Insurance Awareness Questions for LIC AAO
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 amount paid for an accidental insurance under PMJDY scheme of the Indian government
a) 350000
b) 300000
c) 200000
d) 100000
e) None of the above
2) What is ULIP?
a) It is a mutual fund
b) It is medical plan only cover health issues
c) It is united life insurance plan
d) It is Unit Linked Insurance Plan gives investors both insurance and investment under a single integrated plan.
e) It is an invested plan
3) The General Insurance Corporation of India was incorporated in the year ________.
a) 2000
b) 2004
c) 1972
d) 1978
e) None of the above
4) The life insurance is a contract in which the claim is payable in which among the following cases?
a) If the insured dies a natural death
b) Expiry of the policy
c) Expiry of the nominee of the policy
d) Both 1 and 2
e) All the above
5) Which among the following is a life insurance policy in which the amount is payable only at the death of the policy holder?
a) Whole Life Policy
b) Endowment Policy
c) Unit Linked Insurance Plan
d) Personal Accident Insurance
e) Both 1 and 3
6) The insurance company which gives the slogan Prithvi, Agni, Jal, Akash – Sab ki Surakhsa Hamare Paas is
a) Life Insurance Corporation
b) Oriental Insurance Company
c) New India Assurance
d) General Insurance Company
e) None of these
7) The companies/organisations which issue ULIP are
a) Insurance companies
b) Banks
c) NABARD
d) RBI
e) None of the above
8) The insurance companies collect a fixed amount from its customers at a fixed interval of time. What is it called?
a) Premium
b) EMI
c) Contribution
d) Instalment
e) None of the above
9) Actuarial science is associated with
a) Insurance
b) Banking
c) Micro-finance
d) Space technology
e) All of the above
10) In which of the following city, IRDA headquarters are located?
a) Mumbai
b) New Delhi
c) Hyderabad
d) Kolkata
e) Chennai
Answers :
1) Answer: c)
Under the PMJDY scheme the account holders will be given worth Rs.30000 insurance coverage if they comply with certain specification of the scheme which includes opening an account by January 26, 2015 and having an accidental insurance coverage of over Rs. 200000.
2) Answer: d)
A Unit Link Insurance Plan is basically a combination of insurance as well as investment. A part of the premium paid is utilized to provide insurance cover to the policy holder while the remaining portion is invested in various equity and debt schemes. The money collected by the insurance provider is utilized to form a pool of fund that is used to invest in various markets instruments (debt and equity) in varying proportions just the way it is done for mutual funds.
3) Answer: c)
The General Insurance Corporation was incorporated in the year 1972 and four general insurance companies New India, Oriental Insurance, United India Insurance and National Insurance became its subsidiaries. In 2000, the four general insurance companies were made separate entities whereas the GIC was made the sole reinsurer of the country. GIC is based in Mumbai.
4) Answer: d)
Life insurance is a contract in which the insurer undertakes to pay the sum assured in case of death of the insured or after the expiry of the policy period, whichever is earlier. A consideration is paid by the insured to the insurer in exchange of covering the risk and it is known as premium. The risk is certainly going to happen in this case.
5) Answer: a)
Whole Life Policy is issued for the entire lifetime of the insured and the claim is payable only after the death of the insured, to the nominee of the policy.
The endowment policy is limited for a certain period and the sum is payable to the insured at the expiry of such period.
Unit Linked Insurance Plan is issued for the purpose of both investment and insurance.
Personal Accident Insurance is issued in order to cover for any loss due to an accident.
6) Answer: b)
The Oriental Insurance Company Ltd. is a public sector non-life insurance company in India. The headquarters of the company is located in New Delhi It has 30 regional offices and more than 1800 active branches across the country.
7) Answer: a)
ULIP is a life insurance product, which provides risk cover for the policy holder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds.
8) Answer: a)
Premium is the total cost to buy an option, which gives the holder the right but not the obligation to buy or sell the underlying financial instrument at a specified strike price.
9) Answer: a)
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance and other industries and professions. Actuaries are professionals who are qualified in this field through intense education and experience.
10) Answer: c)
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India. The agency’s headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
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