Insurance and Financial Marketing Awareness Asked in LIC ADO Main
Q1. Which is not a tangible good?
Q2. Which is not an indicator of service quality?
Q3. What is the full form of IGMS?
Answer: Integrated Grievance Management System.
Q4. Which is not a pre-requisite for launching a complaint with the Ombudsman?
Answer: Complainant has to approach a consumer forum prior to the Ombudsman
Q5. Which element of a valid contract deals with premium?
Q6. Which has involves pressure applied through criminal means?
Q7. Who is known widely as “the father of insurance education?
Answer: Dr. Huebner
Q8. HLV calculator helps you identify your life insurance needs on the basis of income expenses, liabilities and investments and secure your family’s future. What is the full form of HLV?
Answer: Human Life Value
Q9. An individual with an aggressive risk profile is likely to follow wealth _____ investment style.
Q10. Which is can be categorized under contingency products?
Answer: Life Insurance
Q11. __________________ is a rise in the general level of prices of goods and services in an
economy over a period of time.
Q12. Which is an example of an endowment assurance plan?
Answer: Money Back Plan
Q13. The sum assured under the keyman insurance policy is generally linked to-?
Answer: Business profitability
Q14. Who bears the investment risk in case of ULIPs?
Q15. Which is one of the ways of defining surplus?
Answer: Excess value of assets over liabilities
Q16. A ____________________ is a formal legal document used by insurance companies that provides details about the product.
Q17. The IRDAI allows the policyholder to opt-out of a policy after its purchase, within ____________ days from the date of receipt of the policy document.
Answer: 15 days
Q18. Under risk classification, ___________ consist of those whose anticipated mortality corresponds to the standard lives represented by the mortality table.
Answer: Standard lives
Q19. Which of the below insurance proposal is not likely to qualify under non-medical
Answer: Mahesh, aged 60 years and working in a coal mine
Q20. Santosh has applied for a term insurance policy. His anticipated mortality is significantly lower than standard lives and hence could be charged a lower premium. Under risk classification, Santosh will be classified under
Answer: Preferred risks
Q21. As per IRDAI (Protection of Policyholders Interests) Regulations, 2002, a claim
under a life policy shall be paid or be disputed, within ___________ days from the date of
receipt of all relevant papers and clarifications required.
Answer: 30 days
Q22. As per guidelines, an insurance company has to process an insurance proposal within ____________ days.
Answer: 15 days
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