LIC AAO 2019 – Insurance Awareness Questions (Day – 37)

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) IRDAI has permitted the life insurance companies which have completed _______ years of operations, to raise capital through initial public offerings (IPOs)

a) 12 years

b) 5 years

c) 8 years

d) 10 years

e) 15 years

2) An independent professional person registered under the Insurance Act who represents the insurance buyer to purchase the insurers policy is known as ___________

a) Agent

b) Insurer

c) Claimant

e) Broker

e) None of these

3) Which among the following is an accidental insurance scheme?

a) PMJJBY

b) PMFBY

c) PMSBY

d) PMVVY

e) None of these

4) The General Insurance Business (Nationalization) Amendment Act was passed in which year?

a) 2000

b) 2002

c) 1999

d) 1998

e) 2001

5) The General Insurance Corporation of India (GIC) was incorporated as a private company under which act?

a) Insurance Act 1938

b) General Insurance Business (Nationalisation) Act, 1972

c) Companies Act, 1956

d) Insurance Regulatory and Development Authority Act, 1999

e) None of these

6) How many insurance companies were nationalized under the General Insurance Business (Nationalization) Act (GIBNA) 1972?

a) 107

b) 255

c) 98

d) 130

e) 121

7) What is Insurable interest?

a) Insurance plans which are made for two annuitants wherein regular payments are provided till the death of both the beneficiaries

b) A professional who provides specialized guidance and advice for investment in various insurance schemes

c) Probability or likelihood of occurrence of losses relative to the expected return on any particular investment

d) Reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc

e) None of these

8) Which principle of Insurance states that ‘when the insured is compensated for the losses due to damage to his insured property, then the ownership right of such property shifts to the insurer’?

a) Principal of Subrogation

b) Principle of Contribution

c) Principle of Indemnity

d) Principle of CAUSA PROXIMA

e) None of the above

9) ___________ is defined as a fixed amount paid by an insured to insurer each time before receiving a particular health care service.

a) Re-insurance

b) Deductible

c) Copayment

d) Repayment

e) Retention

10) What is the maximum limit for the amount under dispute that can be entertained by the Insurance Ombudsman?

a) Rs 25 lakhs

b) Rs 50 lakhs

c) Rs 20 lakhs

d) Rs 15 lakhs

e) Rs 35 lakhs

Answers:

1) Answer: d)

The Insurance Regulatory and Development Authority of India (IRDAI) recently allowed life insurance companies that have completed 10 years of operations to raise capital through initial public offerings (IPOs).

2) Answer: d)

Brokers are not appointed by insurers. They solicit insurance quotes and/or policies from insurers by submitting completed applications on behalf of buyers.

3) Answer: c)

PradhanMantriSurakhsaBeemaYojana (PMSBY); PradhanMantriJeevanJyotiBimaYojana (PMJJBY); PradhanMantriFasalBimaYojana; PradhanmantriVayaVandanaYojana (PMVVY)

4) Answer: b)

The General Insurance Business (Nationalisation) Amendment Act 2002 (40 of 2002) came into force from March 21, 2003.

5) Answer: c)

General Insurance Corporation of India (GIC) was formed in pursuance of Section 9(1) of GIBNA. It was incorporated on 22 November 1972 under the Companies Act, 1956 as a private company limited by shares.

6) Answer: a)

55 Indian insurance companies and 52 other general insurance operations of other companies were nationalized

7) Answer: d)

Insurable interest is reasonable concern of a person to obtain insurance for any individual or property against unforeseen events such as death, losses, etc

8) Answer: a)

Mr. John insures his house for $ 1 million. The house is totally destroyed by the negligence of his neighbour Mr.Tom. The insurance company shall settle the claim of Mr. John for $ 1 million. At the same time, it can file a law suit against Mr.Tom for $ 1.2 million, the market value of the house. If insurance company wins the case and collects $ 1.2 million from Mr. Tom, then the insurance company will retain $ 1 million (which it has already paid to Mr. John) plus other expenses such as court fees. The balance amount, if any will be given to Mr. John, the insured.

9) Answer: c)

A copayment or copay is a fixed amount for a covered service, paid by a patient to the provider of service before receiving the service. It may be defined in an insurance policy and paid by an insured person each time a medical service is accessed.

10) Answer: c)

The maximum limit for the amount under dispute for which the Ombudsman can entertain a complaint is up to Rs.20 lakhs.

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