Dear Aspirants, LIC AAO is one the most important exam in the competitive examination. LIC AAO mains exam consists of four sections i.e. Reasoning ability, Data Analysis & Interpretation, General knowledge & Current affairs and Insurance & Financial Market Awareness. Insurance & Financial Market Awareness section comprises of 30 questions. Insurance & Financial Market Awareness questions plays an important role in boosting up the score in mains examination and also helps in interview. Here we are providing new series of Practice Questions on Insurance awareness. Aspirants can make use of it, to improve score in Insurance & Financial Market Awareness section.[WpProQuiz 5836]
1) Where is the headquarters of General Insurance Corporation of India?
a) New Delhi
2) Which of the following is correct about ‘First Class Life’?
a) It comes under the low-risk category of life insurance
b) The premium charged is very high
c) It comes under the high-risk category of life insurance
d) The maturity amount is paid in installments
e) None of the above
3) What is the tagline of SBI Life Insurance?
c) With Us, You are Sure
d) Kal Par Control
e) None of these
4) ‘BimaBemisaal’ is the brand name for which of the following organization’s insurance awareness campaign?
a) Life Insurance Corporation (LIC)
b) Insurance Regulatory and Development Authority of India (IRDAI)
c) General Insurance Corporation of India (GIC)
d) Employee Provident Fund Organisation (EPFO)
e) Pension Fund Regulatory and Development Authority (PFRDA)
5) Oriental Life Insurance Company, first life insurance company of India was established in which city?
6) Which insurance company won the Business Today-Money Today Financial Award in the category of ‘Best General Insurance Provider’?
a) Life Insurance Company
b) New India Assurance Company
c) HDFC Life Insurance
d) ICICI Lombard
e) None of The Above
7) What is the amount of insurance coverage provided under the PradhanMantri Jan ArogyaYojana (PMJAY)?
a) Rs. 25 lakh
b) Rs. 12 lakh
c) Rs. 18 lakh
d) Rs. 20 lakh
e) Rs. 5 lakh
8) It is a type of insurance which is designed to protect or compensate a business in the event of the death of its important executive. Identify the type of insurance.
a) New Business Premium
b) Treaty Reinsurance
c) Keyman Insurance
d) Medical Underwriting
e) Third Party Insurance
9) The risk coverage under the PMSBY scheme is __________ lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
a) Rs. 3 lakh
b) Rs. 5 lakh
c) Rs. 4 lakh
d) Rs. 1 lakh
e) Rs. 2 lakh
10) IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish the distribution of its insurance products at Oxygen retail outlets. IndiaFirst Life Insurance Company Limited based in-
1) Answer: b)
General Insurance Corporation of India (GIC)
Chairman and Managing Director: Alice G Vaidyan
Year of Establishment: 1972
2) Answer: a)
First class life is a categorical term present in the classification of life insurance risk. First class life comes under the low-risk category of life insurance and thus is charged normal premium charges. An individual identified as first-class life is subject to normal premium rates for an insurance policy.
3) Answer: c)
The Tagline of SBI Life insurance is With Us, You are Sure.
Headquarters of SBI Life Insurance: Mumbai
Chief Executive Officer: SanjeevNautiyal
SBI Life Insurance Company is a joint venture between State Bank of India and BNP Paribas.
4) Answer: b)
‘BimaBemisaal’ is the brand name for the Insurance Regulatory and Development Authority of India’s (IRDAI) insurance awareness campaign.
It is a consumer education initiative.
The tagline of the campaign ‘Promoting Insurance.Protecting Insured’.
BimaBemisaal educates policyholders about their rights and obligations and informs them about the complaints resolution methods available to them.
It also creates awareness about insurance among the general public.
5) Answer: c)
Oriental Life Insurance Company, first life insurance company of India was established in Calcutta.
It was established by Europeans in 1818.
Its major purpose was to provide insurance services to British companies and citizens.
6) Answer: b)
New India Assurance Company Limited (NIACL) won the Business Today-Money Today Financial Award in the category of ‘Best General Insurance Provider’ in March 2019.
NIACL Tagline: India’s premier general insurance company.
It was established in 1919 by Sir Dorabji Tata.
It was nationalized in 1973.
7) Answer: e)
PradhanMantri Jan ArogyaAbhiyan (PMJAY) aims to provide insurance coverage of Rs. 5 lakh per family annually.The insurance cover will take care of almost all secondary care and most tertiary care procedures.It will be allowed to take cashless benefits from any public/private hospitals across the country.The benefits cover will also include pre and post-hospitalization expenses.
8) Answer: c)
Keyman Insurance is a type of insurance which is designed to protect or compensate a business in the event of the death of its important executive.It is also known as Key Person Insurance or Key Person Coverage or Key Employee Coverage.The executive is so important for the company that his death, disability or absence could prove to be disastrous for the company or organization.The company or organization is the beneficiary of such type of insurance.
9) Answer: e)
PradhanMantriSurakshaBimaYojana (PMSBY) is available to people in the age group 18 to 70 years with a bank account who give their consent to join/ enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
10) Answer: c)
IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish the distribution of its insurance products at Oxigen retail outlets. IndiaFirst Life Insurance Company Limited based in Mumbai.