LIC HFL Insurance Awareness Questions 2019 (Day – 108)

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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LIC HFL Insurance Awareness Questions 2019 (Day – 108)

maximum of 10 points
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1) What is the tagline of the SBI Life Insurance Company Limited?

a) With Us, You’re Sure

b) Life is sure with us.

c) You know us, we know insurance.

d) We are your best dealers of insurance.

e) None of the above

2) Who among the following is the present MD-CEO of the Bajaj Allianz Life Insurance Company Limited?

a) Arun Singh Guhathakurata

b) Padmaja Mysore

c) Anand Phadke

d) Tarun Chugh

e) None of the above

3) Which among the following is a life insurance policy in which the amount is payable only at the death of the policy holder?

a) Whole Life Policy

b) Endowment Policy

c) Unit Linked Insurance Plan

d) Personal Accident Insurance

e) Both 1 and 3

4) What is the meaning of Deferment Period?

a) Periods are equivalent to a deductible; they consist of the time which must always pass after a case of claim before a benefit is paid out

b) The number of days for which benefits are paid to the named insured and his or her dependents

c) The time – usually 31 days – during which a policy remains in force after the premium is due but not paid.

d) The time which must pass after filing a claim before policyholder can collect insurance benefits

e) Period between the subscription date of an insurance-cum-pension policy and the time at which the first installment of pension is received.

5) What is meaning of Blanket Insurance?

a) Provides an annuity for a certain number of years

b) A broad commercial policy that covers all liability exposures of a business

c) Insurance that covers liability for errors and omissions

d) A policy designed to provide coverage under a single limit for two or more items

e) None of these

6) The Insurance Regulatory and Development Authority of India came up as per the recommendations of which among the following committees?

a) R N Malhotra Committee

b) R D Sharma Committee

c) Y C Shah Committee

d) F D Ghosh Committee

e) None of the above

7) The Modi govt has launched which Yojana to expand the coverage of Postal Life Insurance?

a) Sampoorna Bima Gram Yojana

b) Gramin Bima Yojana

c) Kisan Bima Yojna

d) Karib Kalyan Bima Yojna

e) None of the above

8) IBNR is a popular term in the insurance industry. It is expanded as –

a) Incurred But Not Reported

b) Incurred But Not Resisted

c) Incurred But Not Repeated

d) Incurred But Not Rectified

e) None of the above

9) Which among the following is an insurance policy in which the sum assured becomes due after a specific period of time or on the death of the insured, whichever is earlier?

a) Term Policy

b) Endowment Policy

c) Mediclaim Policy

d) Death Benefit Policy

e) None of the above

10) Which telecom company has offered a free life insurance to all its customers?

a) Airtel

b) Vodafone

c) Idea

d) Telenor

e) BSNL

Answers :

1) Answer: a)

The SBI Life Insurance Company is a joint venture between SBI and BNP Paribas.

It was founded in March, 2001.

It is based in Mumbai, Maharashtra.

The tagline of the company is: ‘With Us, You’re Sure’.

2) Answer: d)

The present MD-CEO of the Bajaj Allianz Life Insurance Company Limited is Tarun Chugh.

The company is a joint venture between Bajaj Finserv Limited and Allianz SE, Europe.

Bajaj Allianz Life Insurance Company was founded in the year 2001.

The company is headquartered in Pune, Maharashtra.

3) Answer: a)

Whole Life Policy is issued for the entire lifetime of the insured and the claim is payable only after the death of the insured, to the nominee of the policy.

The endowment policy is limited for a certain period and the sum is payable to the insured at the expiry of such period.

Unit Linked Insurance Plan is issued for the purpose of both investment and insurance.

Personal Accident Insurance is issued in order to cover for any loss due to an accident.

4) Answer: e)

Period between the date of subscription to an insurance-cum-pension policy and the time at which the first installment of pension is received. Such policies generally prescribe a minimum and maximum limit on the deferment period.

5) Answer: d)

‘Blanket Insurance’ A single policy on an insured property that covers more than one type of property at the same location, the same kind of property at more than one location, or two or more kinds or property at two or more locations.

6) Answer: a)

The R N Malhotra Committee was appointed in the year 1993 in order to recommend ways in which the insurance sector can be developed in India.

This committee recommended formation of the Insurance Regulatory and Development Authority of India which came up in 2000.

The objective of the IRDAI is to develop and promote the insurance sector in India.

7) Answer: a)

The Modi govt has launched Sampoorna Bima Gram Yojana and expanded the coverage of Postal Life Insurance. With this, apart from government employees, PLI will now cover professionals also.

Under this yojana, at least one village (having a minimum of 100 households) will be identified in each of the revenue districts of the country. This was done by Minister for Communications Manoj Sinha.

8) Answer: a)

The IBNR, which is the abbreviated form of Incurred But Not Reported  (IBNR), are the reserves for claims that become due with the occurrence of the events covered under the insurance policy but have not been reported yet.

9) Answer: b)

Term Policy is a type of insurance policy that is valid for a particular term as specified in the policy.

Endowment policy is such that the sum assured is payable on the date of maturity or on the death of the insured, whichever is earlier.

Mediclaim Policy is given in order to cover the medical expenses incurred due to hospitalization and other medical issues.

Death Benefit Policy is such that the sum assured is payable on the death of the insured person.

10) Answer: d)

Telenor India is offering free life insurance to all its customers, a first in India’s highly competitive telecom market where the company is using the offer to attract new subscribers and retain the existing ones. Both existing and new customers will get insurance cover ranging from 5,000 to 50,000. The premium will be paid by the company.

Other telecom players have also come up with attractive plans.

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