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.
1) When was the nationalisation of the life insurance business in India started?
2) ___________ is the only public sector life insurance company in India.
c) Oriental Insurance
3) LIC’s _____________ Plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder.
a) Jeevan Pragati
b) New Jeevan Anand
c) Jeevan Labh
d) Jeevan Rakshak
e) Jeevan Lakshya
4) IRDAI allowed single personal accidental insurance for multiple vehicles from _____________.
a) 1 January 2018
b) 1 January 2017
c) 1 January 2019
d) 1 April 2019
e) 1 April 2018
5) In Feb, 2019 Which of the following banks, signed a bancassurance agreement with LIC?
d) Bank of Baroda
6) ____________ recently, launched India’s first insurance for bank lockers.
a) Bajaj Allianz
b) Royal Sundaram
c) SBI General Insurance
e) IFFCO Tokio
7) _______________ received IRDAI’s insurance broking licence to enter the insurance business.
8) “Now be double sure” is the tagline of which Insurance company?
a) PNB MetLife Life Insurance
b) Shriram Life Insurance
c) Bharti AXA Life Insurance
d) Future Generali India Life Insurance
e) Aviva Life Insurance Company India
9) IRDAI , recently formed a panel under ________ to review the microinsurance framework
a) Subhash Chandra Khuntia
b) Bimal Jalan
c) HR Khan
d) Suresh Mathur
e) Hemant Bhargava
10) What is the FDI limit in the insurance sector?
1) Answer: b)
The nationalization of the life insurance business in India was started in 1956 when the Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India. It was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.
2) Answer: d)
Life Insurance Corporation of India is the only public sector life insurance company in India. The objective of LIC is to spread life insurance much more widely and to the rural areas with a view to reaching all insurable persons in the country, providing them adequate financial cover at a reasonable cost.
LIC HQ- Mumbai, Chairman- MR Kumar
3) Answer: c)
LIC’s Jeevan Labh Plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
4) Answer: c)
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to unbundle the Compulsory Personal Accident (CPA) cover from 1 January 2019 and allow the issuance of a standalone CPA cover for owner-driver. IRDAI also increased the compulsory personal accident coverage amount from Rs 1 lakh to Rs 15 lakh.
5) Answer: b)
IDBI Bank and LIC have signed a bancassurance agreement under which IDBI will offer LIC’s insurance products at its branches. As part of the service-level agreement, the bank will become the preferred bank for LIC premium payments.
Rakesh Sharma is the Managing Director and CEO of IDBI Bank.
6) Answer: e)
IFFCO Tokio General Insurance has launched ‘bank locker protector policy’, which is India’s first stand-alone bank locker cover offered by any insurance company. This policy will protect the contents of a bank locker such as jewellery, title documents, and other valuables.
7) Answer: a)
IndianMoneyInsurance.com, a subsidiary of the Bengaluru-based IndianMoney.com Group, has received the Insurance Regulatory and Development Authority of India’s insurance broking license to enter the insurance business. Narasimha B is the CEO of IndianMoneyInsurance.com
8) Answer: a)
“Now be double sure” is the tagline of PNB MetLife Life Insurance. It is headquartered at Bengaluru.
9) Answer: d)
Insurance Regulatory & Development Authority of India (IRDAI) has set up a 13 member committee under IRDAI Executive Director Suresh Mathur to review the regulatory framework on microinsurance & recommend measures to increase the demand for such products.
IRDAI Chairman- Subhash Chandra Khuntia HQ- Hyderabad
10) Answer: b)
The Foreign Direct Investment (FDI) policy allows 49% foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion (DIPP).
The DIPP is an arm of the commerce and industry ministry which deals with FDI related matters and promoting ease of doing business in the country.