LIC ADO Insurance Awareness Questions 2019 (Day – 86)

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.

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1) AD&D is a type of coverage often written in conjunction with group life insurance plans. In AD&D, ‘A’ denotes –

a) Annual

b) Associate

c) Accountability

d) Accidental

e) Advisory

2) What is time limit for Compliance of Award by Insurers?

a) 20 Days

b) 15 Days

c) 30 Days

d) 45 Days

e) 60 Days

3) IRDA celebrates its formation day as Insurance Awareness Day on ________ involving all stakeholders of the insurance sector.

a) 12th May

b) 1st June

c) 6th January

d) 19th April

e) 3rd August

4) _______ is a non-profit organization that partners with insurance companies and law enforcement to help identify, detect and prosecute insurance criminals.

a) CAIF

b) NAIC

c) NICB

d) CAIB

e) NAIB

5) LIC Jeevan Umang Plan has four different premium paying terms. Which of the following is not among them?

a) 15 years

b) 20 years

c) 25 years

d) 30 years

e) 40 years

6) Which among the following is used to determine the actual cash value of the property at the time of loss?

a) Annuity

b) Depreciation

c) Risk

d) Embezzlement

e) Indemnity

7) As per the recent revised rules, Female employees of Life Insurance Corporation of India (LIC) will now get _________ more months of maternity leave during their service period.

a) 2

b) 3

c) 4

d) 5

e) 6

8) Who among the following has been appointed new Secretary General of the General Insurance Council?

a) A K Srivastava

b) Anil Bajaj

c) R Chandrasekaran

d) MN Sarma

e) A V Girija Kumar

9) According to IRDAI data, In 2018-19 ,Non-life insurance firms registered a rise of 13 per cent in their collective premium income to Rs ___________ lakh crore.

a) 1.70

b) 1.21

c) 2.34

d) 1.11

e) 2.11

10) UPR is the total annual premium less than the amount earned. What is the full form of UPR?

a) Uniform Premium Research

b) Uninsured Premium Reserve

c) Unearned Premium Reserve

d) Unearned Premium Requirement

e) Uninsured Premium Requirement

Answers :

1) Answer: d)

Accidental Death and Dismemberment (AD&D) is a type of coverage often written in conjunction with group life insurance plans. It essentially provides for double indemnity when death is caused by an accident and defined dismemberment benefits.

2) Answer: c)

The Insurer shall comply with the Award within 30 days from the date of receipt of the Award and intimate of its compliance to the Insurance Ombudsman.

3) Answer: d)

IRDA celebrate its formation day as Insurance Awareness Day on 19th April involving all stakeholders of the insurance sector. IRDA came into existence on 19th April, 2000 with the mission to protect the interests of holders of the insurance policies, to regulate, promote and ensure orderly growth of the insurance industry.

4) Answer: c)

The National Insurance Crime Bureau (NICB) is a non-profit organization that partners with insurance companies and law enforcement to help identify, detect, and prosecute insurance criminals. The NICB web site is an excellent source of information.

5) Answer: e)

According to LIC’s Jeevan Umang Plan has four different premium paying terms these are 15 years, 20 years, 25 year and 30 years. The policy term is for the whole life of an individual and up to maximum of 100 years.

6) Answer: b)

Depreciation is a decrease in the value of property over a period of time due to wear and tear or obsolescence. It is used to determine the actual cash value of the property at the time of loss.

7) Answer: b)

Female employees of Life Insurance Corporation of India (LIC) will now get three more months of maternity leave during their service period. According to the revised rules for maternity leaves notified by the Finance Ministry, an employee will get a maximum of 15 months of maternity leave during her service period.

8) Answer: d)

MN Sarma, the former Chairman & Managing Director (MD) of United India Insurance will be the new Secretary General of the General Insurance Council.He will be supported by CR Vijayan, a former director of the GIC Re, who has been selected as the deputy Secretary General of the GI Council.

9) Answer: a)

Non-life insurance firms registered a rise of 13 per cent in their collective premium income to Rs 1.70 lakh crore in the financial year ended March, according to data from IRDAI. The 34 non-life insurers had a gross premium of Rs 1.51 lakh crore in 2017-18.

10) Answer: c)

Unearned Premium Reserve (UPR or UEPR) is the amount of unexpired premiums on policies or contracts as of a certain date (the total annual premium less the amount earned).