LIC AAO Insurance Awareness Questions 2019 (Day – 71)

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 6536]

1) First company in the country to sell insurance through PoS is

a) Aviva

b) Edelweiss

c) LIC

d) TATA AIG

e) None of the above

2) Which insurance company will be the first one to launch IPO next fiscal?

a) Life Insurance Corporation

b) General Insurance Corporation of India

c) New India Assurance

d) National Insurance

e) Oriental Insurance

3) Banks can distribute insurance product under the Bancassurance Agreement. This is specified in ________.

a) RBI Act 1934

b) Banking Regulation Act 1949

c) Negotiable Instruments Act 1881

d) Insurance Act 1938

e) None of the above

4) ECGC ltd., initially established with the name export risk insurance corporation (ERIC), was come into existence in which of the following year?

a) 1947

b) 1957

c) 2014

d) 2016

e) None of these

5) Recently, the Insurance Regulatory and Development Authority of India (IRDAI) allowed customers to buy one single _________(CPA) cover for multiple vehicles. What does CPA stands for?

a) Compulsory Personal Accident

b) Compulsory Public Accident

c) Certified Personal Accident

d) Common Personal Accident

e) Common Public Accident

6) Which statutory body is working on the guidelines for ‘Sandbox’?

a) Securities and Exchange Board of India

b) Insurance Regulatory and Development Authority of India

c) National Consumer Disputes Redressal Commission

d) Insurance Ombudsman

e) The Food Safety and Standards Authority of India

7) What is the current value of Insurance Penetration in India?

a) 5.7%

b) 4.7%

c) 3.7%

d) 6.7%

e) 9%

8) Who among the following is a person who processes the claims towards an insurance policy?

a) Underwriter

b) Claims Adjuster

c) Surveyor

d) Insurance Investigator

e) Actuary

9)  A person can transfer his rights, title, and interest in a life insurance policy to another. This is called _______

a) Cession

b) Nomination

c) Assignment

d) Arbitration

e) None of the above

10) The joint working group formed by the Insurance Regulatory and Development Authority of India and the National Health Authority will be chaired by ________.

a) A. G. K. Gokhale

b) Dinesh Arora

c) Devi Shetty

d) Jasbir Singh Bajaj

e) Aroup Chatterjee

Answers :

1) Answer: b)

The country’s first, and perhaps the simplest life insurance product that can be bought at a point of sale (PoS) has finally been launched. Edelweiss Tokio Life Insurance has recently launched PoS Saral Nivesh-the first product to be approved by the IRDA guidelines on point of sale-life insurance products.The sum assured in PoS Saral Nivesh ranges from Rs 50,000 to Rs 10 lakh.

2) Answer: b)

General Insurance Corporation (GIC Re) is likely to be the first PSU insurer to tap the capital market as the finance ministry has started scouting for merchant bankers to manage its IPO. The government holds 100% stake in GIC Re, which provides reinsurance support to 54 general and life insurance companies, both public and private, in the Indian market.

3) Answer: b)

In the bancassurance model, banks distribute insurance products as an agent of the insurance company. This is defined under Section 6(1) of the Banking Regulation Act 1949. It first came into being in Europe in the 1980s and it was successful there, only to be replicated all over the world.

4) Answer: b)

The government after accepting the recommendations of Kapur Committee and thus the Export Risk Insurance Corporation (ERIC) was registered on 30th July 1957 in Mumbai as a Private Ltd.

The company, entirely state-owned, under the Companies Act with an authorized capital of Rs. 5 crores and paid up capital of Rs. 25 lakhs.

Ratilal M Gandhi was the First Chairman and Shri T C Kapur was the First Managing Director of the Corporation.

Shri Morarji Desai, Union Commerce Minister inaugurated ERIC and the first Policy was issued on 14th October 1957.

5) Answer: a)

The Insurance Regulatory and Development Authority of India (IRDAI) allowed customers to buy one single Compulsory Personal Accident (CPA) cover for multiple vehicles. The cover will extend to all the vehicles driven by the policyholder​and have a validity of one year. Currently, a vehicle buyer has to buy a CPA for every vehicle he or she purchases.

6) Answer: b)

The Insurance Regulatory and Development Authority of India (IRDAI) is working on the guidelines for ‘Sandbox’. ‘Sandbox’ method which will allow insurers to test products in a particular geography or among a set of few policyholders before they are available in the market. Industry participants believe that this move will lead to further innovation in insurance products.

7) Answer: c)

Insurance penetration in India continues to be one of the lowest at 3.69%, according to the annual report by IRDAI. According to the IRDAI report, the life insurance penetration was at 4.6% in 2009 but visibly showed a downward trend after that. The new business premium for life insurance has increased from Rs. 9,707.4 crore in FY 2000-01 to Rs. 19.41 trillion in FY 2017-18.

8) Answer: b)

  • An Actuary is a person who is a trained professional who can assess the risks associated with any class of insurance and also estimates the premium amount for such a risk.
  • An underwriter is a person who accepts the risk on its merit.
  • Claims Adjuster is the person who processes the claims towards an insurance policy.
  • Surveyor is the person who is responsible for the assessment of the amount of loss in an event.
  • Insurance Investigator is the person who is appointed to verify various facts related to any claim.

9) Answer: c)

A person can transfer his rights, title and interest in a life insurance policy to another by assigning it to him. This process is called Assignment. The person who transfers the rights is called assignor and the rights transferred to a person are called Assignee.

10) Answer: b)

Insurance Regulatory and Development Authority of India (IRDAI) and the National Health Authority (NHA) has formed a Joint Working Group (JWG).The joint working group will be chaired by Dinesh Arora, Deputy CEO of NHA. The JWG will recommend measures to help improve the implementation of the Centre’s Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY).

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