LIC AAO 2019 – Insurance Awareness Questions (Day – 43)

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)Where is the headquarters of General Insurance Corporation of India?

a) New Delhi

b) Mumbai

c) Hyderabad

d) Chennai

e) Ahmedabad

2) The maximum amount for which per depositor can be insured across the banks by DICGC is?

a) Rs. 50000

b) Rs. 100000

c) Rs. 200000

d) Rs. 500000

e) Rs. 1000000

3) The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs is called ____________

a) Deductible

b) Cancellation

c) Collectable

d) Renewable

e) None of these

4) Life Insurance Corporation of India has signed an agreement with Central Depository Services to provide ___________ coverage to demat account holders.

a) Whole Life Insurance

b) Motor Insurance

c) Liability Insurance

d) Group Insurance

e) Health Insurance

5) The term ‘insurable interest’ is related to which of the following types of insurance?

a) Life Insurance

b) Fire Insurance

c) Marine Insurance

d) General Insurance

e) All of the above

6) UIIC headquarter is located in which city?

a) Chennai

b) Kerala

c) Bangalore

d) Mangalore

e) Hyderabad

7) The process of determining the cost of an insurance policy based on the actual loss experience determined as an adjustment to the initial premium payment is termed as _______

a) Universal Life Insurance

b) Unauthorized Reinsurance

c) Unearned Premium

d) Retrospective Rating

e) None of these

8)IndiaFirst Life Insurance Company, a life insurance company in India is a joint venture between UK’s financial and investment company Legal & General and which two banks?

a) State Bank of India and Vijaya Bank

b) Allahabad Bank and Bank of India

c) Bank of Baroda and Andhra Bank

d) Indian Overseas Bank and Union bank of India

e) State Bank of India and Andhra Bank

9) The minimum and maximum period for the maturity of Certificate of Deposit (CDs) is?

a) 30 days and 1 year

b) 30 days and 3 years

c) 90 days and maximum period limit.

d) 7 days and 2 years

e) 7 days and 1 year

10) The impact of actuary recommendation in insurance premium would result in _______

a) Lower premium

b) Lower risk value

c) Construct morality tables

d) Higher Risk Value

e) None of these

Answers:

1) Answer: b)

General Insurance Corporation of India (GIC)

Headquarters: Mumbai

Chairman and Managing Director: Alice G Vaidyan

Tagline: AapatkaleRakshisyami

Year of Establishment: 1972

2) Answer: b)

Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same capacity and same right as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

3) Answer: a)

The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs is called Deductible

4) Answer: d)

Life Insurance Corporation of India has signed an agreement with Central Depository Services (India) to provide group insurance coverage to all eligible Demat account holders between the age of 18 years and 59 years. The scheme would provide a cover of ₹1 lakh to a maximum of ₹5 lakh for any single individual at a very nominal price.

5) Answer: e)

Insurable interest refers to the interest in the property or thing insured. • Only the owner can have the insurable interest in the property. • It is related to all types of insurance. • In case of life insurance it is related to the life of insured person and in other cases it is related to the subject matter that is insured.

6) Answer: a)

UIIC is headquartered in Chennai, while IRDAI is in Hyderabad.

7) Answer: d)

An insurance policy with a premium that adjusts according to the losses experienced by the insured company, rather than according to an industry-wide loss experience is called Retrospective Rating.

8) Answer: c)

It is a joint venture between two of India’s public sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s financial and investment company Legal &General(26%). It was incorporated in November, 2009. It has its headquarters in Mumbai.

9) Answer: e)

As per RBI guidelines, the maturity period of CDs issued by banks should not be less than 7 days and not more than one year, from the date of issue.

10) Answer: a)

It is actually provide a lesser risk of investment in financial world which encourage behaviour of investing and caused mass people involvement in buying policies causing lesser premiums.

 

 

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