Insurance GK Questions for LIC AAO & NICAL AO Exam 2015
In this post we are going to give you a list of Insurance GK Questions that have come previously in UIIC, NIACL and other Insurance Exams. These may be quite useful for aspirants preparing for LIC AAO, NICL AO & Oriental Insurance AO Exams.
Insurance GK Questions :
1. Insurance works on the principle of:
a. Sharing of losses
b. Probabilities
c. Large numbers
d. Randomness
e. All of the above
Ans: e. All of the above
2. Insurance helps to:
a. Prevent adverse situations from occurring
b. Reduce the financial consequences of adverse situations
c. Negate all consequences of adverse situations
d. Make assets continuously productive
e. All of the above
Ans: b. Reduce the financial consequences of adverse situations.
3. The main purpose of having Life insurance is:
a. As an avenue for long-term investment
b. As a medium for getting income tax benefits from savings
c. As a governmental programme for reducing poverty
d. As an avenue for short-term investment
e. None of the above
Ans: e. None of the above
4. Which of the following intermediaries do not require IRDA’s licence/ approval to operate in India?
a. Insurance Brokers
b. Insurance Agents
c. Third Party Administrators
d. Surveyors
e. All the above intermediaries require IRDA’s licence/ approval
Ans: e. All the above intermediaries require IRDA’s licence/ approval
5. An actuary is expected to:
a. Make an exact forecast of the future liabilities of policies
b. Make a reasonable forecast of the future liabilities of policies
c. Calculate the premium required to cover a risk on a long-term basis
d. Find the probability of an insured event to happen in non-life policies
e. All the above statements are incorrect
Ans: b. Make a reasonable forecast of the future liabilities of policies
6. As per structured formula under the Motor Vehicle Act, victims of fatal injuries are paid compensation on the basis of:
a. Age and sex
b. Age and number of dependents
c. Income and size of family
d. Age and income
e. Income and number of dependents
Ans: d. Age and income.
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 share-holders’ funds
e. All of the above
Ans: e. All of the above
8. According to the recently passed Insurance Laws (Amendment) Bill 2015 , FDI in Insurance Sector is :
a. 74%
b. 26%
c. 49%
d. 51%
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