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) Muthoottu Mini Financiers Limited has signed a Bancassurance Corporate Agency Agreement with which General Insurance Company recently?
a) Bajaj Allianz General Insurance Company
b) HDFC ERGO General Insurance Company
c) General Insurance Corporation (GIC)
d) L&T General Insurance Company Limited
e) Max Life Insurance Company Limited
2) IGMS is an online consumer complaints registration system created by IRDA. What does ‘l’ stands for in acronym IGMS?
3) Sumit invests Rs. 120000 in an insurance policy, 50000 Rs. in a PPF account. He also invests Rs. 35000 in fees each of his two children. Then how much of his amount is tax exempted under section 80C?
a) Rs. 90000
b) Rs. 100000
c) Rs. 150000
d) Rs. 205000
e) Rs. 240000
4) Which of the following is not a function of IRDAI?
a) Protecting policyholders’ interests
b) Regulating and overseeing premium rates
c) Registering and regulating insurance companies
d) Regulate the activities of stock market
e) Licensing and establishing norms for insurance intermediaries
5) According to guidelines issued on Standard Health Product recently by IRDA, the maximum basic sum insured under standard product shall be Rs. ______.
a) 5 lacs
b) 10 lacs
c) 15 lacs
d) 20 lacs
e) 25 lacs
6) Which of the following company has decided to dedicate the 6th day of each month as ‘Protection Day’?
a) Apollo Munich Insurance
b) Bajaj Allianz General Insurance
c) Bharti AXA General Insurance
d) HDFC ERGO General Insurance
e) Max Life Insurance Company
7) LIC’ _________ plan provides for automatic increase in risk cover after every five years during the term of the policy.
a) Jeevan Pragati
b) Jeevan Labh
c) New Jeevan Anand
d) Aadhaar Stambh
e) Jeevan Umang
8) What do you mean by term “Underwriting’’ used in insurance sector?
a) Licensing to insurance firms
b) Writing the contract between insurer and re-insurer
c) Process of assessing risks for insurance
d) Assessing annual average cost of premium
e) Assessing the total benefits post maturity of policy
9) Bharti AXA Life Insurance has tied up with payment bank to offer Bharti AXA Life POS (Point of Sale) Saral Jeevan BimaYojana, recently?
a) Airtel Payments Bank
b) Indian Post Payments Bank
c) Fino Payments Bank
d) Jio payments Bank
e) Paytm Payments Bank
10) In case of loss against which the policy has been insured, the insured shall be paid the cost of actual cost of loss, not exceeding the amount of Insurance policy. Which of the following principle of Insurance imply the same?
a) Principle of Indemnity
b) Principle of Cause Maxima
c) Principle of Mitigation
d) Principle of Subrogation
e) Principle of Contribution
1) Answer: b)
Kerala based Muthoottu Mini Financiers Limited, a non-deposit taking systemically important NBFC (Non-Banking Financial Company), partnered with HDFC ERGO General Insurance Company to provide comprehensive general insurance for the its customers.
2) Answer: b)
The Integrated Grievance Management System (IGMS) is an online consumer complaints registration system created by IRDA. All insurance companies have integrated their online complaint logging systems to the IGMS maintained by IRDA. Policyholders can register their complaints online with their insurance company and track the progress of complaint resolution. IRDA monitors the complaints and their progress in real-time through IGMS.
3) Answer: c)
The individuals who are eligible to pay taxes can claim income tax deductions up to Rs. 1.5 lakh per year as per section 80C.
Total investment of Sumit = 120000 + 50000 + 2 × 35000 = Rs. 240000 >Rs. 1.5 lakh
Therefore, amount exempted from tax under section 80c will be Rs. 1.5 lakh only.
4) Answer: d)
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999 and include, issuing, renewing, modifying, withdrawing, suspending or cancelling registrations, protecting policyholder interests among others.
5) Answer: b)
IRDA has issued the Guidelines on Standard Health Product under the provisions of Section 34 (1) (a) of Insurance Act, 1938. The minimum basic sum insured under standard product shall be Rs. 50000. Maximum limit shall be Rs. 10 lacs.The minimum entry age shall be 18 years for principal insured and maximum age at entry shall be 65 years.
6) Answer: e)
Max Life Insurance Co Ltd will commemorate the 6th day of each month as ‘Protection Day’ to raise awareness on financial protection.
7) Answer: a)
LIC’ Jeevan Pragati plan provides for automatic increase in risk cover after every five years during the term of the policy. In addition, this plan also takes care of liquidity needs through loan facility.
8) Answer: c)
Underwriting is the process of assessing proposals/risks for insurance. Underwriting involves measuring risk exposure and determining the premium that needs to be charged to insure that risk.
9) Answer: a)
Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer Bharti AXA Life POS (Point of Sale) Saral Jeevan BimaYojana. It is a pure life term insurance plan up to Rs 5 lakh which is aimed at the under-insured and uninsured segments in India.
10) Answer: a)
Principle of Indemnity states that In case of loss against which the policy has been insured, the insured shall be paid the cost of actual cost of loss, not exceeding the amount of Insurance policy. Indemnity is considered to be a contractual agreement between two parties whereby one party agrees to pay for potential losses or damages caused by another party.