LIC ADO Insurance Awareness Questions 2019 (Day – 88)

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

LIC ADO Insurance Awareness Questions 2019 (Day – 88)

1) Which of the following word/term is closely associated with the insurance business?

a) Archives

b) Donation

c) Actuary

d) Quest

e) All are associated with insurance

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) Which insurance company will be the first one to launch IPO next fiscal?

a) Life Insurance Corporation

b) General Insurance Corporation of India

c) New India Assurance

d) National Insurance

e) Oriental Insurance

4) LIC’s _________ is exclusively designed for male lives having Aadhaar Card issued by UIDAI.

a) Aadhaar Stambh Plan

b) Aadhaar Shila Plan

c) Aadhaar Shashakt Plan

d) Aadhaar Vardaan Plan

e) None of the above

5) ___________ is the only public sector life insurance company in India.

a) NIACL

b) NICL

c) Oriental Insurance

d) LIC

e) ESIC

6) 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?

a) Flipkart

b) PhonePe

c) Oxigen

d) Paytm

e) Mobikwik

7) ______ is the option to move policyholder’s investment from one fund to another within the ULIP plan.

a) Cession

b) Twisting

c) Switching

d) Rebating

e) Concealment

8) 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

9) Which of the following is/are not covered under health insurance?

a) Cosmetic Surgery

b) Pre-existing disease

c) Mental Illness

d) Accidental abortion

e) All of the above

10) Who among the following is the head of committee setup on Comprehensive Insurance Scheme for Advocates?

a) Dr. Alok Srivastava

b) A.M. Khanwilkar

c) Ravi Shankar Prasad

d) Suresh Chandra

e) None of these

Answers:

1) Answer: c)

A person with expertise in the fields of economics, statistics, and mathematics, who helps in risk assessment and estimation of premiums etc for an insurance business, is called an actuary.

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: b)

General Insurance Corporation (GIC Re) is likely to be the first PSU insurer to tap the capital market as the finance ministry has started scouting for merchant bankers to manage its IPO. The government holds 100% stake in GIC Re, which provides reinsurance support to 54 general and life insurance companies, both public and private, in the Indian market.

4) Answer: a)

Aadhaar Stambh Plan is exclusively designed for male lives having Aadhaar Card issued by UIDAI 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.

5) 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

6) 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.

7) 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.

8) 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.

9) Answer: a)

A cosmetic surgery is not covered under health insurance as it is not life-threatening or hamper the health.

IRDAI made provisions to ensure mental illness in 2018. According to Section 21(4) of Mental Healthcare Act 2017, every insurer needs to make provisions for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness.

10) Answer: a)

Union Minister for Law & Justice, Ravi Shankar Prasad set up a 5-member committee to examine issues related to framing of a proper and structured scheme for providing of insurance cover to the advocates and to suggest modalities for the implementation of such a scheme, under the chairmanship of Secretary Legal Affairs, Dr. Alok Srivastava.

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