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) The Government reduced the Employees State Insurance (ESI) contribution rate from 6.5% to ____.
2) If a policyholder decides to terminate the policy before maturity, the amount which the insurance company will pay to the policyholder is known as _____.
a) Termination Value
b) Maturity Value
c) Surrender Value
d) Pre-mature Value
e) Holder Value
3) Events or circumstances, such as fire, flooding, hailstorms, tornadoes, auto accidents, or home accidents such as slipping, that causes or may cause a loss are known as ________.
4) Which of the following is NOT true regarding the life insurance cover scheme PMJJBY?
a) PMJJBY stands for ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’
b) People in the age group of 18 to 50 having bank account are eligible for scheme
c) The premium payable is Rs.300/- per annum per subscriber.
d) The scheme offers a risk Coverage of Rs.2 Lakh in case of death for any reason
e) All the given statements are true
5) LIC Housing Finance in association with Lok Bharti Education Society has recently (May 2019) launched a skill centre in Bengaluru. What’s the name of Skill centre?
b) Skill Insurance
d) Skill India
6) LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. ______ from the Government of India.
a) 5 Crore
b) 10 Crore
c) 50 Crore
d) 100 Crore
e) 500 Crore
7) Which global insurance company has become the latest Olympic Games sponsorship partner, signing a 10-year deal with the International Olympic Committee?
a) Metlife Insurance Company
b) Aviva Insurance Company
c) ING Insurance Company
d) Allianz Insurance Company
e) AXA Insurance Company
8) Institute of Insurance and Risk Management (IIRM) is located in which among the following cities?
b) New Delhi
9) Life Insurance Corporation of India (LIC) has signed an agreement with _____to provide group insurance coverage to all eligible demat account holders.
10) LICHFL has partnered with which company to offer home buyers enhanced loan eligibility and easy loans?
a) National Housing Bank (NHB)
b) Housing Development Finance Corporation (HDFC)
c) India Mortgage Guarantee Corporation (IMGC)
d) PNB Housing Finance Ltd.
e) L & T Finance Ltd.
1) Answer: a)
The Government reduced the Employees State Insurance (ESI) contribution rate to 4% from 6.5%. The reduced rates will be effective from July 1, 2019.
2) Answer: c)
If a policyholder decides to terminate the policy before maturity, the amount which the insurance company will pay to the policyholder is known as surrender value.
3) Answer: d)
A peril is an event or circumstance that causes or may potentially cause a loss. Examples: fire, flooding, hailstorms, tornadoes, hurricanes, auto accidents, or home accidents, such as falling.
4) Answer: c)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Scheme for Life Insurance Cover
Eligibility: Available to people in the age group of 18 to 50 and having a bank account.
Premium: Rs.330 per annum. It will be auto-debited from account in one installment.
Risk Coverage: Rs.2 Lakh in case of death for any reason
The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with participating banks for this purpose.
5) Answer: a)
LIC Housing Finance in association with Lok Bharti Education Society has launched ‘UDYAM’ a skilling centre in Bengaluru. Centres of Excellence (CoE) have been launched in Delhi and Bengaluru. The Centres of Excellence will provide training to marginalised youth in the BFSI, retail, and IT/ ITES sectors.
6) Answer: a)
LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 Crore from the Government of India. 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalised in 1956.
7) Answer: d)
German insurance company “Allianz” has signed up as a global Olympic sponsor for a 4-Games period of 10 years.
8) Answer: d)
Institute of Insurance and Risk Management (IIRM) is located in Hyderabad. It is promoted by IRDAI with the sole aim of developing the required workforce for the entire Insurance Sector.
9) Answer: d)
Life Insurance Corporation of India signed an agreement with Central Depository Services (India) to provide group insurance coverage to all eligible demat account holders. The facility will be available to demat account holders between the age of 18 years and 59 years.
10) Answer: c)
Life Insurance Corporation Housing Finance Ltd. (LICHFL) has partnered with India Mortgage Guarantee Corporation (IMGC) to offer home buyers enhanced loan eligibility and easy loans. Now, it can offer extended loan tenure for borrower till the age of 75 years.