Dear Aspirants, LIC HFL is one of the most important exam in the competitive examination. LIC HFL mains exam consists of three sections i.e. Reasoning ability and Numerical Ability, General knowledge & Current affairs and Insurance & Financial Market Awareness. LIC HFL Insurance Awareness & Financial Market Awareness section comprises of 50 questions. LIC HFL Insurance Awareness Questions 2019 play an important role in boosting up the score in mains examination and also helps in the interview. Here we are providing a new series of LIC HFL Insurance Awareness Questions 2019. Aspirants can make use of this LIC HFL Insurance Awareness Questions 2019, to improve score in the Insurance & Financial Market Awareness section.
1) IFFCO-Tokio General Insurance is a joint venture between the IFFCO and Tokio Marine & Nichido Fire Group which is one of the largest insurance groups in _________.
2) What term is used to refer to the making compensation payments to one party by the other for the loss occurred?
3) An insurance company PQR pays out 6 million in claims, has 3 million in expenses, and its total revenue from collected premiums is 30 million. What is the Combined Ratio?
4) In which of the following year, the Insurance Act of 1938 was amended to set minimum solvency margins & regulate investments?
5) IRDAI recently approval standalone own-damage policy for which of the following?
c) Heavy Vehicles
d) Both A & B
e) Both B & C
6) “World Insurance Report” published by which of the following?
a) Swiss Re
b) Munich Re
c) General Insurance Corporation of India
7) Which of the following policies does not fall under the main category of life insurance?
b) Money back
d) Whole life
e) Personal Accident
8) Life Insurance Corporation of India was established in the year ___________
9) IRIS ratios are designed to measure solvency and liquidity. The full form of IRIS is-
a) Indian Research Insurance System
b) Insurance Research Investment System
c) Insurance Regulatory Information System
d) Insurance Research Information System
e) None of these
10) Standard Life has sold ___________ of its stake in HDFC Life Insurance.
1) Answer: d)
IFFCO-Tokio General Insurance is a joint venture between the Indian Farmers Fertilizer Co-operative (IFFCO) and its associates and Tokio Marine and Nichido Fire Group which is also the largest listed insurance group in Japan.
2) Answer: e)
An indemnity is a mutual contract between two parties (one insured and the other insurer) where one promises the other to compensate for the loss against payment of premiums.
3) Answer: c)
The combined ratio is calculated by summing the incurred losses and expenses and dividing the sum by the total earned premiums.
Combined Ratio= (6 million+3 million)/30 million
4) Answer: b)
In the year 1968, the Insurance Act of 1938 was amended to set minimum solvency margins & regulate investments. The Tariff Advisory Committee was also set up then. It is a body incorporated to control and regulate the rates, advantages, terms and conditions that may be offered by insurers in respect of general insurance business.
5) Answer: d)
The Insurance Regulatory and Development Authority of India (IRDAI) recently allowed insurers, with effect from September 1, to issue standalone annual own damage (OD) cover for cars and two-wheelers, both new and old
6) Answer: a)
The World Insurance Report published by Swiss Re.
It is a reinsurance company based in Zurich, Switzerland. It is the world’s second-largest reinsurer.
7) Answer: e)
The products under Life insurance covers Whole life, Endowment, Term, Investment-linked, Life annuity plan.
The products under General insurance covers Motor insurance, Fire/House owners/Householders insurance, Personal accident insurance, Medical and health insurance, Travel insurance.
8) Answer: e)
In 1956, An Act of Parliament of India was passed, the Life Insurance Corporation Act for incorporating LIC of India.
Objective: To spread life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country.
In 1956, LIC had 5 zonal offices, 33 divisional offices and 212 branch offices and a Head Office in Mumbai which today has expanded to 2048 fully computerized branch offices and 8 zonal offices.
9) Answer: c)
Insurance Regulatory Information System (IRIS), is a collection of databases and tools used to analyse the financial statements of insurance companies. It is managed by the National Association of Insurance Commissioners (NAIC) and has been available since 1972. It is primarily used by regulators to determine the solvency of insurance companies.
10) Answer: b)
Standard Life has divested 1.78% of its stake in HDFC Life Insurance. The divestment was done through an offer for sale route and the issue sailed through successfully with both qualified institutional investors and retail investor quotas.