LIC AAO 2019 – Insurance Awareness Questions (Day – 30)

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. LIC AAO 2019 Insurance Awareness Questions questions 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 AAO 2019 Insurance Awareness Questions. Aspirants can make use of this LIC AAO 2019 Insurance Awareness Questions, to improve score in the Insurance & Financial Market Awareness section.

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LIC AAO 2019 Insurance Awareness Questions

1) In which of the following years the Government of India nationalized the general insurance business under the General Insurance Business (Nationalized) Act?

a) 1970

b) 1972

c) 1976

d) 1973

e) 1981

2) Special investigation is necessary if death is occur within two years from:

a) The date of commencement

b) The date of revival

c) Either a) or b)

d) The date of maturity

e) None of these

3) Which of the following is the first life insurance company started on the Indian soil in the year 1818?

a) New Indian Life Insurance Company

b) East Indian Life Insurance Company

c) Oriental Life Insurance Company

d) Occidental Life Insurance Company

e) None of the above

4) The insurance is a contract which assures to put the insured in the same position as he was the before the uncertain event took place. This is covered under which of the following principles of insurance?

a) Principle of utmost good faith

b) Principle of insurable interest

c) Principle of indemnity

d) Principle of contribution

e) None of these

5) The small payment or series of regular payments made by the insured are:

a) Interest

b) Premium

c) Sum assured

d) Either 1 or 2 is correct

e) None of these

6) If an insurance policy is designed to provide cover under a single limit to two or more items that is known as

a) Double Insurance

b) Rider Insurance

c) Blanket Insurance

d) Basic Insurance

e) None of the Above

7) In insurance terminology, the full form of ACV is

a) Asset Classification Value

b) Actual Cash Value

c) Assisting Cash Value

d) Actual Claim Value

e) None of the above

8) In the absence of utmost good faith the insurance contract becomes:

a) Null and Void

b) Void –ab-initio

c) Wagering Contract

d) Allium Fact per se

e) None of these

9) The loyalty bonus paid by an insurer to the insured for maintaining a policy till the maturity is known as

a) Maturity Value

b) Sum Assured

c) Terminal Bonus

d) Statute Bonus

e) None of the above

10) Floating Policy is related to which among the following?

a) Marine Insurance

b) Accidental Death Insurance

c) Endowment Policy

d) Fidelity Policy

e) None of the above

Answers:

1) Answer: b)

In 1972 the Government of India nationalized the general insurance business under the General Insurance Business (Nationalized) Act.

2) Answer: c)

Special investigation is necessary if death is occur within two years either from the date of commencement or from the date of revival

3) Answer: c)

Oriental Life Insurance Company is the first life insurance company started on the Indian soil in the year 1818.

4) Answer: c)

Principle of indemnity: The insurance is a contract which assures to put the insured in the same position as he was the before the uncertain event took place.

5) Answer: b)

The small payment or series of regular payments made by the insured is called Premium.

6) Answer: c)

If an insurance policy is designed to provide cover under a single limit to two or more items that is known as Blanket Insurance.

7) Answer: b)           

ACV: Actual Cash Value

8) Answer: a)

In the absence of utmost good faith the insurance contract becomes Null and Void

9) Answer: c)

The loyalty bonus paid by an insurer to the insured for maintaining a policy till the maturity is known as Terminal Bonus.

10) Answer: a)

Floating Policy is related to Marine Insurance

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