LIC AAO Insurance Awareness Questions 2019 (Day – 62)

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.

LIC AAO Insurance Awareness Questions 2019 (Day – 62)

maximum of 10 points
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1) 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) Which type of insurance policy provides for a common sum insured for the entire family?

a) Group Mediclaim Policy

b) Floater Policy

c) All in One Policy

d) Endowment Policy

e) None of these

3) Micro Insurance covers maximum amount of ______

a) Rs 1 lakh

b) Rs 2 lakhs

c) Rs 3 lakhs

d) Rs 4 lakhs

e) Rs 5 lakhs

4) What is the maximum amount of award that Insurance Ombudsman can pass?

a) Rs 10 lakhs

b) Rs 20 lakhs

c) Rs 30 lakhs

d) Rs 40 lakhs

e) Rs 50 lakhs

5) What does “Reinsurance” mean?

a) Taking insurance by person from multiple insurance companies

b) Double insurance taken by an entity or person

c) Insurance for insurance companies

d) Term insurance taken by a person

e) Life time insurance taken by a person

6) What do you understand by term ‘Premium Allocation Charge’s’ used in insurance sector?

a) Third-party insurance charge

b) Charge levied by insurance firms to recover the initial expense

c) CESS levied by union government

d) Commission charged by the Policy agent

e) Surcharge appropriated by union government

7) Which life insurance company has unveiled an Artificial Intelligence (AI) –powered customer service app “Khushi”?

a) ICICI Prudential Life Insurance

b) SBI Life Insurance Company

c) HDFC Life Insurance Company

d) PNB Metlife India Insurance Company

e) Aegon Life Insurance Company

8) Insurance regulator ‘IRDAI’ has recently constituted a panel to analyse the feasibility of payment of claims in installments. Who was appointed the head of this panel?

a) Manjunath Bavuri

b) P.J. Joseph

c) Suresh Mathur

d) G.R. Surya Kumar

e) V.S. Narendra Chandra

9) Which of the following is India’s oldest existing insurance company?

a) Life Insurance Corporation of India

b) New India Assurance Company Ltd.

c) United India Insurance Company Ltd.

d) National Insurance Company Ltd.

e) General Insurance Company Ltd.

10) LIC has acquired 51% stake in IDBI Bank. Headquarters of IDBI Bank is located at which place?

a) Chennai

b) Bengaluru

c) Mumbai

d) New Delhi

e) Kolkata

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: b)

Floater insurance is a type of insurance policy that covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewellery to expensive stereo equipment.

3) Answer: a)

Micro Insurance- Maximum Cover – Rs 1 lakh; Maximum term – 1 year

4) Answer: c)

Insurance Ombudsman may not award compensation exceeding rupees thirty lakhs (including relevant expenses, if any).

5) Answer: c)

Reinsurance is insurance that is purchased by an insurance company. The purpose of reinsurance is for a company to avoid having too large a risk or concentration of risks, within the company.

6) Answer: b)

Every time you take up an insurance plan, the insurance company spends some amount of money on distributor fee, underwriting expenses of the policy as well as medical expenses. Premium allocation charges are levied as a certain percentage of the premium to offset for all such expenses. Premium allocation charges are deducted upfront and the remaining money gets invested in the chosen fund.

7) Answer: d)

Life insurer company ‘PNB Metlife India Insurance Company’ has unveiled an Artificial Intelligence (AI)-powered customer service app ‘Khushi’. The app is designed to be a one-stop shop providing insurance-related information, anytime, anywhere, such as policy features, premium due details besides providing fund value and portfolio details. It has been designed by PNB Metlife’s innovation centre of Singapore.

8) Answer: c)

Recently in October, the Insurance Regulatory and Development Authority of India (IRDAI) formed a panel to examine claims in installments. This panel will be headed by Suresh Mathur. It will look in to the feasibility of the proposal of general and health insurance companies for payment of claims in installments as against lump sum payments.

9) Answer: d)

National Insurance Company Limited (NICL) was founded in 1906 and headquartered at Kolkata. It is oldest existing insurance company in India.

10) Answer: c)

Headquarters of IDBI bank is at Mumbai (Maharashtra).

 

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