LIC ADO Insurance Awareness Questions 2019 (Day – 77)

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.

Check Here for LIC ADO Mains Mock Test Series 2019

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1) A whole life policy in which premium are payable long as the insured lives is called

a) General Policy

b) Straight life

c) Lifelong policy

d) Premium life

e) None of these

2) Name the Policy, which is a type of insurance policy that usually includes more than one kind of insurance coverage.

a) Package Policy

b) Combined policy

c) Group Policy

d) Multiple Policy

e) None of these

3) Which company has launched ‘bank locker protector policy’, the first stand-alone bank locker cover offered by any insurance company with a plan to protect the contents of a bank locker such as jewelry, title documents, and other valuables?

a) Tata AIG General Insurance Company Limited

b) Bajaj Allianz General Insurance

c) New India Assurance

d) IFFCO Tokio General Insurance

e) None of these

4) Where is the Headquarters of HDFC ERGO General Insurance Company?

a) New Delhi

b) Mumbai

c) Pune

d) Bangalore

e) None of these

5) IGMS is an online consumer complaints registration system created by IRDA. What is the full form of IGMS?

a) Insurance Grievance Management Support

b) Integrated Grievance Management Support

c) Insurance Grievance Management System

d) Integrated Grievance Management System

e) None of these

6) A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A policy is named.

a) Insecurity

b) Peril

c) Term Risk

d) Specific Risk

e) None of these

7) In which year, Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI)?

a) 2002

b) 2006

c) 2009

d) 2011

e) None of these

8) Which organization is the only dedicated Institution for education in Insurance and Actuarial Science in the World?

a) IIRM

b) IIBI

c) ISTTM

d) ICFAI

e) None of these

9) RSBY is a government-run health insurance programme for the Indian poor. What is the meaning of “S” in RSBY?

a) Scheme

b) Swasthya

c) Safety

d) Secure

e) None of these

10) IRDAI has directed all third-party insurance companies to include vehicle insurance policies cover to vehicle owners-drivers of all vehicles (two-wheelers, three-wheelers, passenger vehicles and commercial vehicles) for an additional premium of-

a) Rs 250

b) Rs 500

c) Rs 750

d) Rs 1000

e) None of these

Answers :

1) Answer: b)

Straight life insurance is a type of permanent life insurance policy that has a guaranteed death benefit and fixed premiums. As long as the insured keeps paying their monthly premium, this type of policy does not expire. It is also known as ordinary life insurance or whole life insurance.

2) Answer: a)

Package Policy is a type of insurance policy that usually includes more than one kind of insurance coverage. The most common Package Policy combines property coverage, such as for buildings or business contents, with liability coverage, such as premises liability or product liability.

3) Answer: d)

IFFCO Tokio General Insurance has launched ‘bank locker protector policy’, which is claimed to be the first stand-alone bank locker cover offered by any insurance company. The plan is to protect the contents of a bank locker such as jewelry, title documents, and other valuables.

4) Answer: b)

The Headquarters of HDFC ERGO General Insurance Company is in Mumbai.

5) Answer: d)

The Integrated Grievance Management System (IGMS) is an online consumer complaints registration system created by IRDA. All insurance companies have integrated their online complaint logging systems to the IGMS maintained by IRDA. Policyholders can register their complaints online with their insurance company and track the progress of complaint resolution. IRDA monitors the complaints and their progress in real-time through IGMS.

6) Answer: b)

Peril: A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded

7) Answer: c)

Insurance Information Bureau of India was established by the Insurance Regulatory and Development Authority of India (IRDAI) in 2009. It was registered as an independent society under the Andhra Pradesh Societies Registration Act on 21st November 2012.

8) Answer: a)

IIRM is the only dedicated Institution for education in Insurance and Actuarial Science in the World. It is unique in character as the Institute is promoted by the Regulator with the sole aim of developing the required work force for the entire Insurance sector. The Institute offers education through the regular and distance modes.

9) Answer: b)

Rashtriya Swasthya Bima Yojana (RSBY) is a government-run health insurance programme for the Indian poor. The scheme aims to provide health insurance coverage to the unrecognised sector workers belonging to the BPL category and their family members shall be beneficiaries under this scheme.

10) Answer: c)

All vehicle insurance policies will now include personal accident cover worth Rs 15 lakh in case of the death of the owner while driving or riding. This new rule will help the families of accident victims especially two-wheeler riders who are most of the time under-insured. The Insurance Regulatory and Development Authority (IRDAI) in a circular has directed all third-party insurance companies to include this cover to vehicle owners-drivers of all vehicles (two-wheelers, three-wheelers, passenger vehicles and commercial vehicles) for an additional premium of Rs 750 per year (annual insurance policy). This will now be part of the mandatory insurance cover that is a must for all vehicle owners.

 

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