Dear Aspirants, LIC ADO is one of the most important exam in the competitive examination. LIC ADO mains exam consists of three sections i.e. Reasoning ability and Numerical Ability, General knowledge & Current affairs and Insurance & Financial Market Awareness. LIC ADO Insurance Awareness & Financial Market Awareness section comprises of 50 questions. LIC ADO 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 ADO Insurance Awareness Questions 2019. Aspirants can make use of this LIC ADO Insurance Awareness Questions 2019, to improve score in the Insurance & Financial Market Awareness section.
1) Uber Eats, recently tied up with which of the following private insurers to offer insurance to delivery fleet?
a) Tata AIG
b) HDFC ERGO
c) Max Life
d) Apollo Munich
e) None of the above
2) In Nov 2018, which of the e-commerce firms partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform?
3) Under LIC’s newly launched ‘Micro Bachat’ plan to obtain a cover of Rs 1 lakh, a 35-year-old have to invest Rs_________.
a) 5,220 / annum
b) 1,120 / annum
c) 155 / annum
d) 3, 200 / annum
e) None of the above
4) Who is the following is current Director and GM of United India Insurance Company (UIIC)?
a) Vijay Srinivas
b) Ashok Lavasa
c) Arun Beniwal
d) S Gopakumar
e) P Bhatnagar
5) ____________ is set to sell a 25.05 per cent equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life).
a) Dena Bank
b) Bank of India
c) Indian Overseas Bank
d) Punjab National Bank
e) United Bank of India
6) MPCI protects against crop yield losses. It is an acronym for_________.
a) Multi-Peril Crop Insurance
b) Maximum Paid crop Investment
c) Multi-Peril Crop Incurred
d) Methodological Peril crop Insurance
e) None of the above
7) Which of the following principles of insurance is applied only to fire and marine insurance?
a) Principle of Insurable interest
b) Principle of Causa Maxima
c) Principle of subrogation
d) Principle of Utmost good faith
e) Principle of Indemnity
8) Which was the first Indian insurance Company to enter an alliance with the automobile manufacturer Maruti?
a) National Insurance Company Ltd
b) New India Assurance Company Limited
c) Oriental Insurance Company
d) United India Insurance Company
e) None of the above
9) An insurance Ombudsman is appointed for a term of ______ years or till the incumbent attains the age of 65 years, whichever is earlier.
10) As per the IRDAI data, which insurance company has beaten Life Insurance Corporation of India in terms of claims settlement ratio in the financial year 2018?
a) Bharti AXA Life Insurance Company
b) Future Generali India Life Insurance Company
c) IndiaFirst Life Insurance Company
d) Tata AIA Life Insurance Company
e) Max Life Insurance Company
1) Answer: a)
Uber Eats has partnered with general insurance provider Tata AIG to offer comprehensive insurance covers for its delivery executives in India. The programme insures the executives for up to Rs 5 lakh against accidental death and permanent disability, applicable when they are on the road delivering orders for Uber Eats.
2) Answer: d)
Softbank-backed Paytm partnered with the Life Insurance Corporation of India (LIC) to offer online insurance premium payments on its platform. It will provide premium payment solutions from over 30 insurance companies including LIC, ICICI Prudential Life, Reliance Life and Max Life Insurance among others.
3) Answer: a)
LIC’s Micro Bachat is a regular premium, non-linked, participating endowment plan that offers a combination of protection and savings. It is mainly targeted at low-income group individuals as well as families. To obtain a cover of Rs 1 lakh, a 35-year-old will have to invest Rs 5,220 / annum.
4) Answer: d)
S Gopakumar is current Director & GM of United India Insurance Company (UIIC) , a Public sector non-life insurance firm. Prior to the appointment he was serving GIC Housing Finance Ltd as its Managing Director and Chief Executive Officer.
5) Answer: b)
Bank of India (BoI) is set to sell a 25.05 per cent equity stake in Star Union Dai-Ichi Life Insurance Company (SUD Life) at a floor price of ₹170.50 per share. BoI, Union Bank and Japan’s Dai-ichi Life Insurance Company holds 28.96 per cent (investment of ₹75 crore), 25.10 per cent, 45.94 per cent in the insurance company respectively, which commenced business in February 2009.
6) Answer: a)
MPCI is an acronym for Multi-Peril Crop Insurance. It covers crop losses, including lower yields, caused by natural events, such as: Destructive weather (hail, frost, damaging wind), Disease, Drought, Fire, Flooding & Insect damage.
7) Answer: c)
The principle of subrogation is applied only to fire and marine insurance. According to Principle of Subrogation- after the insured is compensated for the loss caused by the damage to the property insured by him, the right of ownership to such property passes to the insurer after settling the claims of the insured in respect of the covered loss.
8) Answer: a)
National Insurance Company Ltd (NIC) was incorporated on 5th December 1906. It was the first Indian insurance Company to enter Strategic Alliances with the country’s largest Automobile manufacturer Maruti and Two-Wheeler major Hero Moto Corp and many others.
9) Answer: b)
An insurance Ombudsman is appointed for a term of 3 years or till the incumbent attains the age of 65 years, whichever is earlier. An Ombudsman is selected from amongst persons having experience of the insurance industry, civil service, administrative service or judicial service. He/ She is selected by a Selection Committee which is headed by Chairperson of the IRDAI.
10) Answer: e)
According to the data released by IRDAI, Max Life Insurance Company has surpassed Life Insurance Corporation in terms of claims settlement ratio in FY18.
Max Life settled 98.26% of individual death claims while LIC settled 98.04%.
In the case of life insurance, the claim settlement ratio refers to the number of claims that the insurer has paid following the death of policyholders.