LIC ADO 2015-Important Interview Questions and Answers Download in PDF

    LIC ADO 2015-Important Interview Questions and Answers Download in PDF
    LIC ADO 2015-Important Interview Questions and Answers Download in PDF:
    Important Interview Questions for Life Insurance Corporation, Apprentice Development Officer Recruitment 2015 was given here with answers, candidates those who have cleared the LIC ADO online examination and waiting for Interview can use this questions.

    1). Why do you want to join in LIC as ADO? (Most Common Questions)
    Answer:Do some research about the roles and functions of LIC ADO and answer more energetically and confidently. Try to link those roles with your positive qualities.

    2). What do you know about Life Insurance?
    Answer:A life insurance policy is a contract with an insurance company. In exchange for premiums (payments), the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries in the event of the insured’s death.

    3). Who can buy a policy?
    Answer:Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest. 
    Policies can also be taken, subject to certain conditions, on the life of one’s spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent’s income and other relevant factors are considered by the Corporation.

    4). What is the Objective of LIC?
    Answer:
    ·        Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. 
    ·        Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. 
    ·        Act as trustees of the insured public in their individual and collective capacities.
    ·        Meet the various life insurance needs of the community that would arise in the changing social and economic environment. 

    5). What are the types of Insurance?
    Answer:
    ·        Major Types are,
    ·        Life Insurance
    ·        Automobile Insurance
    ·        Health Insurance
    ·        Credit Insurance
    ·        Property Insurance

    6). Types of Insurance Companies?
    Answer:
    ·        General Insurance Companies
    ·        Life Insurance Company

    7). What is Life Insurance?
    Answer: Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

    The contract is valid for payment of the insured amount during:

    ·        The date of maturity, or
    ·        Specified dates at periodic intervals, or
    ·        Unfortunate death, if it occurs earlier.
    Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.
    By and large, life insurance is civilisation’s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:
    1.   That of dying prematurely leaving a dependent family to fend for itself.
    2.   That of living till old age without visible means of support.

    8). What is the difference between with profit and without profit plans?
    Answer: An insurance policy can be ‘with’ or ‘without’ profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.
    In ‘without’ profit plan the contracted amount is paid without any addition. The premium rate charged for a ‘with’ profit policy is therefore higher than for a ‘without’ profit policy.

     9). What is the Role of Development Officer?
    Answer:
    ·        To regulate, guide, and supervise the activities of Agents, who are all placed under your control.
    ·        To select and appoint suitable person as new agents.
    ·        To motivate and boost up the new and existing agents to enhance the business.

    10). What is Keyman Insurance?
    Answer: Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

    11). What is IRDA?
    Answer:Insurance Regulatory and Development Authority (IRDA) is an autonomous apex statutory body which regulates and develops the insurance industry in India. It was constituted by a Parliament of India act called Insurance Regulatory and Development Authority Act, 1999 and duly passed by the Government of India.
    12). What are the function of IRDA?
    Answer:
    Role of IRDAI
    There are number of roles and duties that are assigned to IRDAI to ensure awareness among policyholders and the service providers.
    ·        IRDAI issues a certificate of registration, renewal, modification, withdrawal, suspension or cancellation to an applicant
    ·        It protects the interest of the policyholder on the terms and conditions of contracts of insurance
    ·        IRDAI specifies the code of conduct and practical training for insurance intermediaries and agents
    ·        Promotes efficiency and regulates professional organisations connected with the insurance business, investment of funds by insurance companies
    ·        IRDAI specifies the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector
    13). Who is the Present Chairman of LIC and IRDA?
    Answer:
    Chairman of LIC- S K Roy
    Chairman of IRDA- T S Vijayan

    14). Where is the Headquarters of LIC Located?
    Answer:Mumbai

    15). What is the FDI limit for Insurance Sector?
    Answer: 49%

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