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) ______ is a period of time after the due date of the premium in which a policyholder can make a payment without penalty.
a) Waiting period
b) Maturity Period
c) Grace period
d) Lock-in period
e) Benefit Period
2) ______ is the option to move policyholder’s investment from one fund to another within the ULIP plan.
3) Which of the insurances provides the grower protection against yield reduction caused by hail or fire?
a) Yield Protection Insurance
b) Revenue Protection Insurance
c) Crop Hail Insurance
d) Multi-Peril Crop Insurance
e) Agricultural Insurance
4) Max Life Insurance Company Limited is the joint venture between Max Financial Services and _____________
a) Sun Life Financial Inc.
b) Legal & General Group Plc.
c) Tokio Marine
d) Mitsui Sumitomo Insurance group
e) Fairfax Financial
5) The Insurance Institute of India is situated in which of the following cities?
d) New Delhi
6) _______ committee recommended that the private sector is permitted to enter the insurance industry
a) Gadgil committee
b) R N Malhotra committee
c) G S Dahotre Committee
d) L C Gupta Committee
e) Nariman Committee
7) _____ is the process in which the policyholder legally transfers the rights of life insurance policy to another person for various reasons.
8) 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.
9) Which among the following Insurance Company has partnered with Wishfin Insurance to sell 2-wheeler policies via social media messaging platform WhatsApp?
a) Bajaj Allianz General Insurance
b) Bharti AXA General Insurance
c) HDFC ERGO General Insurance
d) National Insurance Company Limited
e) Reliance General Insurance
10) 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
1) Answer: c)
Grace Period is a period of time after the due date of a premium during which the policy remains in force without penalty.
2) Answer: c)
Switching refers to the process of transferring investments. Within the investment market, an investor may wish to switch from one fund to another. Investors may also choose to transfer brokerage assets or liquidate a position in exchange for other securities.
3) Answer: c)
Crop-hail Insurance provides protection against physical damage from hail, and in many cases will include extended coverages like fire and lightning, wind, vandalism and malicious mischief. Crop-hail insurance is not part of the federal crop insurance program. Farmers may purchase a crop-hail policy at any time during the growing season.
4) Answer: d)
Max Life Insurance Company Limited is a leading life insurance company in India. The company is a subsidiary of the publicly listed Max Financial Services Limited and is the largest non-bank private-sector life insurer in India. It is a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company. The company is headquartered at New Delhi.
5) Answer: a)
The Insurance Institute of India is an insurance education society of professionals established in 1955 in Mumbai for the purpose of imparting insurance education to persons engaged or interested in insurance. The institute conducts examinations at various levels. It is the professional institute in India devoted solely to insurance-related education.
6) Answer: b)
In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The objective was to complement the reforms initiated in the financial sector. The committee submitted its report in 1994 wherein, among other things, it recommended that the private sector is permitted to enter the insurance industry. They stated that foreign companies be allowed to enter by floating Indian companies, preferably a joint venture with Indian partners.
7) Answer: b)
Assignment means the legal transfer of a right from one person to another. It can be transferred for various reasons. The original policyholder is called the assignor and the person to whom it will be transferred is called the assignee. The Assignment can be of two types Conditional & Absolute.
8) 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.
9) Answer: b)
Bharti AXA General Insurance has partnered with web aggregator, Wishfin Insurance to sell 2-wheeler policies via social media messaging platform, WhatsApp.
10) 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.