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) IRDAI has hiked third party insurance premium for Small-Medium Cars from June 16, 2019. Which section of IRDAI Act, 1999 provides these powers to IRDAI?
a) Section 5A
b) Section 8 (1)
c) Section 14 (2) (i)
d) Section 22A (i)
e) Section 28
2) ________ is a savings linked insurance policy with a specific maturity date.
a) Unit Linked Policy
b) Endowment Policy
c) Third Party Policy
d) Re-insurance Policy
e) None of these
3) Who is the present chairman of Agriculture Insurance Company of India?
a) Alice G. Vaidyan
b) Naina Lal Kidwai
c) T. L. Alamelu
d) MR Kumar
e) Tajinder Mukherjee
4) Which of the following company has launched a unique proprietary tool named ‘My Protection Quotient’ (MyPQ) to ensure financial protection in the country?
a) Metlife Insurance Company
b) Aviva Life Insurance Company
c) Max Life Insurance Company
d) Allianz Life Insurance Company
e) AXA Life Insurance Company
5) What does “Reinsurance” mean?
a) Taking insurance by person from multiple insurance companies
b) Double insurance taken by an entity or a person
c) Insurance for insurance companies
d) Term insurance taken by a person
e) Life time insurance taken by a person
6) Indemnities form the basis of many insurance contracts. What do you understand by term ‘Indemnity’?
a) Security related with money market
b) Security related to ULIPs
c) Security against loss or damage
d) Security against capital portfolios
e) Security against G-securities
7) ‘With You Always’ is the tagline of which among the following companies?
a) SBI Life Insurance Company Limited
b) Birla Sun Life Insurance Company Limited
c) Aviva India Life Insurance
d) Tata AIG General Insurance Company
e) Max Life Insurance Company Limited
8) The life insurance is a contract in which the claim is payable in which among the following cases?
a) If the insured dies a natural death
b) Expiry of the policy
c) Expiry of the nominee of the policy
d) Both 1 and 2
e) All the above
9) The one who will get the insured amount if you die, is referred to as __________
a) Insured or Policyholder
b) Nominee or Beneficiary
10) ‘Bima Bemisaal’ is the brand name for which of the following organization’s insurance awareness campaign?
a) Life Insurance Corporation (LIC)
b) Insurance Regulatory and Development Authority of India (IRDAI)
c) General Insurance Corporation of India (GIC)
d) Employee Provident Fund Organisation (EPFO)
e) Pension Fund Regulatory and Development Authority (PFRDA)
1) Answer: c)
The Insurance Regulatory and Development Authority of India (IRDAI) has hiked the Third Party (TP) motor insurance premium for small and medium private cars by 12 – 12.5% for 2019-20. These powers which are provided to IRDAI are mentioned under Section 14 (2) (i) of the IRDA Act, 1999.
2) Answer: b)
An Endowment Policy is a savings linked insurance policy with a specific maturity date, if an unfortunate event by way of death or disability occur to you during the period, the sum assured will be paid to your beneficiaries. On your surviving the term, the maturity proceeds on the policy become payable.
3) Answer: c)
Mrs. T. L. Alamelu is the chairman-cum Managing director of Agriculture Insurance Company of India).
Agriculture Insurance Company of India Limited (AIC), a public sector insurance company offers yield-based and weather-based crop insurance programs. It’s headquarter is in New Delhi.
4) Answer: c)
Max Life Insurance Company launched a unique proprietary tool named ‘My Protection Quotient’ (MyPQ) to ensure financial protection in the country. It is headquartered in New Delhi.
5) Answer: c)
Reinsurance is insurance that is purchased by an insurance company. The purpose of reinsurance is for a company to avoid having too large a risk or concentration of risks, within the company.
6) Answer: c)
Indemnity means security or compensation against loss or damage. Indemnities form the basis of many insurance contracts; for example, a car owner may purchase different kinds of insurance as an indemnity for various kinds of loss arising from operation of the car, such as damage to the car itself, or medical expenses following an accident.
7) Answer: d)
With You Always is the tagline of Tata AIG General Insurance Company. Tata AIG General Insurance Company Limited is a joint venture between the Tata Group and the American International Group (AIG). It commenced operations in 2001. It is headquartered in Mumbai.
8) Answer: d)
Life insurance is a contract in which the insurer undertakes to pay the sum assured in case of death of the insured or after the expiry of the policy period, whichever is earlier. A consideration is paid by the insured to the insurer in exchange of covering the risk and it is known as premium. The risk is certainly going to happen in this case.
9) Answer: b)
A person who receives the benefit in case of death of the insured person is a nominee.
10) Answer: b)
‘Bima Bemisaal’ is the brand name for the Insurance Regulatory and Development Authority of India’s (IRDAI) insurance awareness campaign.
It is a consumer education initiative.
The tagline of the campaign ‘Promoting Insurance, Protecting Insured’
Bima Bemisaal educates policyholders about their rights and obligations and informs them about the complaints resolution methods available to them.
It also creates awareness about insurance among the general public.