Insurance Awareness Quiz for LIC AAO- Set 6

Insurance Awareness Quiz: We have created quiz questions on Insurance Awareness which are most important for insurance exams. These questions and answers will guide you in all insurance exams like LIC (AAO/ADO), NIACL assistant and AO, UIIC, IRDA and other Bank PO exams and all competitive exams. So attempt these multiple choice questions now based on the exam pattern syllabus.

1. Life Insurance Corporation of India(LIC) was formed in which year?
   A) 1912
   B) 1950
   C) 1952
   D) 1956
   
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     Option D
   Explanation: The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956
2. What is the name of Satellite offices of Life Insurance Corporation of India (LIC)?
   A) SAMPARK
   B) SAMADHAN
   C) SAMPOORNA
   D) SHATABDI
   
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     Option A
   Explanation: With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.
3. Where is the headquarters of Life Insurance Corporation of India (LIC) located?
   A) Delhi
   B) Pune
   C) Mumbai
   D) Chennai
   
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   Option C
   Explanation: Mumbai, Maharashtra
4. In which year Life Insurance Business in India was nationalized?
   A) 1956
   B) 1958
   C) 1960
   D) 1966
   
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   Option A
   Explanation: he nationalisation of the life insurance business in India was a result of the Industrial Policy Resolution of 1956
5. Who is the present Chairman and Managing Director of Life Insurance Corporation of India (LIC)?
   A) K Sanath Kumar
   B) Hemant Bhargava
   C) G Srinivasan
   D) Atul Sahai
   
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   Option B
   Explanation: Hemant Bhargava Acting Chairman and MD
6. What is the slogan of Life Insurance Corporation of India (LIC)?
   A) Ek Shagun Zindagi Ke Naam
   B) Rest Assured with Us
   C) Muskurate Raho
   D) Yogakshemam Vahaamyaham
   
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   Option D
   Explanation: Yogakshemam Vahaamyaham which means “Your welfare is our responsibility
7. In which bank has Life Insurance Corporation of India (LIC) bought 51% stake recently?
   A) HDFC Bank
   B) ICICI Bank
   C) IDBI Bank
   D) IDFC First Bank
   
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   Option C
   Explanation: IDBI Bank
8. What is the paid up capital of Life Insurance Corporation of India (LIC)?
   A) Rs 10 crore
   B) Rs 2 crore
   C) Rs 5 crore
   D) Rs 15 crore
   
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   Option C
   Explanation: Rs 5 crore
9. What percentage of annual profit does Life Insurance Corporation of India (LIC) pays to Central government?
   A) 2%
   B) 5%
   C) 7%
   D) 10%
   
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   Option B
   Explanation: To Government 5%
10. What percentage of annual profit does Life Insurance Corporation of India (LIC) pays its policy holder?
    A) 60%
    B) 85%
    C) 65%
    D) 95%
    
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    Option D
    Explanation: 95% to Policy holder; 5% to government

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