LIC HFL Insurance Awareness Questions 2019 (Day – 97)

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) Where is the headquarter of General Insurance Corporation of India?

a) New Delhi

b) Mumbai

c) Hyderabad

d) Chennai

e) Ahmedabad

2) The maximum amount for which per depositor can be insured across the banks by DICGC is?

a) Rs. 50000

b) Rs. 100000

c) Rs. 200000

d) Rs. 500000

e) Rs. 1000000

3) The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs is called ____________

a) Deductible

b) Cancellation

c) Collectable

d) Renewable

e) None of these

4) The ratio, which describes the percentage of amount that would be charged as administrative, management, advertising, and all other expense by dividing these by average value of asset ?

a) Expense ratio

b) Operating ratio

c) Debt to equity ratio

d) Current ratio

e) Coverage ratio

5) ‘QIP’ is, at its core, a way for listed companies to raise capital, without having to submit legal paperwork to market regulators, majorly used in India and other southeast Asian countries. What does ‘QIP’ stand for?

a) Quality Investor Protocol

b) Qualified Institutional Placement

c) Qualified International Programme

d) Qualified Institutional Programme

e) Quality International Placement

6) “A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against” is technically known as ?

a) Death coverage

b) Life insurance

c) Savings for future

d) Provident fund

e) None of these

7) Insurance coverage for more than one item of property at a single location, or two or more items of property in different locations is known as

a) Blanket Coverage

b) Blanket Value

c) Blanket Assign

d) Blanket Bond

e) None of these

8) A sum of money charged by the insurer from the policy holder to provide life cover is ________ ?

a) Coverage Charge

b) Service Charge

c) Policy Charge

d) Mortality Charge

e) Hidden Charge

9) The government of India proposed the merger of which three insurance companies?

a) National Insurance, Oriental Insurance, United India Insurance

b) National Insurance, General Insurance Corporation of India, United India Insurance

c) National Insurance, General Insurance Corporation of India, New India Assurance

d) National Insurance, General Insurance Corporation of India, Oriental Insurance

e) New India Assurance, General Insurance Corporation of India, Oriental Insurance

10) Selling insurance through groups is called ________

a) Affinity sales

b) Provisions

c) Annuitization

d) Proximate Clause

e) None of these

Answers :

1) Answer: b)

General Insurance Corporation of India (GIC)

Headquarters: Mumbai

Chairman and Managing Director: Alice G Vaidyan

Tagline: Aapatkale Rakshisyami

Year of Establishment: 1972

2) Answer: b)

Each depositor in a bank is insured upto a maximum of Rs.1,00,000 (Rupees One Lakh) for both principal and interest amount held by him in the same capacity and same right as on the date of liquidation/cancellation of bank’s licence or the date on which the scheme of amalgamation/merger/reconstruction comes into force.

3) Answer: a)

The Amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs is called Deductible

4) Answer: a)

It’s the expense ratio which describes relationship between operating expenses and average asset value. This particular ratio is important to consider when choosing a fund, as they can significantly affect returns.

5) Answer: b)

Qualified institutional placement (QIP) is a capital-raising tool, primarily used in India and other parts of southern Asia, whereby a listed company can issue equity shares, fully and partly convertible debentures, or any securities other than warrants which are convertible to equity shares to a Qualified Institutional Buyer (QIB).

6) Answer: b)

“A contract that pledges payment of an agreed upon amount to the person (or his/her nominee) on the happening of an event covered against” is technically known as Life insurance.

7) Answer: a)

Blanket coverage refers to a category of business insurance policies covering multiple properties that are similar in nature but not at the same location.

8) Answer: d)

The insurer company charges a sum of money from the policy holder to maintain the policy. This is known as the Mortality Charge.

It is also known as the cost of Insurance.

9) Answer: a)

The government of India proposed the merger of ​​​ National Insurance, Oriental Insurance, and United India Insurance.​The government wants the merger to be completed by March 31, 2019.

10) Answer: a)

The sale of insurance through groups such as business or professional associations is known as Affinity sales.

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