LIC AAO 2016 Important Insurance GK Questions
Hereby we have provided Insurance Knowledge model questions for upcoming LIC AAO 2016 Exam in quiz format.
(Q.1) Life Insurance Corporation of India (LIC) was founded on which date?
- 1st September 1947
- 1st September 1956
- 1st September 1951
- 1st September 1950
(Q.2) Which among the following principles of Insurance is NOT applicable to Life Insurance?
- Utmost Good Faith
- Insurable Interest
(Q.3) LIC’s slogan ‘yogakshemam vahamyaha’ is in Sanskrit language which translates in English as:
- ‘Your Welfare is our responsibility’
- ‘Your Safety is our responsibility’
- ‘Your Prosperity is our duty’
- ‘Your Protection is our duty’
(Q.4) Amount paid by the insured to the insurer is known as:
(Q.5) Following the recommendations of the ______________ report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry
- Malhotra Committee
- Oberoi Committee
- Singhania Committee
- Alagh Committee
(Q.6) An arrangement in which a bank and an insurance company form a partnership so that the insurance company can sell its products to the bank’s client base is referred to as:
- Insurance Banking
- Policy Banking
- Actuarial Banking
(Q.7) What is the current Foreign Direct Investment (FDI) limit for Insurance sector in India?
(Q.8) ‘uberrimae fidei’ is a legal doctrine that governs all insurance contracts. What does it mean?
- sharing of risk
- always staying alert
- risk assessment
- utmost good faith
(Q.9) Which among the following is NOT a subsidiary of LIC?
- LIC Housing Finance
- LIC Pension Fund Ltd.
- LIC Rural Employment Fund Ltd.
- LIC Nomura Mutual Fund
(Q.10) An insurance policy designed to pay a lump sum after a specific term (on its maturity) is referred to as:
- Term Plan
- Endowment Policy
- Whole Life Policy
- ULIP Plan
(Q.11) Which among the following is a private sector life insurance company in India?
- Tech Mahindra Life Insurance Ltd.
- Zee Union Dai-ichi Life Insurance
- Ambuja Life Insurance Company
- Bharti AXA Life Insurance Company Ltd.
(Q.12) In context of Insurance, what does abbreviation ‘TPA’ stand for?
- Total Premium Allocation
- Total Purchased Assets
- Third Party Administrator
- Third Person Assessor
(Q.13) Who is the current Chairman of Insurance Regulatory and Development Authority of India (IRDA)?
- T S Sitharaman
- T S Vijayan
- T S Nair
- T S Iyer
(Q.14) A situation wherein one insurance company passes some or whole risk to another company/insurer is referred to as:
- Dual Insurance
- Twin Insurance
(Q.15) Where is the Headquarter of IRDA?
- New Delhi
All The Best