Important Insurance and Financial Market Awareness Questions for LIC AAO 2019 Exam | Insurance Gk PDF at Smartkeeda

Directions: Read the following questions carefully and choose the right answer.
Important for :
1
Where is the headquarters of the IRDA situated?
» Explain it
E
The Insurance Regulatory and Development Authority of India is an autonomous, statutory body set up to regulate and promote insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.

Hence, option E is correct.
 
» Explain it
B
Mr Subhash Chandra Khuntia took over as the chairman of the IRDAI from Mr T S Vijayan in 2018.

Hence, option B is correct.
 
» Explain it
E
The following are the functions of the IRDAI:
 
Protect the rights of insurance policy holders.

• Provide registration certification to life insurance companies

• Renew, modify, cancel or suspend registration certificate as and when appropriate

• Promote efficiency in conduct of insurance business

• Promote and regulate professional organisations connected with insurance and reinsurance business

• Regulate investment of funds by insurance companies

Adjudication of disputes between insurers and intermediaries or insurance intermediaries.

Hence, option E is correct.
 
4
The India Post Payment Bank has recently tied up with which Insurance company to offer life insurance in rural areas? (September 2018)
» Explain it
B
The India Post Payments Bank (IPPB) and private life insurer Bajaj Allianz Life Insurance Co Ltd (BALIC) have entered into strategic partnership to provide life insurance solutions. It will allow IPPB customers across segments to access wide array of life insurance products and services especially at doorstep. BALIC is the first life insurer to partner with IPPB. This partnership will allow BALIC to leverage IPPB’s last mile reach for building awareness about life insurance.

Hence, option B is correct.
 
5
What is the maximum amount of deposit per account that the India Post Payment Bank (IPPB) can accept?
» Explain it
C
The India Post Payment Bank has been set up as Public Limited Company under Department of Posts (DoP) with 100% Government of India (GOI) equity. It was launched on September 1, 2018 in New Delhi. It offers basic banking services acceptance of demand deposits, remittance services, internet banking and other specified services. It does not lending services. It can accept deposits up to Rs. 1 lakh per account from individuals and small businesses.

Hence, option C is correct.
 
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