MCQOPTIONS
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MCQOPTIONS
This section includes 851 Mcqs, each offering curated multiple-choice questions to sharpen your Life Insurance Corporation(LIC) knowledge and support exam preparation. Choose a topic below to get started.
| 551. |
Insurance needed by a person can be determined by |
| A. | uman Life Value method |
| B. | ife Term proposition method |
| C. | uture Life value method |
| D. | uman Economic value method |
| Answer» B. ife Term proposition method | |
| 552. |
Which is incorrect of the following? |
| A. | eing judgmental is the opposite of listening |
| B. | ometimes prospect’s objection to accepting the agent’s recommendation may arise out of the past experience of hurt ego and unfair dealings by some others connected with insurance |
| C. | enuine interest in the other person is always respecting him in social relationships as also in insurance dealings |
| D. | rospect should feel obliged to the agent for being enlightened on life insurance |
| Answer» E. | |
| 553. |
In keyman insurance policy the basis for issue of such a policy is |
| A. | ncome of the keyman |
| B. | istory of the business |
| C. | rofitability of the business and the role of the keyman in that profitability |
| D. | tate of the national economy and rate of inflation |
| Answer» D. tate of the national economy and rate of inflation | |
| 554. |
Agriculture Insurance Company of India Limited (AIC) was incorporated in which year? |
| A. | 0th December 2004 |
| B. | 0th December 2002 |
| C. | 0th December 1999 |
| D. | 0th December 2007 |
| Answer» C. 0th December 1999 | |
| 555. |
UHIS has launched by the Government of India is already in existence for persons and families below the poverty line with the element of subsidy from the Government. UHIS stands for- |
| A. | niversal Health Insurance Solutions |
| B. | niversal Health Insurance Scenario |
| C. | niversal Health Insurance Scheme |
| D. | niversal Health Insurance System |
| Answer» D. niversal Health Insurance System | |
| 556. |
_________, who represents the interests of the insured in searching for insurance coverage at the lowest cost and highest benefit to the insured. |
| A. | ustomer |
| B. | ashier |
| C. | roker |
| D. | anker |
| Answer» D. anker | |
| 557. |
Agriculture Insurance Company Of India Limited (AIC) was incorporated to exclusively cater to the insurance needs of the persons engaged in agriculture and allied activities in India under- |
| A. | ompanies Act, 1956 |
| B. | EBI Act, 1992 |
| C. | RDA Act, 1999 |
| D. | eserve Bank of India Act, 1934 |
| Answer» B. EBI Act, 1992 | |
| 558. |
The written insurance contract that may include all clauses, riders and endorsements. It is called? |
| A. | nstallment |
| B. | remium |
| C. | olicy |
| D. | ssets |
| Answer» D. ssets | |
| 559. |
IBAI was incorporated as a Company under Section 25 of the Companies Act, 1956. What is the meaning of "B" in IBAI? |
| A. | asel |
| B. | roadcasting |
| C. | rokers |
| D. | oard |
| Answer» D. oard | |
| 560. |
Where is the head office of Agriculture Insurance Company of India Limited (AIC)? |
| A. | yderabad |
| B. | ew Delhi |
| C. | olkata |
| D. | hennai |
| Answer» C. olkata | |
| 561. |
The New India Assurance Co. Ltd. was a subsidiary of which of the following company? |
| A. | eneral Insurance Corporation of India (GIC) |
| B. | ife Insurance Corporation of India (LIC) |
| C. | he Oriental Insurance Company |
| D. | nited India Insurance Company |
| Answer» B. ife Insurance Corporation of India (LIC) | |
| 562. |
Which of the following type of insurance product are available in New India Assurance Co Ltd located? |
| A. | ersonal Insurance |
| B. | ommercial Insurance |
| C. | ndustrial Insurance |
| D. | ll of the above |
| Answer» E. | |
| 563. |
What is the CRISIL rating for New India Assurance Co Ltd located? |
| A. | A/Stable |
| B. | AA/Stable |
| C. | A/Negative |
| D. | AA/Negative |
| Answer» C. A/Negative | |
| 564. |
