LIC AAO 2019 Insurance and Financial Market Awareness Questions PDF | Insurance and FMA Quiz 3 at Smartkeda

Directions: Read the following questions carefully and choose the right answer.
Important for :
1
In which year was the General Insurance Business nationalized in India?
» Explain it
B
General Insurance business was nationalized with effect from 1 January 1973.

Hence, option B is correct.
 
2
The Insurance Repository system was launched by the IRDA in which year?
» Explain it
B
In September 2013, IRDA launched "insurance repository" services in India. It is a unique concept and first to be introduced in India. This system enables policy holders to buy and keep insurance policies in dematerialised or electronic form. Policyholders can hold all their insurance policies in an electronic format in a single account called electronic insurance account.

Hence, option B is correct.
 
3
Which of the following is/are insurance repository/ies in India?

I. CDSL
II. NSDL
III. CISR
IV. RBI
» Explain it
A
Both CDSL and NSDL function as insurance repositories in India.

Hence, option A is correct.
 
» Explain it
A
GIC of India is a state owned enterprise in India. It was the sole reinsurance company in the Indian insurance market until the insurance market was open to foreign reinsurance players by late 2016.

It is the sole company offering reinsurance services.

Hence, option A is correct.
 
5
The Ayushman Bharat-National Health Protection Mission is to integrate which of the following centrally sponsored schemes?

I .Rashtriya Swasthya Bima Yojana
II. Pradhan Mantri Vaya Vandana Yojana
III. Varishtha Pension Bima Yojana.
IV. Senior Citizen Health Insurance Scheme
» Explain it
A
The Ayushman Bharat-National Health Protection Mission integrates two on-going centrally sponsored schemes viz. Rashtriya Swasthya Bima Yojana (RSBY) and Senior Citizen Health Insurance Scheme (SCHIS). AB-NHPM aims to target over 10 crore families belonging to poor and vulnerable population based on Socio Economic and Caste Census 2011 (SECC) database. It will cover of Rs 5 lakh per family per year, taking care of almost all secondary care and tertiary care procedures. There will be no cap on family size and age in the scheme.

Hence, option A is correct.
 
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