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) Which of the following policies have surrender value?
a) Endowment Policy
b) Term Insurance
d) Both (a) & (b)
e) Both (a) & (c)
2) IDBI Bank Ltd and Max Bupa, a SAHI, have signed a Bancassurance corporate agency agreement. ‘H’ in SAHI stands for__________.
e) None of the above
3) Which of the following is not a shareholder of Agriculture Insurance Company of India?
a) General Insurance Corporation of India
b) National Bank for Agriculture and Rural Development
c) National Insurance Company Limited
d) Life Insurance Corporation of India
e) Oriental Insurance Company Limited
4) The length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force is known as _________.
a) Maturity Date
b) Elimination Period
c) Concurrent Periods
d) Grace Period
e) Benefit Period
5) ___________, recently partnered with ICICI Lombard General Insurance for ‘home contents’ insurance product.
e) None of the above
6) IRDAI has the power to frame regulations under Section 114A of the Insurance Act, ______.
7) According to IRDAI data, Life insurers’ collective new premium income grew by what percent in the second month of the current fiscal?
8) Which is the first Indian insurer company?
a) Oriental Life Insurance Company
b) Life Insurance Company
c) Bombay Mutual Life Assurance Society
d) Aegon Life Insurance Co. Ltd.
e) IndiaFirst Life Insurance Co. Ltd.
9) Which of the following private general insurers, recently launched ‘Mosquito Disease Protection Policy’?
a) Acko General Insurance Company
b) Apollo Munich Health Insurance Company
c) HDFC ERGO General Insurance Company
d) Bajaj Allianz General Insurance Company
e) Bharti Axa General Insurance Co. Ltd
10) DICGC insures all bank deposits up to Rs ______ per deposits.
1) Answer: e)
Endowment policy and Unit-Linked Insurance Policy (ULIP) have surrender value while term insurance does not have a surrender value.
The surrender value is the sum of money an insurance company pays to a policyholder or an annuity contract owner if his or her policy is voluntarily terminated before its maturity or an insured event occurs.
2) Answer: d)
IDBI Bank Ltd and Max Bupa, a Standalone Health Insurer (SAHI), have signed a Bancassurance corporate agency agreement. It is the first time that IDBI Bank has been on-boarded as a Corporate Agent for a SAHI partner. As part of the tie-up, Max Bupa will offer a wide range of health insurance products and digital first propositions, tailored for the bank’s 20 million customers spread across its 1,800-plus branches in India.
3) Answer: d)
Shareholders of Agriculture Insurance Company of India
General Insurance Corporation of India – 35 %
National Bank for Agriculture and Rural Development (NABARD) – 30 %
National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited are having 8.75% of shares each.
4) Answer: d)
Grace Period is a length of time (usually 31 days) after a premium is due and unpaid during which the policy, including all riders, remains in force.
If a premium is paid during the grace period, the premium is considered to have been paid on time.
5) Answer: b)
MobiKwik, a leading fintech platform, has launched a ‘home contents’ insurance product that provides ₹2 lakh cover for both home-owners and those who take them on rent. It has partnered with ICICI Lombard General Insurance for this product.
MobiKwik started its digital loans product in March 2018. In April 2019 alone, more than 57,000 loans were disbursed.
6) Answer: b)
IRDAI has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests from 2000.
7) Answer: c)
According to IRDAI data, Life insurers’ collective new premium income grew by over 43 per cent to ₹18,414.02 crore in the second month of the current fiscal. LIC registered 38.4 per cent growth in its April-May new premium income at ₹18,764.63 crore.
8) Answer: c)
In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer. The pre-independence era in India saw discrimination between the lives of foreigners (English) and Indians with higher premiums being charged for the Indians.
9) Answer: c)
HDFC ERGO General Insurance Company, India’s third-largest non-life insurance provider in the private sector, today announced the launch of ‘Mosquito Disease Protection Policy’. It will cover an individual against common mosquito-borne diseases like Dengue Fever, Malaria, Chikungunya, Japanese Encephalitis, Kala-azar, Lymphatic Filariasis and Zika Virus.
10) Answer: d)
Deposit Insurance and Credit Guarantee Scheme (DICGC) insures all bank deposits up to RS 1,00,000 per deposits of the bank.
DICGC was established for the purpose of providing insurance of deposits and guaranteeing of credit facilities.