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) Ayushman Bharat National Health Protection Scheme (AB-NHPS) launched by PM Shri Narendra Modi on Independence Day 2018. The scheme is renamed as_____.
a) PM Jansuraksha Yojana
b) PM Lok Parivartan Yojana
c) PM Jan Sahyog Yojana
d) National Health Mission
e) PM Jan Arogya Yojana
2) First company in the country to sell insurance through PoS is
d) TATA AIG
e) None of the above
3) Which of the following private insurers recently, launched first of its kind Trip Protector Policy?
a) HDFC ERGO General Insurance
b) Apollo Munich Health Insurance
c) Bajaj Allianz General Insurance
d) Bharti Axa General Insurance Co. Ltd.
e) Cholamandalam MS General Insurance Co. Ltd.
4) In which of the following years, the Life Insurance Companies Act, and the Provident Fund Act were passed?
5) When was the nationalisation of the life insurance business in India started?
6) UberEats , recently tied up with which of the following private insurers to offer insurance to delivery fleet?
a) Tata AIG
b) HDFC ERGO
c) Max Life
d) Apollo Munich
e) None of the above
7) ______ is a period of time after the due date of the premium in which a policyholder can make a payment without penalty.
a) Waiting period
b) Maturity Period
c) Grace period
d) Lock-in period
e) Benefit Period
8) A whole life policy in which premium are payable long as the insured lives is called
a) General Policy
b) Straight life
c) Lifelong policy
d) Premium life
e) None of these
9) What is the insurance penetration ratio?
a) Insurance premium to Total Population
b) Insurance premium to GDP
c) Number of Insured to Total Population
d) Number of Insured to GDP
e) None of the above
10) 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
1) Answer: e)
Ayushman Bharat National Health Protection Scheme (AB-NHPS) launched by PM Shri Narendra Modi on Independence Day 2018. The scheme is renamed as PM Jan Arogya Yojana
Feature of the scheme
The Pradhan Mantri Jan Arogya Yojana, popularly known as Ayushman Bharat, looks to provide cashless hospitalisation for 1,354 procedures to 10 crore poor families for Rs 5 lakh per family per year.
The Indian insurance regulator has partnered with the National Health Authority to study the prime minister’s health insurance scheme (Pradhan Mantri Jan Arogya Yojana) and suggest measures to streamline its implementation.
2) Answer: b)
The country’s first, and perhaps the simplest life insurance product that can be bought at a point of sale (PoS) has finally been launched. Edelweiss Tokio Life Insurance has recently launched PoS Saral Nivesh-the first product to be approved by the IRDA guidelines on point of sale-life insurance products. The sum assured in PoS Saral Nivesh ranges from Rs 50,000 to Rs 10 lakh.
3) Answer: a)
HDFC ERGO General Insurance Company launched Trip Protector insurance policy. It will cover the cancellation of pre-booked flights and hotels for domestic as well as international travel. The Trip Protector insurance policy will enable travellers to buy refundable or non-refundable tickets. Refundable tickets covered by the policy will ensure that the end customer incurs no additional expenses, in the unfortunate event of a cancellation. The policy also refunds the cost incurred towards visa, over and above the hotel and flight booking charges in the event of cancellation for any reason.
4) Answer: b)
In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by professional that analyses financial risk using mathematics, statistics and financial theories i.e. an actuary.
5) Answer: b)
The nationalization of the life insurance business in India was started in 1956 when the Parliament of India passed the Life Insurance of India Act on 19 June 1956 creating the Life Insurance Corporation of India. It was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least 17 sectors of the economy, including life insurance.
6) Answer: a)
UberEats has partnered with general insurance provider Tata AIG to offer comprehensive insurance covers for its delivery executives in India. The programme insures the executives for up to Rs 5 lakh against accidental death and permanent disability, applicable when they are on the road delivering orders for UberEats.
7) Answer: c)
Grace Period is a period of time after the due date of a premium during which the policy remains in force without penalty.
8) Answer: b)
Straight life insurance is a type of permanent life insurance policy that has a guaranteed death benefit and fixed premiums. As long as the insured keeps paying their monthly premium, this type of policy does not expire. It is also known as ordinary life insurance or whole life insurance.
9) Answer: b)
Insurance penetration ratio is defined as the ratio of insurance premium to Gross Domestic Product (GDP). It is a key indicator of the spread of insurance coverage and insurance culture.
10) 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.