LIC HFL Insurance Awareness Questions 2019 (Day – 95)

Dear Aspirants, LIC HFL is one of the most important exam in the competitive examination. LIC HFL mains exam consists of three sections i.e. Reasoning ability and Numerical Ability, General knowledge & Current affairs and Insurance & Financial Market Awareness. LIC HFL Insurance Awareness & Financial Market Awareness section comprises of 50 questions. LIC HFL 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 HFL Insurance Awareness Questions 2019. Aspirants can make use of this LIC HFL Insurance Awareness Questions 2019, to improve score in the Insurance & Financial Market Awareness section.

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1) _______ is the age at which the receipt of pension starts in an insurance-cum-pension plan.

a) Surrender age

b) Starting age

c) Vesting age

d) Maturity age

e) Fidility Age

2) In the Retirement plans, an investor can claim tax deductions up to ________ per year under Section 80C of the Income Tax Act, 1961.

a) Rs. 50000

b) Rs. 250000

c) Rs. 200000

d) Rs. 100000

e) Rs. 150000

3) An insurance cover that is linked with credit activities and aims to protect the credit is called ______

a) Claims

b) Retrocession

c) Retrospective Rating

d) Credit life

e) None of these

4) _________ a/an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

a) Insurance

b) Banking

c) Market Risk

d) Premium

e) Prompt Corrective Action (PCA)

5) Which among the following is the tagline of the Religare Health Insurance Company Limited?

a) Values that bind

b) You never understand yourself

c) Never underestimate your health

d) We know your health needs

e) None of the above

6) Where is the headquarter of the Tata AIG General Insurance Company situated?

a) Mumbai

b) New Delhi

c) Kolkata

d) Chennai

e) None of the above

7) Which among the following principle states about the Individual who should be benefitted from the insured item?

a) Principle of subrogation

b) Principle of loss minimization

c) Principle of Insurable Interest

d) Principle of Contribution

e) None

8) Which of the following is India’s oldest existing insurance company?

a) Life Insurance Corporation of India

b) New India Assurance Company Ltd.

c) United India Insurance Company Ltd.

d) National Insurance Company Ltd.

e) General Insurance Company Ltd.

9) Consider the following statements regarding the Group Insurance Policy.

I) It can be group term insurance policy and group health insurance policy.

II) The premium is lesser than the premium in case of individual policies taken.

III) This is taken by companies for their employees as part of the employee benefits.

Which among the above statements is/are true?

a) Both I and II

b) Both II and III

c) Both I and III

d) Only II

e) All I, II and III

10) A person must be benefited by that thing which he wants to be insured is called ?

a) Interest

b) Insurable Interest

c) Causa Proxima

d) Contribution of That person

e) None of These

Answers :

1) Answer: c)

The age at which you start receiving pension in an insurance-cum-pension plan is known as vesting age.

2) Answer: e)

An investor can claim tax deductions up to ₹ 150000 per year under Section 80C of the Income Tax Act, 1961. 1/3rd of the accumulated pension can be withdrawn without paying any taxes. Retirement Plan offers the benefits of both investment and insurance cover. In this plan, a person can invest a certain amount regularly to accumulate over a specific tenure in a phase-by-phase manner.

3) Answer: d)

Insurance that covers such a loan is known as credit life/credit disability.

4) Answer: a)

Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

5) Answer: a)

The tagline of the company is ‘Values that bind’.The Religare Health Insurance Company Limited is a joint venture between Religare enterprise limited, Corporation Bank and Union Bank of India.It came into existence in July 2012.

6) Answer: a)

The Tata AIG General Insurance Company is a joint venture between Tata Group and American International Group. The headquarter of the company is based in Mumbai, Maharashtra. It was founded in the year 2001.

7) Answer: c)

The principle of insurable interest states that the person getting insured must have insurable interest in the object of insurance. A person has an insurable interest when the physical existence of the insured object gives him some gain but its non-existence will give him a loss. In simple words, the insured person must suffer some financial loss by the damage of the insured object.

8) Answer: d)

National Insurance Company Limited (NICL) was founded in 1906 and headquartered at Kolkata. It is oldest existing insurance company in India.

9) Answer: e)

Group Insurance Policies can be group term insurance and group health insurance policy. The premium costs less than the premium in case the individual policyholders had taken separate policies. This is because the risk is spread over a large group of persons, rather than one person.

10) Answer: b)

Insurable interest (refers to the home owner and life insurance) — For homeowner insurance, this is when a person has a legal financial interest in the property that is the subject of the insurance. For life insurance, the policy owner or beneficiary would suffer a genuine loss if a loss occurred.

 

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