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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1) The value payable to the policy holder in the event of his deciding to terminate the policy before the maturity of the policy is known by which term?
a) Premium
b) Actual Cash Value
c) Surrender Value
d) Lapsed Value
e) None of these
2) Which of the following organisations has launched India’s first micro-insurance plan?
a) LIC
b) GIC
c) India First Life Insurance
d) PNB Metlife
e) None of the above
3)‘Bancassurance’ term has been in news in recent times. What do you understand by it?
a) Selling Government securities through banks
b) Buying Treasury bills by banks
c) Selling Masala bonds by banks
d) Selling Insurance product through banks
e) Transferring Equities to Insurance companies
4) Star Health and Allied Insurance is headquartered in ________.
a) New Delhi
b) Kolkata
c) Bengaluru
d) Mumbai
e) Chennai
5)IRDAI has announced the guidelines for which method to enable testing of new innovative insurance products?
a) Ultra box method
b) Sandbox method
c) Alpha testing method
d) Beta Testing method
e) Utmost Test method
6) Who was the founder of The New India Assurance Co. Ltd?
a) Jamunalalbajaj
b) K Anji Reddy
c) Satish Reddy
d) Dorabji Tata
e) ParmanandDeepchand
7)When was Life Insurance Corporation of India (LIC) established?
a) 10 January 1951
b) 1 May 1955
c) 25 January 1961
d) 1 September 1956
e) 1 December 1974
8) Which one the following is a life insurance company?
a) Star Health Insurance
b) SBI General Insurance
c) Reliance General Insurance
d) Oriental Insurance Company
e) Aviva India
9) Which one is a money back plan launched by LIC?
a) LIC’S New BimaBachat
b) LIC’S JeevanLabh
c) LIC’s JeevanUmang
d) LIC’s AnmalJeevan II
e) None of these
10) Which Insurance company’s slogan is “JioBefikar”?
a) HDFC standard Life Insurance
b) Bajaj Allianz Life Insurance Company
c) Max Life Insurance
d) SBI Life Insurance
e) None of these
Answers:
1) Answer: c)
The value payable to the policy holder in the event of his deciding to terminate the policy before the maturity of the policy is known as ‘Surrender Value’
2) Answer: c)
India First Life Insurance recently launched India’s first-ever micro-insurance plan ‘insurance khata’.‘Insurance khata’ is targeted at informal sector and agricultural labourers with seasonal incomes.Minimum premium for ‘Insurance Khata’ is Rs. 500/-.Sum assured will be 5, 7 and 10 times of premium paid.Entire premium paid will be returned back at the end of the term.
3) Answer: d)
Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients.
4) Answer: e)
Star Health and Allied Insurance is headquartered in Chennai. It was founded in 2006. It has introduced what it calls an industry-first health insurance cover for people already diagnosed with cancer. This insurance policy has been named ‘Star Cancer Care Gold’. It covers the risk of recurrence, the spread of cancer (metastasis) and second cancer (second malignancy). Policy has two sum-insured options – Rs. 3 lakh and Rs. 5 lakh.
5) Answer: b)
The Insurance Regulatory and Development Authority of India (IRDAI) is working on the guidelines for ‘sandbox’ method which will allow insurance companies to test products in a particular geography or among a set of few policyholders before they are available in the market.
6) Answer: d)
New Insurance Assurance co.Ltd.was founded by Dorabji Tata in 1919 and it was nationalized in 1973.
7) Answer: d)
The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalized the private insurance industry in India.
8) Answer: e)
Aviva India is an Indian life insurance company. It began operations in July 2002 as a joint venture with Dabur Group. Where The Oriental Insurance Company Ltd. is a public sector non-life insurance company in India, SBI General Insurance provides health, car, home and travel insurance, Star Health Insurance provides health insurance does not provide life insurance.
9) Answer: a)
LIC’s New BimaBachat is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy. It is a money-back plan which provides financial protection against death during the policy term with the provision of payment of survival benefits at specified durations during the policy term. In this plan the premium is paid only once and 15% of the Sum Assured is paid after every 3 years and the entire Single Premium paid plus Loyalty Additions are paid on Maturity. There are 3 policy tenures possible- 9 years, 12 years and 15 years.
10) Answer: b)
Bajaj Allianz Life Insurance is a joint venture between BajajFinserv Limited (formerly part of Bajaj Auto Limited) owned by the Bajaj Group of India and Allianz SE, a European financial services company. Bajaj Allianz Life Insurance began operations on 12 March 2001
