LIC AAO Insurance Awareness Questions 2019 (Day – 66)

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 6497]

 

1) Which of the following functions is/are carried out by the ESIC (Employee’s State Insurance Corporation)?

I. Life Insurance

II. health insurance

III. Social Security

a) Only II

b) Only I and II

c) Only II and III

d) Only I and III

e) All of the above

2) Insurance on the life of a person whose services are essential to the continuing success of a business is known as –

a) Key man insurance

b) Last man insurance

c) Joint insurance

d) group Insurance

e) None of these

3) The Bharat Insurance company was started in the year –

a) 1818

b) 1896

c) 1899

d) 1902

e) None of the above

4) An insured person can claim tax deductions for the premium paid/amount invested under

a) Section 80B

b) Section 80C

c) Section 80E

d) Section 80D

e) None of the above

5) The present number of Insurance Ombudsman in India are –

a) 15

b) 16

c) 17

d) 18

e) 20

6) The letter D in IRDA stands for –

a) Disputes

b) Development

c) Domestic

d) Developed

e) None of the above

7) The Life Insurance Companies Act was passed in which year?

a) 1912

b) 1915

c) 1918

d) 1920

e) None of the above

8) The headquarters of the Agriculture Insurance Company of India Limited is located at –

a) Mumbai

b) Hyderabad

c) Bengaluru

d) Delhi

e) None of the above

9) The first online term insurance plan in India was launched by which of the following?

a) Aegon Life

b) Reliance Life

c) LIC

d) GIC

e) None of the above

10) Who among the following is responsible for determination of premium payable for a risk?

a) Agent

b) Surveyor

c) Actuary

d) Claims Adjuster

e) None of the above

Answers :

1) Answer: c)

Functioning under the aegis of Ministry of Labour and Employment and Incorporated under the ESI Act of 1948, the ESIC is a self –financing health insurance and social security scheme for all Indian workers earning less than Rs 15000 per month as wages. It is a contributory insurance scheme in which employer contributes 4.75% and employee contributes 1.75% of a total 6.5% of the wages earned. In return, the insured per on and their family are entitled to different types of benefits, both medical and cash.

2) Answer: a)

Insurance on the life or health of a person whose services are essential to the continuing success of a business and whose death or disability can cause the firm a substantial amount of financial loss is known as Key man insurance.

3) Answer: b)

Indian insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company was also one of such companies inspired by nationalism and was started in 1896.

4) Answer: d)

An insured person can claim tax deductions for the premium paid/amount invested under Section 80D.

5) Answer: c)

The Insurance Ombudsman scheme was created by the Government of India for individual policyholders to have their complaints settled out of the courts system in a cost –effective, efficient and impartial way. There are at present 17 Insurance Ombudsman in different locations and any person who has a grievance against an insurer, may himself or through his legal heirs, nominee or assignee, make a complaint in writing to the Insurance ombudsman within whose territorial jurisdiction the branch or office of the insurer complained against or the residential address or place of residence of the complainant is located.

6) Answer: b)

IRDA stands for Insurance Regulatory and Development Authority. It is a statutory body formed by IRDA Act 1999, which was passed on the recommendation of the Malhotra Committee report of 1994. It began functioning in April 2000. This agency operates from its headquarters at Hyderabad, where it was shifted from Delhi in 2001.

7) Answer: a)

The Life Insurance Companies Act was passed in the year 1912. This is the same year as the Provident Fund Act was also passed in the same year.

8) Answer: d)

Agriculture Insurance Company of India Limited (AIC) a public sector insurance company that offers yield –based and weather –based crop insurance programs in India. It is headquartered out of New Delhi.

9) Answer: d)

The first online term insurance plan in India was launched by Aegon Life in 2009.

10) Answer: c)

An Actuary is a professional who is trained in mathematics and statistics so that he can understand the magnitude of any risk. Based on that, the premium is determined. Agent is the person who markets the insurance policies whereas surveyor is appointed in order to assess a loss under a policy.

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