LIC AAO Insurance Awareness Questions 2019 (Day – 65)

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.

[WpProQuiz 6491]

1) Which insurance company won the ‘Non-Life Insurer of The Year Award 2019’?

a) Life Insurance Corporation

b) Bharti Axa General Insurance

c) Max Bupa Insurance Company

d) ICICI Prudential Life Insurance

e) HDFC Life

2) Which of the following is the amount of liability covered for an individual by insurance services?

a) Claim

b) Coverage

c) Deductible

d) Death Benefit

e) None of these

3) The Executive Council of Insurers (ECOI) was established under which of the following Rules/Act?

a) Life Insurance Corporation Act, 1956

b) General Insurance Business (Nationalization) Act, 1972

c) Insurance Ombudsman Rules, 2017

d) IRDAI Act, 1999

e) Redressal of Public Grievances Rules, 1998

4) Which of the following committees is associated with the insurance sector?

a) BD Shah Committee

b) Bhagwati Committee

c) Vipin Malik Committee

d) RN Malhotra Committee

e) Usha Thorat Committee

5) LIC has signed bancassurance agreement with which bank under which the lender bank will offer LIC’s insurance products at its branches?

a) SBI

b) IDBI

c) Allahabad Bank

d) PNB

e) HDFC

6) Which was the first insurance company that was established in India?

a) Bharat Insurance Company

b) Oriental Life Insurance Company

c) Hindustan Co-operative Insurance Company

d) National Insurance Company

e) Indian Mercantile Company

7) In which year the general insurance business was nationalized in India?

a) 1956

b) 1965

c) 1972

d) 1973

e) 1999

8) What is the maximum deposit amount insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC)?

a) Rs. 10 lakh

b) Rs. 5 lakh

c) Rs. 1 lakh

d) Rs. 50,000

e) None

9) Who among the following is the current chairman of Insurance Regulatory & Development Authority of India?

a) J. Harinarayan

b) Rana Pratap

c) Subhash Chandra Khuntia

d) K.T.S. Tulsi

e) T.S. Vijayan

10) Where is the headquarters of National Insurance Company (NIC)?

a) Mumbai

b) Lucknow

c) Chennai

d) Kolkata

e) New Delhi

Answers :

1) Answer: b)

Bharti Axa General Insurance won the ‘Non-Life Insurer of The Year Award 2019’.

The award was presented by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Bharti AXA General Insurance is a joint venture between Bharti Enterprises and French insurance company AXA.

Its headquarters is in Mumbai.

Sanjeev Srinivasan is the Chief Executive Officer and Managing Director (CEO & MD) of Bharti AXA General Insurance.

2) Answer: b)

Coverage is the amount of liability covered for an individual by insurance services. It is the amount of money an insurance policy guarantees to pay before any bonuses are added

3) Answer: c)

The Executive Council of Insurers (ECOI) was established under the Insurance Ombudsman Rules 2017.

ECOI was earlier known as the Governing Body of Insurance Council (GBIC).

ECOI is responsible for appointing the Insurance Ombudsman in India.

There are 17 Ombudsman Centres in India.

4) Answer: d)

RN Malhotra Committee is associated with the insurance sector.

It was formed by the government of India in 1993 to recommend reforms in the insurance sector.

RN Malhotra is the former Governor of Reserve Bank of India (RBI).

The committee recommended that private companies should be allowed to enter into the insurance sector.

5) Answer: b)

  • IDBI Bank and Life Insurance Cooperation (LIC) have signed a bancassurance agreement under which the lender bank will offer LIC’s insurance products at its branches.
  • The bank will become the preferred bank for LIC premium payments and also function as a premium point to boost the sale of LIC products as part of the service-level agreement, thereby gaining from fees and float income.

6) Answer: b)

Oriental Life Insurance Company was the first insurance company that was established in India.

It was established by Europeans in 1818 in Calcutta (Kolkata).

Its purpose was to provide insurance services to the European Community.

7) Answer: d)

In 1973 the general insurance business was nationalized in India.

The nationalization took place under the General Insurance Business (Nationalization) Act, 1972.

107 insurance companies were merged into one company called General Insurance Corporation of India and its four subsidies: National Insurance Company Ltd, New India Assurance Company Ltd, Oriental Insurance Company Ltd, and United India Insurance Company Ltd.

8) Answer: c)

Deposit Insurance and Credit Guarantee Corporation (DICGC) is a subsidiary of Reserve Bank of India. It was established on July 15, 1978 under Deposit Insurance and Credit Guarantee Corporation Act, 1961, for the purpose of providing insurance of deposits and guaranteeing of credit facilities.

DICGC insures all bank deposits, such as saving, fixed, current, recurring deposits for up to the limit of Rs. 100,000 of each deposit in a bank.

9) Answer: c)

The current chairman of Insurance Regulatory & Development Authority of India is Subhash Chandra Khuntia. He replaced T.S. Vijayan.

10) Answer: d)

The headquarters of National Insurance Company (NIC) is in Kolkata, West Bengal.

Year of Establishment: 1906

Year of nationalization: 1972

Chairman and Managing Director: Tajinder Mukherjee

Tagline: Trusted Since 1906

 

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