LIC AAO Insurance Awareness Questions 2019 (Day – 45)

Dear Aspirants, LIC AAO is one of 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. LIC AAO Insurance Awareness & Financial Market Awareness section comprises of 30 questions. LIC AAO Insurance Awareness Questions 2019 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 Insurance Awareness Questions 2019. Aspirants can make use of this LIC AAO Insurance Awareness Questions 2019, to improve score in the Insurance & Financial Market Awareness section.

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LIC AAO Insurance Awareness Questions 2019 (Day – 45)

maximum of 10 points
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1) Which of the following organizations issues licenses to a company to act as an insurance repository?

a) Pension Fund Regulatory and Development Authority

b) Employees’ Provident Fund Organisation

c) General Insurance Corporation

d) Insurance Regulatory and Development Authority of India

e) Reserve Bank of India

2) What is the tagline of United India Insurance Company Limited (UIIC)?

a) Prithvi, Agni, Jal, Akash, SabkiSurakshaHamarePaas

b) Rest Assured with Us

c) KaroZyadakaIraada

d) A Bright and Better Tomorrow

e) Faideyka Insurance

3) What is the term used in the contracts which guarantee the payment of a certain sum on the happening of a specified event which is bound to happen sooner or later?

a) Annuity

b) Insurance

c) Assurance

d) Premium

e) Insured

4) Which of the following insurance company is responsible for implementing PradhanMantriVayaVandanaYojana (PMVVY)?

a) General Insurance Corporation

b) Life Insurance Corporation

c) New India Assurance

d) United India Insurance Company

e) National Insurance Company

5) A specific cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft is known as ___.

a) Rider

b) Subrogation

c) Underwriting

d) Peril

e) None of these

6) In Which type of insurance, the death benefit is payable to the nominee, who is a family member if the insured expires during the applicable term?

a) Endowment Plan

b) Term Insurance

c) Accidental Insurance

d) Subrogation

e) None of these

7) Which one of the following is not a main product of General Insurance Business?

a) Personal accident insurance

b) Medical and health insurance

c) Travel insurance

d) Motor Insurance

e) Endowment Plan

8) The Integrated Grievance Management System (IGMS) is an online consumer complaints registration system which is created by _________–

a) RBI

b) IRDAI

c) SEBI

d) LIC

e) TRAI

9) Under PradhanMantri Jan ArogyaYojana (PMJAY), how much insurance coverage will be provided to each family?

a) Rs 25 Lakh

b) Rs 10 Lakh

c) Rs 5 Lakh

d) Rs 20 Lakh

e) None of these

10) Which of the following general insurance companies has launched ‘Trip Protector’ policy?

a) HDFC ERGO

b) Life Insurance Corporation

c) ICICI Lombard

d) General Insurance Corporation

e) Bajaj Allianz

Answers:

1) Answer: d)

Insurance Regulatory and Development Authority of India (IRDAI) issues the license to a company to act as an insurance repository.Insurance Repository maintains the database of insurance policies in electronic form.It was launched in 2013.CAMSRep is among the first to launch an Insurance Repository.

2) Answer: b)

United India Insurance Company Limited (UIIC) tagline: Rest Assured with Us

Headquarters: Chennai

Chairman and Managing Director: GirishRadhakrishnan

Year of Establishment: 1938

Year of Nationalisation: 1972

3) Answer: c)

Here the two words Insurance and Assurance are used synonymously, but both are of different meaning, the term ‘Assurance’ is used for those contracts which guarantee the payment of a certain sum on the happening of a specified event which is bound to happen sooner or later, for example attaining a certain age or death. Thus, life policies come under ‘assurance’

On the other hand, the word insurance means a contract that guarantee an agreed compensation on happening of certain events stipulated in the contract which are not expected but may happen, e.g Risk related to fire, accidents etc.

An annuity is a financial product that pays out a fixed stream of payments to an individual, primarily used as an income stream for retirees.

4) Answer: b)

PradhanMantriVayaVandanaYojana’ (PMVVY) is implemented by Life Insurance Corporation (LIC).PMVVY is only for senior citizens aged 60 years and above.It provides a return of 8% per annum for 10 years.It is exempted from Goods and Service Tax (GST).Under PMVVY, Rs. 12000 is the minimum pension amount that will be paid yearly to the beneficiary.

5) Answer: d)

A peril is an event or circumstance that causes or may potentially cause a loss. Examples of perils include fire, flooding, hailstorms, tornadoes, hurricanes, auto accidents, or home accidents, such as falling.

6) Answer: b)

Term Insurance is a life insurance plan that provides financial coverage to the beneficiary of the insured person for a defined period of time. In the event of death of term insurance policyholder during policy term, the beneficiary can claim death benefits from the insurance company.

7) Answer: e)

An Endowment Plan is a life insurance product that pays a lump sum amount to the policyholder after its maturity or to the nominee in case of his/her death, while all other are main product of General insurance business.

8) Answer: b)

The Integrated Grievance Management System (IGMS) facilitates online registration of policyholders’ complaints and helps track their status. It is created by the Insurance Regulatory and Development Authority (IRDA).Policyholders can register their complaints online with their insurance company and track the progress of complaint resolution. IRDA monitors the complaints and their progress in real-time through IGMS.

9) Answer: c)

Prime ministerNarendraModi launched the flagship scheme PradhanMantri Jan ArogyaYojana (PMJAY), in Ranchi that provides an annual cover of Rs 5 lakh per poor and vulnerable family.

10) Answer: a)

HDFC ERGO has launched the ‘Trip Protector’ policy on 20 February 2019.Trip Protector insurance policy will protect the travellers against the cancellation charges levied by Hotels or Airlines.HDFC ERGO is India’s third-largest non-life insurance provider in the private sector.Ritesh Kumar is the Chief Executive Officer (CEO) and Managing Director (MD) of HDFC ERGO.Its headquarters is located in Mumbai.

 

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