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 insurance firms has become the first general insurer to launch policy delivering service via WhatsApp?
a) General Insurance Corporation of India (GIC of India)
b) Royal Sundaram General Insurance Company
c) Reliance General Insurance Company
d) Future Generali India Insurance Company
e) IFFCO Tokio General Insurance
2) GIVE is the amount payable on the deferred date under Jeevan Dhara Life of LIC. ‘GIVE’ stands for _____
a) Government Insurance Value Entity
b) Group Insurance Variable Entity
c) Government Insurance Variable Element
d) Gross Insurance Value Element
e) Gross Insurance Variable Entity
3) Which type of reinsurance is purchased by a primary insurer to cover a single risk or a block of risks held in the primary insurer’s book of business?
a) Excess of loss reinsurance
b) Facultative reinsurance
c) Proportional reinsurance
d) Treaty reinsurance
e) Risk-Attaching reinsurance
4) The death benefit shall not be less than _______ percent pf all the premium paid on the date of death in LIC’s Jeevan Umang plan.
5) The International Association of Insurance Supervisor is situated in which of the following cities?
a) Washington DC
b) New York
e) New Jersey
6) IIRM is the only dedicated Institution for education in Insurance and Actuarial Science in the World. In IIRM, ‘R’ denotes___________.
7) 11th International Insurance Conference is scheduled to be held in which of the following places?
a) Madrid, Spain
b) New Delhi, India
c) Vienna, Austria
d) Bucharest, Romania
e) Beijing, China
8) IRCTC, recently partnered with which of the following private insurers for providing free of cost travel insurance of Rs 50 Lakh for air travellers?
a) Aviva General Insurance
b) SBI General Insurance
c) Bharti AXA General Insurance
d) HDFC ERGO General Insurance
e) Bajaj Allianz Insurance
9) As per the recent IRDAI reports ,Insurance companies can set a waiting period of ________ years for any pre-existing conditions under a health policy.
10) Recently, IRDAI has increased CPA cover premium from Rs 50 per annum to Rs 750 per annum.? ‘C’ in CPA stands for________.
1) Answer: d)
Future Generali India Insurance Company (FGII) has started delivering policies through social networking platform WhatsApp for an instant and convenient service to enhance convenience and ease of its customers. The company is the first general insurer to launch this service via WhatsApp.
2) Answer: d)
Gross Insurance Value Element (GIVE) is the amount payable on the deferred date under Jeevan Dhara Life of Life Insurance Corporation of India. An annuity of 1% of the GIVE is payable per month after the deferment period. And the entire GIVE is payable on death after deferment period.
3) Answer: b)
Facultative reinsurance is purchased by a primary insurer to cover a single risk or a block of risks held in the primary insurer’s book of business. Facultative reinsurance is one of the two types of reinsurance, with the other type being treaty reinsurance. Facultative reinsurance is considered to be more of a one-off transactional deal while treaty reinsurance is more of a long-term arrangement
4) Answer: b)
LIC’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term. The death benefit shall not be less than 105% of all the premiums paid as on date of death.
5) Answer: d)
The IAIS is a voluntary membership organization of insurance supervisors and regulators. It was established in 1994. Its mission is to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders and to contribute to global financial stability.
Headquarters – Basel, Switzerland
6) Answer: c)
Institute of Insurance and Risk Management is the only dedicated Institution for education in Insurance and Actuarial Science in the World. It is located in Hyderabad.
7) Answer: d)
11th International Insurance Conference is scheduled to be held in Bucharest, Romania. Romania is one of the fastest growing economies in Europe and the country’s insurance sector plays a major role in driving that growth. The Romanian capital Bucharest is home to many international, regional and domestic insurers.
8) Answer: c)
Indian Railways Catering and Tourism Corporation has partnered with Bharti AXA General Insurance for providing free-of-cost travel insurance of Rs 50 lakh for air passengers if they book their tickets through IRCTC. This facility is available for passengers irrespective of the class of tickets and for both domestic and international flights. The insurance would provide them financial protection against accidental death and total or permanent disability. The premium for insurance will be borne by the IRCTC. The insurance cover will be for both one-way and round trip.
9) Answer: c)
Insurance companies can set a waiting period of four years for any pre-existing conditions under a health policy as per the recent reports.
Waiting period is the duration when a claim is not admissible. At present, the waiting period for most illness is up to two years and is decided by insurers based on past claims data.
10) Answer: a)
CPA stands for compulsory personal accident. IRDAI increased cover premium from Rs 50 per annum to Rs 750 per annum. Also, The Insurance Regulatory and Development Authority of India clarified that the owner- driver should have the choice to opt for a one-year Compulsory Personal Accident (CPA) cover or long-term CPA cover.