LIC ADO Insurance Awareness Questions 2019 (Day – 82)

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.

Check Here for LIC ADO Mains Mock Test Series 2019

[WpProQuiz 6630]

 

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) A _________________ is a person who has an insurance policy with an insurance company.

a) Beneficiary

b) Nominee

c) Policyholder

d) Insurer

e) None of these

5) ____________________ offers cover for third party liabilities (Bodily Injury / Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith.

a) Insurance Regulatory and Development

b) Trade Related Investment Measures

c) Negotiated Dealing System

d) Public Liability Insurance

e) None of these

6) __________ is the written insurance contract that may include all clauses, riders and endorsements.

a) Premium

b) Claim

c) Policy

d) Liability

e) None of these

7) Who is the present Chairman of Office of the Executive Council of Insurers?

a) Hemant Bhargava

b) SS Gopalarathnam

c) Nilesh Sathe

d) Sudhir Shyam

e) None of these

8) IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956 in-

a) 2000

b) 2001

c) 2006

d) 2012

e) None of these

9) Which Bank has signed agreement with Bharti Axa Life Insurance Company Ltd to sell its life insurance products?

a) Nainital Bank

b) RBL Bank

c) Kotak Mahindra Bank

d) Karnataka Bank

e) None of these

10) Largest insurance company, Life Insurance Corporation (LIC), has received ________ years to reduce 10% of its stake in IDBI?

a) 10 Years

b) 12 Years

c) 14 Years

d) 15 Years

e) None of these

Answers :

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.

3) Answer: b)

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.

Indemnity is considered to be a contractual agreement between two parties whereby one party agrees to pay for potential losses or damages caused by another party.

4) Answer: c)

Policyholder definition: A policyholder is a person who has an insurance policy with an insurance company.

5) Answer: d)

Public Liability Insurance or PLI offers cover for third party liabilities (Bodily Injury/Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith.

6) Answer: c)

Policy is the written insurance contract that may include all clauses, riders and endorsements.

7) Answer: a)

The government has appointed Hemant Bhargava, Managing Director, Life Insurance Corporation of India, as the Acting Chairman.

8) Answer: b)

Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001. IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the members.

9) Answer: d)

Karnataka Bank has entered into a memorandum of understanding with Bharti AXA Life Insurance Company to distribute the latter’s life insurance products.

10) Answer: b)

The Reserve Bank of India (RBI) has given 12 years to Life Insurance Corp to reduce its stake in IDBI Bank, accepting the life insurer’s argument that it is a long-term investor in the struggling bank which had nearly 30 per cent of its advances as bad loans in the December quarter. Two people aware of the development said that RBI, which classified IDBI as a private sector bank last month, has given LIC 12 years to cut its stake in the bank by 10 per cent.

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