LIC AAO Insurance Awareness Questions 2019 (Day – 50)

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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1) The ULIP is a combination of insurance and investment to policyholders. What does “L” stand for in “ULIP” in Insurance?

a) Loss

b) Liability

c) Linked

d) Lapse

e) Lease

2) Indemnities form the basis of many insurance contracts. What do you understand by term ‘Indemnity’?

a) Security related with money market

b) Security related to ULIPs

c) Security against loss or damage

d) Security against capital portfolios

e) Security against G-securities

3) Headquarters of “United India Insurance Company” is located at which place?

a) New Delhi

b) Kolkata

c) Chennai

d) Mumbai

e) Bengaluru

4) An index is used in Insurance sector to measure the magnitude of insurance claims expected from major disasters. It is known as ‘CLI’. What does ‘C’ Stands for in ‘CLI’?

a) Commercial

b) Catastrophe

c) Coinsurance

d) Concession

e) Composite

5) Which of the following section of Insurance Act, 1938 states that, ‘No life insurance business of an insurer shall be transferred to any person or transferred to or amalgamated with the life insurance business of any other insurer”?

a) Section 21

b) Section 32B

c) Section 35

d) Section 39

e) Section 62

6) Who has been appointed as the chairman of Life Insurance Corporation of India recently (March 2019)?

a) M.R. Kumar

b) V.K. Sharma

c) VipinAnand

d) Hemant Bhargava

e) Arvind Saxena

7) ICICI Lombard entered into a partnership with which of the following company to provide cyber-insurance?

a) FreeCharge

b) PhonePe

c) Paytm

d) MobiKwik

e) Airtel Money

8) Which insurance company has launched first-of-its kind ‘Trip Protector’ insurance policy?

a) Bajaj Allianz General Insurance

b) Bharti AXA General Insurance

c) HDFC ERGO General Insurance

d) National Insurance Company Limited

e) Reliance General Insurance

9) The Insurance Regulatory and Development Authority of India (IRDAI), recently (April 2019) set up a 13-member committee in order to review regulatory framework on _______.

a) ULIP

b) Micro Insurance

c) Endowment Plans

d) Term Insurance

e) Health Insurance

10) The first-year premium of life insurers increased by ____ in FY19, according to data released by IRDAI.

a) 11%

b) 13%

c) 15%

d) 20%

e) 24%

Answers :

1) Answer: c)

ULIP stands for Unit Linked Insurance Policy. A ULIP is a life insurance policy which provides a combination of risk cover and investment. The dynamics of the capital market have a direct bearing on the performance of the ULIPs.

2) Answer: c)

Indemnity means security or compensation against loss or damage. Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident.

3) Answer: c)

United India Insurance Company (wholly owned by the Government of India) is the 2nd Largest General insurance company headquartered in Chennai, India. It was incorporated on 18th February 1938, and was nationalised in 1972.

4) Answer: b)

‘Catastrophe Loss Index’ (CLI), is an index used in the insurance industry to quantify the magnitude of insurance claims expected from major disasters. They are created by third-party companies that research natural disasters and provide estimate of the amount of losses from each catastrophe. ‘CLI’ indexes help in setting aside reserves for expected claims, and to determine where or when to send out insurance adjusters to verify insurance claims.

5) Answer: c)

Section 35, Insurance Act, 1938 states that, ‘No life insurance business of an insurer shall be transferred to any person or transferred to or amalgamated with the life insurance business of any other insurer”.

6) Answer: a)

The Government also appointed M. R. Kumar as the Chairman of the Life Insurance Corporation (LIC) for a period of 5 years. LIC is an Indian state-owned insurance group and investment company.

7) Answer: d)

ICICI Lombard partnered with MobiKwik (digital financial services company) to provide cyber-insurance cover of Rs. 50000.

8) Answer: c)

The first-of-its kind ‘Trip Protector’ insurance policy was launched by ‘HDFC ERGO General Insurance Company’. This policy states that in case a flight or a hotel booking is cancelled, travellers will be safeguarded financially against the cost of cancellation levied on them by the respective hotels or airlines for both domestic and international travel. The policy will allow customers to choose between refundable and non-refundable tickets. Refundable tickets shall be paid for in case of cancellation.

9) Answer: b)

Insurance Regulatory & Development Authority of India (IRDAI) has set up a 13 member committee under IRDAI Executive Director ‘Suresh Mathur’ to review the regulatory framework on ‘micro-insurance’ and recommend measures to increase the demand for such products.

10) Answer: a)

The first-year premium of life insurers increased by 11% (approx.) in FY19, while Life insurance Corporation registered 5.68% growth in premium, as per data released by IRDAI. Non-life insurance firms registered a rise of 13 per cent in their collective premium income to Rs 1.70 lakh Crore in financial year 2019.

 

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