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Insurance MCQs for LIC AAO

1 week ago 0 comments

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Dear Aspirants,

LIC AAO examination is scheduled in the upcoming months, so we are here with the Insurance MCQs post with reference to the Banking & Insurance Industry. It will give you the cutting edge in the examination. Make most of it.

1. Which one of the following does not belong to the main products of life insurance?

1) Endowment
2) Personal accident insurance
3) Term
4) Whole life
5) Life Annuity Plan

2. Which one of the following does not belong to the major general insurance private sector companies in India?

1) Bajaj Allianz General Insurance
2) Reliance General Insurance
3) Royal Sundaram Alliance Insurance
4) The Oriental Insurace Company
5) ICICI Lombard General Insurance

3. When was the General Insurance Corporation of India incorporated?

1) 1971
2) 1972
3) 1973
4) 1975
5) 1977

4. When was the Insurance Regulatory and Development Authority constituted?

1) 1938
2) 1971
3) 1993
4) 1995
5) 1999

5. What does PAC stand for?

1) Post-Authorized Cheque
2) Pre-Authorized Cheque
3) Pre-Authorized Chequing
4) Pre-Authorized Checking
5) Process-Authorized Chequing

6. What is the FDI limit in Insurance sector?

1) 26%
2) 49%
3) 51%
4) 74%
5) 100%

7. Which is a fixed amount for a covered service in the health sector?

1) Coinsurance
2) Deductible
3) Copay
4) Health Insurance
5) None of these

8. A deductible is usually mentioned in

1) Rupee
2) Dollar
3) Euro
4) Pound
5) Any Currency

9. What is the expanded form of the term ALM?

1) Asset Liability Maintenance
2) Asset Liability Management
3) Asset Liability Manipulation
4) Asset Liability Maximisation
5) Asset Liabilities Management

10. In pursuance of which one of the following was the General Insurance Corporation of India was formed?

1) General Insurance Business (Nationalization) Act, 1972
2) Insurance Act, 1938
3) Insurance Amendment Act, 2002
4) IRDA Act 1999
5) None of these

Answers:
  1. 2
  2. 4
  3. 2
  4. 5
  5. 3
  6. 2
  7. 3
  8. 2
  9. 2
  10. 1
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