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 6546]
1) Which of the following private insurers recently, launched first of its kind Trip Protector Policy?
a) HDFC ERGO General Insurance
b) Apollo Munich Health Insurance
c) Bajaj Allianz General Insurance
d) Bharti Axa General Insurance Co. Ltd.
e) Cholamandalam MS General Insurance Co. Ltd.
2) Which of the following private life insurer has appointed Sachin Tendulkar as its brand ambassador?
a) IDBI Federal Life Insurance
b) Bajaj Allianz Life Insurance
c) Bharti AXA Life
d) HDFC Life Insurance
e) PNB MetLife
3) The authority of IRDAI consists of __________ members.
4) Which of the following is a temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued?
a) Certificate of insurance
b) Assets note
c) Cover note
d) Insurance policy document
e) None of the above
5) Which of the following is a Kind of marine policy?
a) Cargo Policy
b) Voyage Policy
c) Freight Policy
d) Floating Policy
e) All of the above
6) What is the meaning of ‘P’ in PLI with respect to insurance sector?
7) Which of the following statements are false about LIC’s Mortgage Redemption Assurance policy (without profits) plan?
I) Only issued to males.
II) The surrender value of the policy is 15% of the premium.
III) All loans to be liquidated when the borrower turns 65 years.
a) Only I
b) Only II
c) Both I and II
d) Both I and III
e) Only III
8) Which of the following is the direct and indirect variable outlay incurred by an insurer at the time of selling an insurance contract?
a) Retention cost
b) Operation cost
c) Probate cost
d) Mortality cost
e) Acquisition cost
9) NSDC has collaborated with The New India Assurance Co. Ltd. to provide ‘__________’ insurance facility to the certified candidates.
a) Ayushman Bima
b) Atal Bima
c) Kaushal Bima
d) Safal Bima
e) Atulya Bima
10) _______ is an insurance contract applying to a number of vehicles that they are under common ownership.
a) Valued policy
b) Umbrella policy
c) Float policy
d) Fleet policy
e) Premium policy
1) Answer: a)
HDFC ERGO General Insurance Company launched Trip Protector insurance policy. It will cover the cancellation of pre-booked flights and hotels for domestic as well as international travel. The Trip Protector insurance policy will enable travellers to buy refundable or non-refundable tickets. Refundable tickets covered by the policy will ensure that the end customer incurs no additional expenses, in the unfortunate event of a cancellation. The policy also refunds the cost incurred towards visa, over and above the hotel and flight booking charges in the event of cancellation for any reason.
2) Answer: a)
IDBI Federal Life Insurance appointed Sachin Tendulkar as its brand ambassador. This is the first time in its history that IDBI Federal Life Insurance has appointed a Brand Ambassador. Sachin Tendulkar has been the Face of IDBI Federal’s Marathons since 2016.
3) Answer: a)
As per the section 4 of IRDAI Act’ 1999, Insurance Regulatory and Development Authority of India (IRDAI), the Authority is a 10 members team consisting of a Chairman, five whole-time members and four part-time members. All the members are appointed by the government. The present chairman of IRDAI is Subhash Chandra Khuntia.
4) Answer: c)
A cover note is a temporary document issued by an insurance company that provides proof of insurance coverage until a final insurance policy can be issued. A cover note is different from a certificate of insurance or an insurance policy document. A cover note features the name of the insured, the insurer, the coverage and what is being covered by the insurance.
5) Answer: e)
Marine insurance is an arrangement by which the insurer undertakes to compensate the owner of the ship or cargo for complete or partial loss at sea. So, it provides protection against loss because of marine perils. The marine perils are collisions with rock, ship attack by enemies, fire etc.
6) Answer: b)
Postal Life Insurance (PLI) is the life insurance cover provided by Indian Post. It is the oldest life insurer in India and was introduced on 1 February 1884.
Now it covers employees of Central and State Governments, Central and State Public Sector Undertakings, Universities, Government aided Educational Institutions, Nationalized Banks, Local bodies, autonomous bodies, joint ventures having a minimum of 10% Govt./PSU stake, credit cooperative societies etc.
PLI also extends insurance coverage to the officers and staff of the Defence services and Paramilitary forces.
7) Answer: b)
LIC’s Mortgage Redemption Assurance policy (without profits) plan is designed to meet the requirements of the policy holding individual who seeks to ensure that all his outstanding loans and debts are automatically paid up in the event of his demise.
The features of this policy are-
Only issued to males aged 50 years or below.
All loans must be liquidated by the time the borrower attains the age of 65.
The policies bear no surrender value.
The subscriber will have to bear the cost of the mandatory medical examination.
8) Answer: e)
Acquisition costs are the direct and indirect variable outlays incurred by an insurer at the time of selling or underwriting an insurance contract (both new and renewal). The costs may be in the form of brokerage, underwriting costs or medical expenses etc.
Insurance retention – It refers to the amount of money an insured person or business becomes responsible for in the event of a claim.
9) Answer: c)
NSDC collaborates with The New India Assurance Co. Ltd. to provide ‘Kaushal Bima’ insurance facility to the certified candidates.
As per the current regulations of IRDAI, 3-year Personal Accidental Insurance covering death and permanent disability for a sum insured of Rs 2 lakh will be provided through the scheme.
10) Answer: d)
The Fleet policy is an insurance contract applying to a number of vehicles, usually with the requirement that they are under common ownership.
Umbrella insurance – It is a form of liability insurance that will supplement your basic liability policies, such as your auto, home or renters insurance.
Floating policy – It provides protection of a broad nature for shipments of merchandise and that is valid continuously.