Questions Asked in LIC ADO Mains 2023 for 23rd April: Check Details

Questions Asked in LIC ADO Mains 2023 for 23rd April: The Questions Asked In LIC ADO mains 2023 held on the 23rd April are provided here. The LIC ADO mains exam is scheduled to be held in 2 shifts. Candidates who have appeared for the examination can check the questions asked in LIC ADO mains 2023. The Questions Asked in LIC ADO Mains 2023 are provided here for GA and Insurance and financial awareness sections. Also, analyze the toughness level of the exam from the questions asked in LIC ADO mains 2023. Refer to the questions asked in LIC ADO mains 2023 provided here with options for the reference of the candidates who have appeared for the examination. Without further ado, let's jump in and analyze the questions asked.

LIC ADO Mains Exam Analysis 2023

Questions Asked in LIC ADO Mains 2023 From Guidelys Material - Shift 1

Some of the questions asked in the general awareness, financial, and insurance awareness topics are added here.

Download Insurance Awareness Questions Asked PDF

Insurance Awareness Questions Asked:

1. Which among the following is a method of risk transfer?

  1. Bank FD
  2. Insurance
  3. Equity shares
  4. Real estate

Page 11 of Insurance Basics

2. Which among the following scenarios warrants insurance?

  1. The sole breadwinner of a family might die untimely
  2. A person may lose his wallet
  3. Stock prices may fall drastically
  4. A house may lose value due to natural wear and tear

3.________ is not a tangible good.

  1. House
  2. Insurance
  3. Mobile Phone
  4. A pair of jeans

4. Which of the below statement is correct with regards to the territorial jurisdiction of the Insurance Ombudsman?

Page 7 of Insurance Ombudsman

5. Which element of valid contract deals with premium?

  1. Offer and acceptance
  2. Consideration
  3. Free consent
  4. Capacity of parties to contract

6. Who devised the concept of HLV?

  1. Dr. Martin Luther King
  2. Warren Buffet
  3. Prof. Hubener
  4. George Soros

7. Which of the below-mentioned insurance plans has the least or no amount of savings element?

  1. Term insurance plan
  2. Endowment plan
  3. Whole life plan
  4. Money back plan

Page 2 of Insurance Plans

8. Which among the following methods is a traditional method that can help determine the insurance needed by an individual?

  1. Human Economic Value
  2. Life Term Proposition
  3. Human Life Value
  4. Future Life Value

9. Which of the below is the most appropriate explanation for the fact that young people are charged lesser life insurance premium as compared to old people?

  1. Young people are mostly dependant
  2. Old people can afford to pay more
  3. Mortality is related to age
  4. Mortality is inversely related to age

10. Which of the below is an advantage of cash value insurance contracts?

  1. Returns subject to corroding effect of inflation
  2. Low accumulation in earlier years
  3. Lower yields
  4. Secure investment

11. ___________ is a rise in the general level of prices of goods and services in an economy over a period of time.

  1. Deflation
  2. Inflation
  3. Stagflation
  4. Hyperinflation

Page 7 of Banking Awareness

12. Using the conversion option present in a term policy you can convert the same to ____-.

  1. Whole life policy
  2. Mortgage policy
  3. Bank FD
  4. Decreasing term policy

Page 2 of Insurance Plans

13. Which of the below statement is correct with regard to the endowment assurance plan?

  1. It has a death benefit component only
  2. It has a survival benefit component only
  3. It has both a death benefit as well as a survival component
  4. It is similar to a term plan

Page 3 of Insurance Plans

14. Which of the below is an example of an endowment assurance plan?

  1. Mortgage Redemption Plan
  2. Credit Life Insurance Plan
  3. Money Back Plan
  4. Whole Life Plan

15. Where was the Universal Life Policy introduced first?

16. Which of the below policy can provide protection to home loan borrowers?

  1. Life Insurance
  2. Disability Insurance
  3. Mortgage Redemption Insurance
  4. General Insurance

Page 7 of Insurance types

17. What does the term “premium” denote in relation to an insurance policy?

  1. Profit earned by the insurer
  2. Price paid by an insured for purchasing the policy
  3. Margins of an insurer on a policy
  4. Expenses incurred by an insurer on a policy

18. In case of __, a company expresses the bonus as a percentage of basic benefit and already attached bonuses.

Ans: Compound Bonus

Mock test 7 of LIC ADO

19. Which of the below features will be checked in a medical examiner’s report?

  1. Emotional behaviour of the proposer
  2. Height, weight and blood pressure
  3. Social status
  4. Truthfulness

20. A ____________ is a formal legal document used by insurance companies that provides details about the product.

Ques no 136 of Mock test 1

21. In order for the policy to acquire a guaranteed surrender value, for how long must the premiums be paid as per law?

Ans: 3 years

Ques 146 of Mock test 6

22. For an insurance policy nomination is allowed under _ of the Insurance Act, 1938.

Answer: Section 39

Page 10 of Acts and Sections

23. Given below is a list of policies. Identify under which type of policy, the claim payment is made in the form of periodic payments.

  1. Money-back policy
  2. Unit linked insurance policy
  3. Return of premium policy
  4. Term insurance policy

Page 3 of Insurance Plans

24. The term TPA refers to ________________.

Ans: Third-Party Administrator

Page 10 of Insurance Terms and Abbreviations

25. When was LIC nationalised? 

Ans: 1st September 1956

Page 4 of Insurance Organisations

26. IRDA is to regulate?

Answer: Insurance Industry 

Page 2 of Insurance Organisations

27. What is the Principle of Indemnity?

The principle of Indemnity states that the insured shall be compensated appropriately for the losses caused to the goods by the insurer, only to the extent that the insurer does not make a profit out of the loss that occurred.

Page 10 of Basics of Insurance

28. What is the Relationship Between Risk and Premium?

Page 5 of Insurance Terms

29. What is the Full form of FPR?

Ans: First Premium Receipt

30. What is the maximum compensation amount given by Insurance Ombudsman?

Page 7 of Insurance Ombudsman

31. What is the IRDAI time limit set by the IRDAI? 

Ans: 30 Days

Question 1 of Mock test 9

32. Intangible Assets cover non-Physical assets Early death Claims can arise out of Death during the first_____ policy Years.

Ans: Three

33. Which principles state about the Individual who should be benefitted from the Insured Item? 

Ans: Principle of Insurable Interest

Page 10 of Basics of Insurance

34. What is Money back Policy in Insurance?

Page 3 of Insurance Plans

35. Which is not a General Insurance Company?

Page 10 of Insurance Organisations

36. Principle of Atmost good Faith law of Insurance?

Ans: This is a very basic and primary principle of insurance contracts because the nature of the service is for the insurance company to provide a certain level of security and solidarity to the insured person’s life.

Page 9 of Basics of Insurance

37. What is the family floater concept in insurance?

Mock test 10

38. Which country has introduced the concept of ULIPS? 

Ans: India 

Page 4 of Insurance Plans

39. What is Grace Period in Insurance?

A specified period after the premium due date during which the insured can pay the premium amount; all benefits and covers under the policy continue during this period.

Page 4 of Insurance Terms

FAQs - Questions Asked in LIC ADO Mains 2023

Q. What are the sections covered in the questions asked in LIC ADO Mains 2023 held on 23rd April available here?

The questions asked in LIC ADO mains 2023 is provided here for GA, Insurance and financial awareness sections.

Q. Whether the questions asked in LIC ADO Mains is provided here for shift 1 and shift 2?

The questions asked in LIC ADO Mains is provided here for shift 1. Shift 2 questions asked will be updated soon.

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