness about one’s behaviour B. Infringes on a policy holder’s privacy C. Discriminates among consumers based on their behaviour a) Only C b) Only B & C c) Only A & B d) All - A , B & C 4. The graph of personal auto insurance market has got its peak of premium growth and combined ratio in the year ? a) 2020 b) 2015 c) 1975 d) 2000 5. Which of the following is the central idea of the passage? a) Today, customers have plenty of innovative insurance products to choose from. b) Insurance companies access to and use of personal data is both promoting and risky. c) Of all the insurance products health insurance is the most innovative and controversial. d) Using genetic data to access a customer’s insurance premium is immoral. 6. Which of the following is true in the context of the passage? a) Technology has made it easier to commit insurance fraud. b) Insurance has been around for less than a century c) The American insurance industry is the largest in the world. d) None of the given statements is true in the context of the passage