LIC AAO Insurance Awareness Questions 2019 (Day – 56)

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) Bharti Axa Life Insurance recently started delivering policy and renewal premium receipts through ___________.

a) Facebook

b) WhatsApp

c) Instagram

d) Twitter

e) Telegram

2) World Insurance Report is published by which of the following?

a) Swiss Re

b) Munich Re

c) General Insurance Corporation of India

d) PartnerRe

e) Lloyd’s

3) What do you understand by the indemnity in insurance?

a) Security against term insurance

b) Security against bank deposits

c) Security against damages or loss

d) Security against ULIP

e) Both (a) and (b)

4) What is the FDI limit in the insurance sector?

a) 100%

b) 49%

c) 50%

d) 75%

e) 31%

5) IRDAI, recently formed a panel under ________ to review the micro insurance framework

a) Subhash Chandra Khuntia

b) Bimal Jalan

c) HR Khan

d) Suresh Mathur

e) Hemant Bhargava

6) The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force is known as _________.

a) Maturity Date

b) Elimination Period

c) Concurrent Periods

d) Grace Period

e) Benefit Period

7) “Now be double sure” is the tagline of which Insurance company?

a) PNB MetLife Life Insurance

b) Shriram Life Insurance

c) Bharti AXA Life Insurance

d) Future Generali India Life Insurance

e) Aviva Life Insurance Company India

8) _______________ received IRDAI’s insurance broking licence to enter the insurance business.

a) IndianMoneyInsurance.com

b) InsuranceWaala.com

c) WomanInsurance.com

d) InsuranceKart.com

e) BharatInsurance.com

9) ____________ recently, launched India’s first insurance for bank lockers.

a) Bajaj Allianz

b) Royal Sundaram

c) SBI General Insurance

d) NIACL

e) IFFCO Tokio

10) In Feb, 2019 which of the following banks, signed a bancassurance agreement with LIC?

a) SBI

b) IDBI

c) IDFC

d) Bank of Baroda

e) PNB

Answers :

1) Answer: b)

Bharti AXA Life Insurance has started delivering policies and renewal premium receipt to customers via instant messaging platform WhatsApp.

Bharti AXA Life Insurance is a joint venture between Bharti Enterprises and French Insurance major AXA

2) Answer: a)

The World Insurance Report is published by Swiss Re. It is a reinsurance company based in Zurich, Switzerland. It is the world’s second-largest reinsurer company.

3) Answer: c)

Indemnity is a security against damages or loss. The insurer or the Indemnitor agrees to compensate the insured or the indemnitee for any damages or losses, in return for premiums paid by the insured to the insurer.

Indemnity insurance is a way for a company (or individual) to protect itself against indemnity claims.

4) Answer: b)

The Foreign Direct Investment (FDI) policy allows 49% foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion (DIPP).

The DIPP is an arm of the commerce and industry ministry which deals with FDI related matters and promoting ease of doing business in the country.

5) Answer: d)

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 microinsurance & recommend measures to increase the demand for such products.

IRDAI Chairman- Subhash Chandra Khuntia HQ- Hyderabad

6) Answer: d)

Grace Period is a length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force. If a premium is paid during the grace period, the premium is considered to have been paid on time.

7) Answer: a)

“Now be double sure” is the tagline of PNB MetLife Life Insurance. It is headquartered at Bengaluru.

8) Answer: a)

IndianMoneyInsurance.com, a subsidiary of the Bengaluru-based IndianMoney.com Group, has received the Insurance Regulatory and Development Authority of India’s insurance broking license to enter the insurance business.

Narasimha B is the CEO of IndianMoneyInsurance.com

9) Answer: e)

IFFCO Tokio General Insurance has launched ‘bank locker protector policy’, which is India’s first stand-alone bank locker cover offered by any insurance company. This policy will protect the contents of a bank locker such as jewellery, title documents, and other valuables.

10) Answer: b)

IDBI Bank and LIC have signed a bancassurance agreement under which IDBI will offer LIC’s insurance products at its branches. As part of the service-level agreement, the bank will become the preferred bank for LIC premium payments.

Rakesh Sharma is the Managing Director and CEO of IDBI Bank.

 

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