LIC ADO / AAO Interview Questions & Answers

Question 1. What Is The Difference Between With Profit And Without Profit Plans?

Answer :

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is therefore higher than for a 'without' profit policy.

Question 2. How Would You Bring Improvement Upon Our Company Or Product?

Answer :

You have the required qualification and work experience to withstand the responsibility of this particular job profile and that with the experience, you can bring prosperity, and growth in business to the company is what the answer should be.

Question 3. What Is Keyman Insurance?

Answer :

Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.

Question 4. What Is The Fdi Limit For Insurance Sector?

Answer :

49%

Question 5. What Do You Know About Life Insurance?

Answer :

Life insurance is an agreement between the policy holder and the insurer. The insurer approves to compensate the incidence of the insured individual's death or additional event like terminal illness or critical illness. The insured agrees to fee the charge in terms of cover premium for the service.

Question 6. What So You Means By Word Insurance?

Answer :

Insurance meansassurance of payment for any probable future losses. It aids financial protection against by returning losses during disaster. Many different insurance companies are offering wide range of insurance options these days.

Question 7. What Are Types Of Insurance?

Answer :

There are few types of insurance:

1. Life insurance
2. Automobile insurance
3. Health insurance
4. Credit insurance
5. Property insurance

Question 8. Do You Know The Role Of Lic Ado/aao?

Answer :

You can tell about the role of LIC ADO/ AAO only if you have researched about it before going for interview. So, you have to do research about the LIC past, and also for the job profile you applied.

Question 9. How Many Types Of Insurance Companies Are There?

Answer :

It can be categorized into two:

1. General Insurance Companies- They provides all type of Insurance apart from life insurance.
2. Life Insurance Company- It deals with life insurance, pension products and allowances.

Question 10. Do You Know Where The Corporate Office Or Head Quarter Of Lic Located?

Answer :

It is in Mumbai.

Question 11. What Are Duties And Functions Of Irda?

Answer :

Some of the duties of IRDA includes:

• Concern to the applicant a certificate of recording, renew, modify, withdraw, suspend or revoke such registration. 
• Promoting effectiveness in the bearing of insurance business. 
• Security of the benefits of the policy owners in matters concerning assigning of policy. 
• Identifying the code of conduct for reviewers and loss assessors. 
• Stating the percentage of life insurance business and general insurance business to be accepted by the insurer in the rural or social sector.

Question 12. When The Lic Of India Was Came Into Existence?

Answer :

1956

Question 13. Foreign Direct Investment (fdi) Limit In Insurance Sector?

Answer :

First there is 26% limit but now it has increase to 49%.

Question 14. What Are Difference Between Marketing And Sales?

Answer :

These two are important aspects in business. Sales are just a stage of marketing which refers to fulfilling the demands of marketing. Marketing is in wider terms then sales. Marketing is identifying the customers, public relations, sales etc. Marketing is the process of creating demands for a product in market. We can say marketing is direct activity whereas sales are direct activity.

Question 15. What Are The Objectives Of Lic ?

Answer :

There are some objective of LIC:

• Spread and offer life insurance to the masses at a sensible cost. 
• Make best use of mobilization of people’s savings by making insurance-linked investments sufficiently attractive. 
• Encounter the various life insurance desires of the community that would arise in the altering social and economic environment. 
• Entertain as trustees of the insured public in their discrete and cooperative capacities. 
• Bearing business with highest economy and with the full understanding that the moneys belong to the policy owners.

Question 16. What Are Role Of Development Officer?

Answer :

• To monitor, supervise and guide the events of the Agents placed under your management by the Corporation.
• To introduce appropriateindividuals to the Corporation for choosing as new Agents.
• To act usually in such a way as to activismcurrent Agents and motivate new Agents, so as to grow a stable agency force.