Insurance Quiz: LIC AAO

1.All of the following is true regarding ULIPs EXCEPT: 

1)Unit Holders acn choose between different kind of funds. 

2)Life insurers provide Guarantee for all unit values. 

3)Units may be purchased by payment of single premium or via regular premium payments.

4)ULIP policy structure is transparent with regards to insurance expenses components.

5) All  are true

2.Which is not a part of Life insurance? 

1)Endowment 

3)Priority

4) Annuity

5) None of these

3. 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

4. ECGC is made to provide:

1) Insurance cover in external trade

2)  Insurance cover in internal trade 

3) Insurance cover in export trade 

4) Insurance cover in import trade.

5) None of the above

5.  Which of the following is/are the various types of insurance?

1. Life insurance

2. Health insurance

3. Liability insurance

a. Only (1)

b. Only (1) and (2)

c. Only (2) and (3)

d. Only (1) and (3)

e. All the three

6. What is the minimum paid up capital required for a General Insurance Company to commence its operations in India ?

a. 200 Crore

b. 500 Crore

c. 250 Crore

d. 100 Crore

e. 300 Crore

7. Which of this term is associated with Insurance sector 

1).Blower 

2).Racer 

3).Rider 

5) all the above

8. Expand the term IFRS.

1)  Indian Financial Reporting Standards

2) Indian Financial Reporting Systems

3) International Financial Reporting Standards 

4)International Financial Reporting Systems

5)none of these

9.  Which bank recently became the first bank in India to fully own an insurance business ?

a. HDFC Bank

b. Kotak Mahindra Bank

c. ICICI Bank

d. IDBI Bank

e. Canara Bank

10. Which is the sole reinsurance company in the Indian insurance market ?

a. United India Insurance Company Limited

b. General Insurance Corporation of India

c. New India Assurance Company Limited

d. The Oriental Insurance Company

e. Life Insurance Corporation of India

Answers Will be provided soon

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