LIC AAO Insurance Awareness Questions 2019 (Day – 53)

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) If a policyholder decides to terminate the policy before maturity, the amount which the insurance company will pay to the policyholder is known as _____.

a) Termination Value

b) Maturity Value

c) Pre-mature Value

d) Surrender Value

e) Holder Value

2) Which among the following acts was the first legislative measure to regulate life business?

a) The Indian Insurance Companies Act, 1928

b) The Indian Life Assurance Companies Act, 1912

c) The IRDAI Act, 1999

d) Life Insurance Companies Act, 1956

e) General Insurance Business (Nationalization) Act, 1972

3) Where is the headquarter of General Insurance Corporation of India?

a) New Delhi

b) Mumbai

c) Hyderabad

d) Chennai

e) Ahmedabad

4) 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

5) 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

6) 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

7) Which organisation has formed a committee to investigate the systemically important insurers?

a) IRDAI

b) SEBI

c) RBI

d) FSDC

e) AMFI

8) 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

9) 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

10) 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

Answers :

1) Answer: d)

If a policyholder decides to terminate the policy before maturity, the amount which the insurance company will pay to the policyholder is known as surrender value.

2) Answer: b)

The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies.

3) Answer: b)

General Insurance Corporation of India (GIC)

Headquarters: Mumbai

Chairman and Managing Director: Alice G Vaidyan

Tagline: Aapatkale Rakshisyami

Year of Establishment: 1972

4) 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.

5) 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.

6) 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.

7) Answer: a)

IRDAI  has formed a committee to investigate the systemically important insurers.

8) 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.

9) 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.

10) 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.

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