LIC AAO ! INSURANCE QUIZ

1. In case of rural areas having population less than 5000, the minimum qualification required for insurance agent is ________ pass.
a) 12th
b) Post Graduate
c) Graduate
d) 10th
e) None of these


2. Cold calling approach used by many sales people as ________.
a) Meeting customers when they are suffering from cold
b) Meeting people unannounced
c) Meeting customers after fire was extinguished
d) Meeting customers in need of fridge
e) None of these

3. Which of the following is a limitation of traditional life insurance products?
a) Yeilds on these policies is high
b) Clear and visible method of arriving at surrender value
c) Well defined Gash and savings value components
d) Rate of return is not easy to ascertain
e) None of these

4. Which of the following is not an objective of tax planning?
a) Tax evasion
b) Full advantages of tax breaks
c) Maximum tax benefit
d) Savings as per income Tax rules
e) None of these

5. Who gave the concept of Human Life Value (HLV) in insurance?
a) Prof. Hobener
b) Ben Graham
c) George Soros
d) Warren BUffet
e) None of these

6. A complete insurance planning includes ________.
a) Life insurance
b) Health Insurance
c) Asset Insurance
d) All of these
e) None of these

7. Phases of retirement planning are ________.
a) Distribution, Accumulation
b) Conversation, Accumulation
c) Conversation, Distribution
d) Accumulation, Conversation, Distribution
e) None of these

8. What is the main objective of KYC/AML/CFT guidelines?
a) Promoting financial inclusion
b) Preventing banks from being used for money laundering
c) Dealing with the NPAs of banks
d) Both a & b
e) None of these

9. Banking Ombudsman is appointed by ________.
a) GOI
b) State Goverment
c) RBI
d) ECGC
e) None of these

10. Base rate is the rate below which no bank can allow their lending to anyone. Who set up this 'Base rate' for banks?
a) Indivisual Banks' Board
b) Ministry of commerce
c) Ministry of finance
d) RBI
e) None of these

11. Who among the following is regulator for insurance industry in india?
a) Insurance Authority of India
b) Life and Non-Life Insurace Authority of India
c) Insurance and Non-Insurance Development Authority of India
d) Insurance Regulatory and Development Authority
e) None of these

12. The main purpose of including commission details in the decumentation to clients is to increase ________.
a) Competitiveness
b) Efficiency
c) Flexibility
d) Transparency
e) None of these

13. A finance Commission is set up under an Article 280 of the constitution every five years by ________.
a) Prime Minister of India
b) Planning Commission of India
c) President of India
d) Reserve Bank of India
e) None of these

14. Just like a share has a price, a mutual fund unit has an ________.
a) Net Liability Value
b) Net Asset Value
c) Other than those given as options
d) Gross Asset Value
e) None of these

15. The premium actually paid by the policy holder depends upon ________.
a) The wealth of the person to be insured
b) The level of risk assessed by the insurer
c) The tables of rates printed by the insurer
d) Agent's report
e) None of these

Answers: 
D
B
D
A
A
D
D
B
C
D
D
D
C
B
B