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 6529]
1) Ayushman Bharat National Health Protection Scheme (AB-NHPS) launched by PM Shri Narendra Modi on Independence Day 2018. The scheme is renamed as_____.
a) PM Jansuraksha Yojana
b) PM Lok Parivartan Yojana
c) PM Jan Sahyog Yojana
d) National Health Mission
e) PM Jan Arogya Yojana
2) Which of the following word/term is closely associated with the insurance business?
e) All are associated with insurance
3) The Chairman and Managing Director of which insurance company has been awarded the Freedom of the City of London in recognition of her work to promote insurance ties between India and the UK?
4) LIC has signed bancassurance agreement with which bank under which the lender bank will offer LIC’s insurance products at its branches?
c) Allahabad Bank
5) The process by which LIC holder can transfer all rights, title and interest under a policy contract to any third person is known as
6) Who has been empowered to set up an Insurance Ombudsman in India?
a) Insurance Regulatory and Development Authority of India
b) Reserve Bank of India
c) Life Insurance Corporation
d) Executive Council of Insurers
e) Employees’ Provident Fund Organisation
7) IndiaFirst Life Insurance has launched India´s cheapest e-term insurance plan on Policybazaar.com. IndiaFirst Life Insurance is the joint venture of UK’s Legal and General, Andhra Bank and __________.
a) ICICI Bank
b) Bank of Baroda
c) Allahabad Bank
d) Punjab National Bank
e) HDFC Bank
8) What is the name of a company owned by a policyholder who gives a share of its profits to the policyholders as a dividend?
a) Mutual Insurance Company
b) Pure Life Annuity
c) Term Insurance Company
d) Service Provider
e) Insurance Help Provider Company
9) Under which of the following committee’s recommendation General Insurance Company was delinked from its four subsidiaries?
a) Malhotra committee
b) Narsimham committee
c) Shome committee
d) Kelkar committee
10) Which of the following acts made it mandatory that the premium rate tables of insurance companies should be certified by an actuary?
a) Life Insurance Companies Act, 1912
b) Provident Fund Act, 1912
c) The Insurance Act, 1938
d) Life Insurance Company Act, 1956
e) General Insurance Business (Nationalisation) Act, 1972
1) Answer: e)
Ayushman Bharat National Health Protection Scheme (AB-NHPS) launched by PM Shri Narendra Modi on Independence Day 2018. The scheme is renamed as PM Jan Arogya Yojana
Feature of the scheme
The Pradhan Mantri Jan Arogya Yojana, popularly known as Ayushman Bharat, looks to provide cashless hospitalisation for 1,354 procedures to 10 crore poor families for Rs 5 lakh per family per year.
The Indian insurance regulator has partnered with the National Health Authority to study the prime minister’s health insurance scheme (Pradhan Mantri Jan Arogya Yojana) and suggest measures to streamline its implementation.
2) Answer: c)
A person with expertise in the fields of economics, statistics, and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, is called an actuary.
3) Answer: e)
The Chairman and Managing Director of the General Insurance Corporation (GIC) of India Alice G. Vaidyan has been awarded the Freedom of the City of London in recognition of her work to promote insurance ties between India and the UK.
Alice G. Vaidyan was the first lady officer to assume the post of Chairman-cum-Managing Director of General Insurance Corporation of India.
She was the first lady officer to assume the post of Chairman-cum-Managing Director of General Insurance Corporation of India.
Freedom of the City
Freedom of the City is an honour bestowed by a City of London Corporation upon a valued member of the community, or upon a visiting celebrity or dignitary.
4) 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.
5) Answer: d)
Assignment is a means where by the beneficial interest, right and title under a policy get transferred from the assignor to the assignee ‘Assignor’ is the policy holder who transfers the title and ‘Assignee’ is the person who derives the title from the assignor.
6) Answer: d)
Executive Council of Insurers (ECOI) has been empowered to set up Insurance Ombudsman in India.
ECOI was established under Insurance Ombudsman Rules 2017.
ECOI was previously known as Governing Body of Insurance Council (GBIC).
There are 17 Insurance Ombudsman centers in India.
The aim of Insurance Ombudsman is to resolve all complaints relating to settlement of insurance claims.
7) Answer: b)
IndiaFirst Life Insurance is the joint venture of UK’s Legal and General, Andhra Bank and Bank of Baroda.
IndiaFirst Life Insurance has launched India´s cheapest e-term insurance plan on Policybazaar.com.
The insurance plan is a non-linked and non-participating offer.
The insurance plan is aimed at financial risk management
8) Answer: a)
The sole purpose of a ‘Mutual Insurance Company’ is to provide insurance coverage for its members and policyholders, and its members have been given the right to choose management.
A mutual insurance company is owned by policyholders who gives a share of its profits to the policyholders as a dividend.
The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire.
9) Answer: a)
It was on the recommendation of Malhotra committee that General Insurance Company was delinked from its four subsidiaries mainly National Insurance Company Ltd, New India Assurance Company Ltd. Oriental Fire and Insurance Company Ltd and United India Insurance Company Ltd.
10) Answer: a)
Life Insurance Companies Act, 1912 made it mandatory that the premium rate table and periodical valuations of insurance companies should be certified by an actuary.
The Act discriminated between foreign and Indian companies.
An actuary is a professional who assesses and manages the risks of financial investments, and other insurance policies.