Insurance and Financial Marketing Awareness Questions Asked in LIC ADO Main 2019

Insurance and Financial Marketing Awareness Questions Asked in LIC ADO Main 

As we know that LIC ADO main exam was held yesterday i.e. 11th August 2019. In this post, we are providing you with memory-based questions of Insurance & Financial Marketing Awareness section.

Q1. Which is not a tangible good?

Answer: Insurance

Q2. Which is not an indicator of service quality?

Answer: Cleverness

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?

Answer: Consideration

Q6. Which has involves pressure applied through criminal means?

Answer: Coercion

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.

Answer: Accumulation 

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.

Answer: Inflation

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?

Answer: Insured 

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.

Answer: Prospectus

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 

underwriting?

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