Insurance Awareness MCQs LIC Assistant Exam 2019 - Everydays Gk

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Saturday, December 14, 2019

Insurance Awareness MCQs LIC Assistant Exam 2019

Insurance Awareness MCQs LIC Assistant Exam 2019

Q.1. A nomination can be made only in favour of
a. Parents
 b. Spouse and children
c. Spouse
d. Parents, spouse and children
e. Any individual
Answer: e

 Q.2. Select the expanded form of SA as commonly used in life insurance
 a. Sum Assured
 b. Surrender of Assurance
c. Supplementary Assurance
d. Stamp Act
e. Survivor’s Annuity
Answer: a

 Q.3. Which product offered by insurance companies that, unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan?
a. Money Back Plan
 b. Endowment Plans
c. Term Insurance Plans
d. Unit-linked insurance plan
 e. Micro Insurance Plans
Answer: d

 Q.4. In which Policy, if the policyholder survives till the end of this period, the risk cover lapses, and no insurance benefit payment is made to him/her?
 a. Money Back Plan
b. Endowment Plans
c. Term Insurance Plans
 d. Unit-linked insurance plan
 e. Micro Insurance Plans
 Answer: c

Q.5. In which Policy, the insurer agrees to pay the assured or his nominees a specified sum of money on his death or on the maturity of the policy whichever is earlier?
 a. Money Back Plan
 b. Endowment Plans
 c. Annuity Policy
 d. Unit-linked insurance plan
e. Micro Insurance Plans
 Answer: b

Q.6. Select the expanded form of SV as commonly used in life Insurance
 a. Summary Valuation
b. Selected Value
 c. Surrender Value
 d. Stamp Value
 e. Survivor Value
Answer: c

 Q.7. As per the Insurance Act, every insurer has to prepare at the end of financial year
 a. Balance Sheet
 b. Profit and Loss Account
c. Revenue Account for each class of Insurance business
 d. Accounts of receipts and payments in respect of shareholders’ funds
e. All of the above
Answer: e

Q. 8. Which insurance company recently waives off charges on credit card payments?
 a. Bharti AXA Life Insurance
 b. Star Health Insurance
 c. Tata AIG General Insurance
d. Life Insurance Corporation of India
 e. None of these Answer: d

 Q.9. To promote digital transactions, Life Insurance Corporation waive off the convenience fee on all payments to the national insurer, effective from______
A. 1st December 2019
b. 31st December 2019
 c. 1st March 2020
 d. 1st April 2020
e. None of these
Answer: a

Q.10. ______ principle in insurance means maximum truth.
a. Subrogation
b. Causa Proxima
 c. Insurable interest
 d. Contribution
e. Mitigation of loss
Answer: b

 Q.11.______ principle means that the insured is not entitled to make a profit on his loss.
 a. Subrogation
 b. Indemnity
 c. Insurable interest
d. Contribution
e. Mitigation of loss
Answer: b

 Q. 12. The purpose of ______is to hold the negligent person responsible for the loss and prevent the insured from collecting twice for the same loss.
 a. Subrogation
b. Indemnity
c. Insurable interest
 d. Contribution
 e. Mitigation of loss
Answer: a

Q.13. Which principle in insurance mention the cause of loss must be direct and an insured one in order to claim for compensation?
a. Subrogation
b. Causa Proxima
c. Insurable interest
d. Contribution
e. Mitigation of loss
Answer: b

Q.14. Which committee suggested the re-opening up of the insurance sector to private players?
 a. Rangrajan Committee
 b. R.N. Malhothra Committee
c. Narasimhan Committee
d. V S Vyas Committee
 e. None of these
 Answer: b

Q.15. PNB Housing raises how much fund by issuing bonds to LIC?
A. ₹250 crore
b. ₹2,500 crore
 c. ₹150 crore
d. ₹1,500 crore
 e. ₹3,200
 Answer: b

Q.16. Which of the following amendment has allowed cooperative societies to carry on insurance business?
a. Insurance (Amendment) Act,2000
b. Insurance (Amendment) Act, 2001
 c. Insurance (Amendment) Act, 2002
 d. Insurance (Amendment) Act, 2003
 e. Insurance (Amendment) Act, 2005
 Answer: c

Q.17. Which of the following in the insurance are just like the retailers of any consumer product who help in selling and distributing the product?
a. Surveyors
b. Loss assessors
 c. Agents d. Banks
 e. Company
Answer: c

Q.18. ______are independent professionals appointed by an insurance company to assess the loss or damage when a claim is notified under a policy issued by them.
 a. Surveyors
b. Loss assessors
c. Agents
d. Brokers
e. Underwriter
Answer: b

Q.19. ______are agents but they can sell policies of several life and non-life insurance companies at a time.
 a. Loss assessors
b. Brokers
c. Insurer
d. Insured
e. Surveyors
Answer: b

 Q.20. When the insurance companies tying up with banks to sell insurance such product is called _____
 a. Franchising
 b. Merger
c. Bancassurance
d. insurance linked banking
e. All of the above
 Answer: c

 Q.21. Which among the following will lend ₹ 25000 Crore to National Highways Authority of India to fund highway projects?
a. LIC
b. NTPC
c. SBI
d. PNB
 e. IDBI
Answer: a

Q.22. The things or property insured is called ________ of the insurance
 a. Subject matter
 b. Insurable interest
c. Policy
d. Cover note e
 e. Claimed property
 Answer: a

Q.23. ______ is the professionals who evaluate and analyse the risks involved in insuring people and assets.
 a. Surveyors
 b. Loss assessors
c. Agents
d. Brokers
e. Underwriter
 Answer: e

 Q.24. __________ is a voluntary termination of the contract by the policy holders.
a. Report
 b. Surrender
 c. Prospectus
d. Cover note
e. Claim
 Answer: b

 Q.25. Which of the following means the act of throwing a part of the cargo overboard lighten the ship in emergencies?
a. Cover note
b. Premium
 c. Waiver
 d. Barratry
e. Jettison
Answer: e

 Q.26. Which of the following is contract between two insures i.e. original insurer and another insurer?
 a. Premium
b. Cover note
c. Reinsurance
d. Co-insurance
e. Double Insurance
 Answer: c

Q.27. Which of the following involves proportionate sharing of the insurance among more than one insurer?
a. Premium
b. Cover note
c. Reinsurance
d. Co-insurance
e. Double Insurance
Answer: d

Q.28. When the amount for which a subject matter is insured is more than its actual value, it is called______
a. Premium
 b. Cover note
c. Reinsurance
d. Co-insurance
e. Double Insurance
 Answer: e

 Q.29. Which among the following defines the process of converting physical certificates into electronic form?
a. Liquidity
b. Accessibility
c. NEFT
d. DEMAT
 e. ANBC
Answer: d

Q.30. The government has set a target to raise health services expenditure to __________ percentage of GDP by 2025
 a. 3%
b. 5%
c. 2.5%
 d. 2.8%
e. None of these
 Answer: c 

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