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) IRDA has issued the Guidelines on Standard Health Product recently under the provisions of which section of Insurance Act, 1938?
a) Section 32B
b) Section 34 (1) (a)
c) Section 35
d) Section 87A
e) Section 94A
2) Who among the following is the head of committee setup on Comprehensive Insurance Scheme for Advocates?
a) Dr. Alok Srivastava
b) A.M. Khanwilkar
c) Ravi Shankar Prasad
d) Suresh Chandra
e) None of these
3) In case of loss against which the policy has been insured, the insured shall be paid the cost of actual cost of loss, not exceeding the amount of Insurance policy. Which of the following principle of Insurance imply the same?
a) Principle of Indemnity
b) Principle of Cause Maxima
c) Principle of Mitigation
d) Principle of Subrogation
e) Principle of Contribution
4) Headquarters of Insurance regulator IRDAI is located at which place?
5) AU Small Finance Bank Ltd. partnered with Acko General Insurance Limited to provide customized insurance products to its customers. Headquarter of AU Small Finance Bankis located in which Indian city?
6) When was General Insurance Corporation of India Incorporated?
a) 5 December 1906
b) 12 September 1947
c) 25 January 1961
d) 1 September 1956
e) 22 November 1972
7) What does ‘Co-insurance’ term mean in Health insurance?
a) Taking two insurance policies simultaneously
b) Cost sharing agreement between insurer and insured
c) Percentage premium of Health and Vehicle insurance
d) Taking Property and Term Insurance
e) Percentage of Health expenditure paid by policyholder
8) The premium charged by the insurer must incorporate the risk premium that covers not only the claims but also the capital requirements, also called the ________.
a) Liability Requirements
c) Term Insurance
d) General Insurance
e) Solvency Requirements
9) IRDAI has recently allowed single compulsory personal accident cover for multiple vehicles effective from which date?
a) 01 April, 2019
b) 01 March, 2019
c) 01 January, 2019
d) 01 January, 2020
e) 01 June, 2019
10) “National Insurance Academy” is located in which city of India?
b) New Delhi
1) Answer: b)
IRDA has issued the Guidelines on Standard Health Product recently (February) under the provisions of Section 34 (1) (a) of Insurance Act, 1938. Section 34 deals with Power of the authority to issue directions.
2) Answer: a)
Union Minister for Law & Justice, Ravi Shankar Prasad set up a 5-member committee to examine issues related to framing of a proper and structured scheme for providing of insurance cover to the advocates and to suggest modalities for the implementation of such a scheme, under the chairmanship of Secretary Legal Affairs, Dr. Alok Srivastava.
Principle of Indemnity states that In case of loss against which the policy has been insured, the insured shall be paid the cost of actual cost of loss, not exceeding the amount of Insurance policy.
4) Answer: c)
Headquarter of Insurance regulator IRDAI is in Hyderabad, Telangana, where it moved from Delhi in 2001. IRDAI (Insurance Regulatory and Development Authority of India) is an autonomous, statutory body tasked with regulating and promoting the insurance and reinsurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.
5) Answer: d)
Headquarter of AU Small Finance Bank is in Jaipur, Rajasthan.
6) Answer: e)
General Insurance Corporation of India (GIC) was incorporated on 22 November 1972, under the Companies Act, 1956, formed in pursuance of Section 9(1) of GIBNA (General Insurance Business Nationalisation Act, 1972).
7) Answer: b)
Co-insurance is the Cost sharing agreement between an insurer and the insured.In health insurance, Coinsurance is the amount, generally expressed as a percentage of costs of a covered health care service, an insured must pay against a claim after he has paid his deductible.
8) Answer: e)
The premium charged by the insurer must incorporate the risk premium that covers not only the claims but also the capital requirements, also called the solvency requirements. In the event that the matching is not done in a pragmatic manner, the underwriting risk arises.
9) Answer: c)
On December 13, 2018, as per notification of Insurance Regulatory and Development Authority of India (IRDAI), customers would be covered under standalone compulsory personal accident (CPA) from January 1, 2019.
10) Answer: e)
The National Insurance Academy (NIA) is situated in Pune, India. It was founded in 1980 by the Finance Department of the Indian government with capital patronage from LIC and public sector general insurance industry.