LIC HFL Insurance Awareness Questions 2019 (Day – 104)

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.

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1) Which of the following plans are not offered by LIC?

a) Navjeevan

b) Bhagyashree

c) Aadhaar Shila

d) Bhagya Lakshmi

e) Micro Bachat

2) __________ General Insurance gets preliminary approval from the IRDAI to start non-life insurance.

a) Srei

b) Share Khan

c) Zerodha

d) Indiabulls

e) Paytm Money

3) Ravi has a life policy with an amount assured for Rs. 10 lakhs. He pays a quarterly premium of Rs. 1000 to the insurance company on the first of every quarter. But due to some unavoidable circumstances he was unable to pay it for the current quarter. What action would the insurance company will take?

a) The policy will be lapsed

b) A grace period of 15-30 days will be given

c) A statutory warning will be issued

d) The company will deduct the premium from his funds

e) None of the above

4) The number of life insurers in the country as on March 2018 (IRDAI Annual Report) is _____

a) 33

b) 24

c) 27

d) 8

e) 68

5) According to the IRDAI guidelines, what is the minimum basic sum insured under the standard Mediclaim product?

a) Rs 100000

b) Rs 50000

c) Rs 1000000

d) Rs 500000

e) Rs 750000

6) ICICI Lombard General Insurance Company has partnered with _________ to provide cyber insurance cover of Rs 50000.

a) Free Charge

b) Mobikwik

c) Paytm

d) Phonepe

e) Google Pay

7),received IRDAI’s insurance broking licence to enter the insurance business. It is a subsidiary of _______-based Group.

a) Mumbai

b) Bengaluru

c) Lucknow

d) Hyderabad

e) None of the above

8) IRDAI has constituted a panel under ________ to review the microinsurance framework.

a) Subhash Chandra Khuntia

b) HR Khan

c) Bimal Jalan

d) Suresh Mathur

e) Hemant Bhargava

9) IRDAI has increased the mandatory third-party motor insurance premium up to ___________.

a) 14%

b) 25%

c) 27%

d) 21%

e) 11%

10) Rahul, a software engineer is 30 years old with a salary of Rs.70000 per month. He is married with a single child. His entire income goes into investment plans after the monthly deductibles. What are the other best avenues where he can look for to safeguard his family?

a) Mutual Funds

b) Insurance plans

c) Provident Funds

d) Pension Funds

e) Chit funds

Answers :

1) Answer: b)

The Maharashtra government launched the Bhagyashree scheme for the upliftment of female child belonging to a BPL family.

It will provide an insurance coverage of Rs 1 Lakh to the female children when they turn 18. When a girl is born, the government will make a Bhagyashree account in the girl’s name and will deposit an amount of Rs 21,200 which will simply become Rs 1 Lakh when the girl reaches 18.

2) Answer: d)

Indiabulls General Insurance, a subsidiary of Indiabulls Integrated Services has received preliminary approval from the Insurance Regulatory and Development Authority of India (IRDAI) to start non-life insurance. Indiabulls Life Insurance received approval in January.

3) Answer: b)

An Insurance Company usually gives a grace period of 15-30 days to the insured if they fail to pay the premium before the due date. Further, the policy will be lapsed if he fails to pay the premium after the grace period. It can be revived by paying the outstanding premium along with the interest, counted from the date the policy got lapsed.

If the policy is in force for a longer period like 2-3 years and premium is not paid till the time, then the insurance company will deduct the premium amount from the accumulated funds till their utilisation.

4) Answer: b)

At the end of March 2018 as per the IRDAI’s Annual Report, there are 68 insurers operating in India, of which 24 are life insurers, 27 are general insurers, 6 are Standalone health insurers exclusively doing health insurance business and 11 are re-insurers including foreign reinsurers branches and Lloyd’s India.

5) Answer: b)

According to the draft guidelines of IRDAI, the Mediclaim product will have the basic mandatory covers & no additional/add-on covers will be allowed. The minimum basic sum insured under standard product shall be Rs 50000 with a maximum limit of Rs 10 lakh.

6) Answer: b)

ICICI Lombard & Mobikwik announced a partnership to offer cyber-insurance against unauthorized & fraudulent transactions online across bank accounts, debit/credit cards & mobile wallets. It can be availed via the app at Rs 99/month & with sum insured of Rs 50000

7) Answer: b), a subsidiary of the Bengaluru-based Group, has received the Insurance Regulatory and Development Authority of India’s insurance broking licence to enter the insurance business.

8) Answer: d)

Insurance Regulatory & Development Authority of India (IRDAI) has set up a 13 member committee under IRDAI Executive Director Suresh Mathur to review the regulatory framework on microinsurance & recommend measures to increase the demand for such products.

IRDAI Chairman- Subhash Chandra Khuntia HQ- Hyderabad

9) Answer: d)

IRDAI has increased the mandatory third-party motor insurance premium by up to 21% for certain categories. It will be applicable from June 16. The new TP insurance for smaller cars (less than 1000 cc) will cost Rs 2072 or 12% from the existing Rs 1850.

10) Answer: b)

As per his current plan making investments alone won’t take care of his family in case of his untimely and unfortunate death. Sudden death with no insurance plan and missing income would mean his family would be in for a huge trouble. Therefore, insurance plans are suitable to go with as they provide risk cover to the family in case of an unforeseen event.

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