Which of the following form is designed to be used by many different insurers and has exactly the same provisions? |
| A. | uaranteed Replacement Form |
| B. | tandard insurance Form |
| C. | tandard Endorsement Form |
| D. | tandard Policy Form |
| Answer» E. | |
| 565. |
What is PAC? |
| A. | ost-Authorized Cheque |
| B. | re-Authorized Chequing |
| C. | rocess-Authorized Chequing |
| D. | re-Authorized Checking |
| Answer» C. rocess-Authorized Chequing | |
| 566. |
Which type of insurance usually requires higher premium? |
| A. | road Form insurance |
| B. | hole life insurance |
| C. | ealth insurance |
| D. | erm insurance |
| Answer» B. hole life insurance | |
| 567. |
Which of the following is an example of Broad Form Insurance? |
| A. | ortgage insurance |
| B. | utomobile insurance |
| C. | iability insurance |
| D. | roperty insurance |
| Answer» C. iability insurance | |
| 568. |
Which was the first Act to regulate life insurance industry in India? |
| A. | nsurance Act, 1938 |
| B. | ife Insurance Companies Act, 1912 |
| C. | RDA Act, 1999 |
| D. | IC Act, 1956 |
| Answer» C. RDA Act, 1999 | |
| 569. |
Where is the headquarters of New India Assurance Co Ltd located? |
| A. | ew Delhi |
| B. | umbai |
| C. | yderabad |
| D. | olkata |
| Answer» C. yderabad | |
| 570. |
How long is the free look-in period under a term insurance policy from the date of receipt of the policy document? |
| A. | days |
| B. | 0 days |
| C. | 5 days |
| D. | 0 days |
| Answer» D. 0 days | |
| 571. |
New India Assurance Co Ltd has branches in how many countries? |
| A. | 5 |
| B. | 6 |
| C. | 7 |
| D. | 8 |
| Answer» E. | |
| 572. |
What percent are shares of New India Assurance Co Ltd owned by Government of India? |
| A. | 0% |
| B. | 5% |
| C. | 9.40% |
| D. | 00% |
| Answer» E. | |
| 573. |
In which year New India Assurance Co Ltd was found? |
| A. | 918 |
| B. | 818 |
| C. | 919 |
| D. | 945 |
| Answer» D. 945 | |
| 574. |
New India Assurance Co Ltd is a type of? |
| A. | ife Insurance Company |
| B. | eneral Insurance Company |
| C. | e-insurance Company |
| D. | ll of the above |
| Answer» C. e-insurance Company | |
| 575. |
Who is a health care provider? |
| A. | nsurer |
| B. | nsured |
| C. | RDA |
| D. | ospital |
| Answer» E. | |
| 576. |
TPA is licenced by the - |
| A. | nsurance company |
| B. | urveyor |
| C. | entral Govt. |
| D. | RDA |
| Answer» E. | |
| 577. |
TPA stands for |
| A. | hird Party Assignee |
| B. | hird Payment Administrator |
| C. | hird Payee Assignor |
| D. | hird Party Administrator |
| Answer» E. | |
| 578. |
What is the function of IRDA? |
| A. | lan for Financial Inclusion |
| B. | rovide relief packages to the Farmers |
| C. | egulate insurance business in India |
| D. | iring & Purchasing assets |
| Answer» D. iring & Purchasing assets | |
| 579. |
Which of the following is not the principle of insurance: |
| A. | tmost Good Faith |
| B. | rinciple of Contribution |
| C. | aximization of Profit |
| D. | ausa Proxima |
| Answer» D. ausa Proxima | |
| 580. |
Insurance is legislated by: |
| A. | nsurance Company |
| B. | tate Government |
| C. | entral Government |
| D. | overnment of India |
| Answer» D. overnment of India | |
| 581. |
Insurance is listed in the Constitution of India in _________scheduled as Union List subject: |
| A. | ighth |
| B. | inth |
| C. | eventh |
| D. | enth |
| Answer» D. enth | |
| 582. |
Oldest (1818) life insurance company is: |
| A. | ostal Life Insurance Company |
| B. | ax Life Insurance Company |
| C. | riental Life Insurance Company |
| D. | harat Life Insurance Company |
| Answer» D. harat Life Insurance Company | |
| 583. |
Headquarter of LIC is situated at: |
| A. | olkata |
| B. | elhi |
| C. | umbai |
| D. | yderabad |
| Answer» D. yderabad | |
| 584. |
In which among the following year National Insurance Company Limited (NICL) was incorporated? |
| A. | 906 |
| B. | 956 |
| C. | 934 |
| D. | 919 |
| Answer» B. 956 | |
| 585. |
Life Insurance Corporation was found on: |
