05/03/2016

InsuranceGKQuestionsforLICAAO,NICLAOExams

InsuranceGKQuestions:
1.ThepunchlineoftheadvertisementofwhichofthefollowingorganizationisJindagikesathbhiJindagi
kebadbhi?
(A)NewIndiaAssurance
(B)GeneralInsuranceCorporation
(C)ICICIPrudential
(D)LifeInsuranceCorporationOfIndia
(E)Noneofthese
ANSD
2.ThecentralofficeoftheLifeInsuranceCorporationofIndia(LIC)islocatedat
(A)Kolkata
(B)NewDelhi
(C)Chennai
(D)Pune
(E)Mumbai
ANSE
3.TheLifeInsuranceCorporationOfIndiahashowmanyZonalofficesinIndia?
(A)Five(B)Eight(C)Ten(D)Fifteen(E)Noneofthese
ANSB
4.IfanorganizationwishestoventureintoInsuranceBusinessithastoobtainalicencefirstfromwhichof
thefollowing?
(A)IndianBanksAssociation(IBA)
(B)SecurityandExchangeBoardofIndia(SEBI)
(C)TariffAdvisoryCommittee(TAC)
(D)InsuranceRegulatoryandDevelopmentAuthorityofIndia(IRDAI)
(E)Noneofthese
ANSD
5.WhichofthefollowingisnotthenameofanInsuranceSchemelaunchedbytheGovernmentofIndia
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InsuranceGKQuestionsforLICAAO,NICLAOExams

(A)JanashreeBimaYojana
(B)KrishiShramikSarnajikSurakshaYojana
(C)ShikshaSahyogYojana
(D)VarshaBimaYojana
(E)NationalSavingSchemeProgramme
Answer.D
6.WhichofthefollowinginsurancecompanieswritesitspunchlineintheadvertisementsInsuranceisthe
subjectmatterofsolicitation?
(A)CIC
(B)LIC
(C)INGVysyaLifeInsuranceCo.
(D)TataAIGLifeInsuranceCo
(E)Noneofthese
AnswerB
7.WhichofthefollowingwastheparentcompanyofNewIndiaAssurance?
(A)LIC
(B)GIC
(C)OrientalInsuranceCo.Ltd.
(D)UnitedIndiaInsurance
(E)Noneofthese
AnswerB
8.Whichofthefollowingwords/termsiscloselyassociatedwiththeinsurancebusiness
(A)Archives
(B)Donation
(C)Actuary
(D)Quest
(E)Allareassociatedwithinsurance
AnswerC
9.TheNewIndiaAssuranceCompanywasestablishedin1919by

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05/03/2016

InsuranceGKQuestionsforLICAAO,NICLAOExams

(A)DorabTata
(B)G.D.Birla
(C)JamunalalBajaJ
(D)KamlapatSinghania
(E)Noneofthese
AnswerA
10.WhichofthefollowingislargestNonLifeInsuranceCompanyinIndia?
(A)ICICILombardGeneralInsuranceCompanyLtd.
(B)UnitedIndiaInsuranceCompanyLtd.
(C)GeneralInsuranceCompanyLtd.
(D).NewIndiaAssuranceCompanyLtd.
(E)Noneofthese
AnswerD
11.WhichofthefollowingInsuranceCompanieswaslaunchedwithNABARDasoneofitspromoterswith
30%stakeinit?
(A)GeneralInsuranceCorporationLtd.
(B)NationalInsuranceCornpanyLtd.
(C)AgricultureInsuranceCompanyLtd,
(D)SBILifeInsuranceCompanyLtd.
(E)Noneofthese
AnswerA
12.WhichofthefollowingcorrectlydescribeswhattheBancassuranceis
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05/03/2016

InsuranceGKQuestionsforLICAAO,NICLAOExams

1.Itisanarrangementwherebythebranchesofabanksell/distributeinsuranceproductsofaninsurance
company.
2.Itisanewproductdeveloped/launchedbythebanksinwhichtherisksofthehighvaluecustomersare
coveredforanylossestotheirpropertyand/orlivesthroughaninsurancecover.
3.Itisanewproductlaunchedbysomebanksbywhichtheyareprovidinginsurancecovertoexporters/
importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major
currencies.
(A)Only1
(B)Only2
(C)Only3
(D)All1,2and3
(E)Noneofthese
AnswerA
13.Asperthenewspublishedinvariousnewspapers,LifeInsurancepoliciesmaybecomepaperlessinthe
nearfuture.Thismeans
1)LICwillnotinsureanypersonhereafterasithasalreadyreacheditspeak
2)LICwillnotaskforanydocumentsfromapersonwhowishestopurchaseanInsurancepolicy
3)Allpolicyrelateddocumentsandpolicycertificateswillhenceforthbeavailableinelectronicformandnot
intheirpresentphysical
4)LIChenceforthwillnotentertainanyclaimorcomplaintinwrittenformoronpaper.Thingsshouldbein
electroniccondition.
5)Noneofthese
Answer3
14.InInsurancepolicieswealwaysfindadatewhichisDateofMaturity.Whatdoesitmean?
1)Thisisthedateonwhichthepolicywassoldtothecustomer/personinsured.
2)Thisisthedateonwhichthepolicyholderwillhavetosubmithis/herclaim
seekingtheamountofthepolicy.Otherwisethecompanywillnotmakeany
paymenttohim/her.
3)Thisisthedateonwhichthecontractbetweenthepersonandinsurancecompanywillcometoanend.
4)Thedateonwhichtheinsurancecompanymakesthefinalpaymenttothe
insuredpersonwhichisnormallyfifteendaysafterthepaymentduedate.
5)Noneofthese
Answer3
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InsuranceGKQuestionsforLICAAO,NICLAOExams

15.WhichofthefollowinginsuranceplanisnotlaunchedbyLIC?
1)JeevanAbhaya2)LifeMahalifeGoldPlan
3)ChildCareerPlan4)ChildFuturePlan5)JeevanSaral
Answer2
16.Whichofthefollowingisthebestdescriptionofwhatinsuranceis?
1)Insurance=Collectivebearingofrisk
2)Insurance=Payingforothersmistake
3)Insurance=TakingfromAtopayB
4)Insurance=Payingforsomethingwhichwillneverhappen
5)Allofthese
Answer1

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