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 6521]
1) How many Insurance Ombudsman are functional in India?
2) The board of IRDAI consists of how many members?
3) Which of the following insurance companies was the first life insurance company on soil?
a) New India Assurance Company Ltd
b) Life Insurance Corporation of India
c) United India Insurance Company
d) Indian Mercantile Insurance Limited
e) Oriental Life Insurance Company
4) What is the abbreviation of ULIP?
a) United Linked Insurance Policy
b) United Life Insurance Private Limited
c) Unit Life Insurance Policy
d) Unit Linked Insurance Plan
e) None of these
5) Which of the following is one of the principles of Insurance?
a) Utmost good faith
b) Principle of Indemnity
c) Principle of contribution
d) Principle of Subrogation
e) All are true
6) Insurance that offers coverage to low-income households is called _________.
a) Life Insurance
b) Micro Insurance
c) Term Insurance
d) Endowment Insurance
e) None of these
7) In a fire insurance policy, which of the following is FALSE?
a) The reinstatement value of the property is used for the correct amount to be insured
b) If the amount insured is a higher value, it will lead to a higher claim amount than the market value
c) The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately.
d) If the amount insured is inadequate amounts are received in proportion to the market value
e) All the above are true
8) Aviva India is a Joint Venture between Aviva plc, a British assurance company and _________.
9) Name the present Chairperson of IRDAI.
a) Subhash Chandra Khuntia
b) Satish Goel
c) Kailasavadivoo Sivan
d) Shaktikanta Das
e) Vikram Sarabhai
10) Standard Life has sold ___________ of its stake in HDFC Life Insurance.
1) Answer: d)
There are at present 17 Insurance Ombudsman in different locations.
2) Answer: c)
IRDAI is a 10 member body consisting of Chairman; 5 whole time member and 4 part time members.
3) Answer: e)
The Indian insurance industry originated in the nineteenth century with the first life insurance company being established at Kolkata in 1818. Oriental Life Insurance Company started by Europeans in Kolkata was the first life insurance company on Indian Soil. Subsequently, the first general insurance company commenced operations at Kolkata in 1850.
4) Answer: d)
A Unit Linked Insurance Plan is a product offered by insurance companies that, unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan. The first ULIP was launched in India in 1971 by Unit Trust of India.
5) Answer: e)
Insurance is subject to a more stringent common law principle of good faith, often called the principle of utmost good faith. It means that each party is under a duty to reveal all vital information (called material facts) to the other party, whether or not that other party asks for it. Indemnity means an exact financial compensation for an insured loss, no more no less.
The contribution is a claims-related doctrine of equity which applies as between insurers in the event of double insurance, a situation where two or more policies have been affected by or on behalf of the insured on the same interest or any part thereof, and the aggregate of the sums insured exceeds the indemnity legally allowed.
The principle of subrogation enables the insured to claim the amount from the third party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss.
6) Answer: b)
Insurance that offers coverage to low-income households is micro insurance. This is similar to that of regular insurance except to the fact that it targets low-income people. The target population mainly consists of people ignored by mainstream commercial and social insurance scheme. Insured people pay considerably smaller premiums.
7) Answer: b)
When you apply for a fire insurance policy, the current market value of the property or the Reinstatement value of the property, depending upon the basis of the Sum Insured, should be accurately calculated for arriving at the correct amount to be insured.
The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately.
If the amount insured is excessive, it will mean overpayment of unnecessary premium; if the amount insured is inadequate you will receive amounts in proportion to the market value only.
8) Answer: e)
Aviva India is an Indian life assurance company, and a joint venture between Aviva plc., a British assurance company, and Dabur Group, an Indian conglomerate
9) Answer: a)
Subhash Chandra Khuntia is the present Chairman of IRDAI. IRDAI stands for Insurance and Regulatory Authority of India.
10) Answer: b)
Standard Life has divested 1.78% of its stake in HDFC Life Insurance. The divestment was done through an offer for sale route and the issue sailed through successfully with both qualified institutional investors and retail investor quotas.