| A. | April, 1955 |
| B. | December, 1960 |
| C. | September, 1956 |
| D. | September, 1956 |
| Answer» E. | |
| 586. |
Which was an oldest insurance company, found in 1906: |
| A. | IC |
| B. | ational Insurance Company |
| C. | griculture Insurance Company of India |
| D. | nited India Insurance Company |
| Answer» C. griculture Insurance Company of India | |
| 587. |
Largest Life Insurance Company in India is: |
| A. | he New India Assurance Company Limited |
| B. | ife Insurance Corporation of India (LIC) |
| C. | nited India Insurance Company Limited |
| D. | ational Insurance Company Limited |
| Answer» C. nited India Insurance Company Limited | |
| 588. |
Limit of FDI in Insurance sector: |
| A. | 7% |
| B. | 0% |
| C. | 9% |
| D. | 1% |
| Answer» D. 1% | |
| 589. |
Where annually increasing flexible premiums operate under a life insurance policy, what rate of increase will generally apply? |
| A. | .50% |
| B. | .00% |
| C. | .00% |
| D. | .50% |
| Answer» D. .50% | |
| 590. |
The main reason why a life insurance proposal form often asks for the proposer's height is to enable a reasonable comparison with the proposer’s |
| A. | ge |
| B. | ender |
| C. | ccupation |
| D. | eight |
| Answer» E. | |
| 591. |
A life insurance policy can only be made paid up if what particular policy feature exists? |
| A. | ndexing contribution |
| B. | omination facility |
| C. | ider benefits |
| D. | avings element |
| Answer» E. | |
| 592. |
A policy document for a money-back policy includes the statement of the proposal and declaration signed by the proposer form the basis of the contract's. In which main section of the policy document will this normally appear? |
| A. | ttestation |
| B. | perative clause |
| C. | reamble |
| D. | erms and conditions |
| Answer» D. erms and conditions | |
| 593. |
A life insurer issued a quotation on 10 February, guaranteed for 14 days, which was accepted by the customer on day 10. Consequently the insurer can only decline this risk if the |
| A. | ustomer submits a second quotation request |
| B. | nsurer increases its underlying premium rates |
| C. | arket place experiences a significant downturn |
| D. | aterial facts change |
| Answer» E. | |
| 594. |
In which year New India Assurance Co Ltd nationalized? |
| A. | 945 |
| B. | 947 |
| C. | 973 |
| D. | 969 |
| Answer» D. 969 | |
| 595. |
When was general insurance business nationalised? |
| A. | 970 |
| B. | 971 |
| C. | 972 |
| D. | 973 |
| Answer» E. | |
| 596. |
When was the Export Credit Guarantee Corporation of India established? |
| A. | 955 |
| B. | 956 |
| C. | 957 |
| D. | 958 |
| Answer» D. 958 | |
| 597. |
Once an absolute assignment is effected under a life insurance policy, who will be the titleholder(s) of this policy? |
| A. | he assignor in all cases |
| B. | he assignee in all cases |
| C. | ither the assignor or assignee depending on the type of policy involved |
| D. | he assignor and assignee jointly |
| Answer» C. ither the assignor or assignee depending on the type of policy involved | |
| 598. |
The concept of indemnity is based on the key principle that policyholders should be prevented from |
| A. | nsuring existing losses |
| B. | aking false insurance claims |
| C. | aying excessively for insurance cover |
| D. | rofiting from insurance |
| Answer» E. | |
| 599. |
Arun started a 20-year term insurance policy. Once established, when, if at all, is the insurer next entitled to ask him for proof of continuing good health? |
| A. | t no point |
| B. | fter the end of the first 12 months |
| C. | t the point when he changes occupation or retires |
| D. | hen a lapsed policy is revived |
| Answer» E. | |
| 600. |
Rahul is employed by Sunny. In respect of this employment, Rahul automatically has an insurable interest in Sunny’s life up to what limit, if any? |
| A. | ahul's monthly salary |
| B. | ahul's pension fund value |
| C. | unny's annual profit |
| D. | here is no limit |
| Answer» B. ahul's pension fund value | |