Insurance & FM Awareness Quiz For LIC AAO Mains 2023-15th March

Q1. What is the full form of NCLT?
(a) National Company Law Tribunal
(b) National Commerce Law Tribunal
(c) Non-Commercial Laydown Treaty
(d) Non-Commercial Laydown Tribunal
(e) National Company Law Appellate Tribunal

Q2. What does ‘D’ stand for in IRDAI?
(a) Democracy
(b) Development
(c) Devolution
(d) Direct
(e) Defective

Q3. What does ‘R’ stand for in TRAI?
(a) Rewarding
(b) Remuneration
(c) Regulatory
(d) Reprimanding
(e) Redacting

Q4. What is the full form of ‘GWP’?
(a) Guaranteed Written Premium
(b) Guaranteed Written Policy
(c) Gross Written Policy
(d) Gross Written Premium
(e) General Whole- Life Policy

Q5. What is the full form of ‘HLV’?
(a) Hospital Liability Value
(b) Human Liability Value
(c) Hospital Life Value
(d) Health Life Value
(e) Human Life Value

Q6. What is the full form of ‘ACV’?
(a) Actual Cash Value
(b) Accrued Cash Value
(c) Acute Cash Value
(d) Accounted Cash Value
(e) Approved Cash Value

Q7. What is the full form of ‘AALU’?
(a) American Way of Advanced Life Underwriting
(b) Association for Advanced Life Underwriting
(c) Association For Acute Life Underwriting
(d) American Way of Acute Life Underwriting
(e) American Way of Assuming Life Underwriting

Q8. What is the full form of ‘EP’?
(a) Employee Premium
(b) Estimated Premium
(c) Earned Premium
(d) Economic Premium
(e) None of these

Q9. What is the full form of ‘UCR’?
(a) Universal Commercial Rate
(b) Non-Universal Commercial Rate
(c) Unusual, Customary & Reasonable Charges
(d) Usual, Customary & Reasonable Charges
(e) Usual, Customary & Rate

Q10. What is the full form of ‘TPA’?
(a) Third-Party Advisor
(b) To Party Advisor
(c) The Party Advisor
(d) Third-Party Administration
(e) Third-Party Administrator

Solutions

S1. Ans. (A)
Sol. NCLT stands for National Company Law Tribunal. The National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
S2. Ans. (B)
Sol. IRDAI- Insurance Regulatory and Development Authority of India. The Insurance Regulatory and Development Authority of India is a statutory body under the jurisdiction of the Ministry of Finance, Government of India, and is tasked with regulating and licensing the insurance and re-insurance industries in India.
S3. Ans. (C)
Sol. TRAI- Telecom Regulatory Authority of India. The Telecom Regulatory Authority of India is a regulatory body set up by the Government of India under section 3 of the Telecom Regulatory Authority of India Act, 1997. It is the regulator of the telecommunications sector in India.
S4. Ans. (D)
Sol. GWP – Gross Written Premium. Gross written premium is the total direct and assumed premium written by an insurer before deductions for reinsurance and ceding commissions.
S5. Ans. (E)
Sol. HLV – Human Life Value. Human Life Value (HLV) or Ideal Life Cover is a number that tells the present value of future income expenses, liabilities, and investments.
S6. Ans. (A)
Sol. ACV- Actual Cash Value. Actual cash value (ACV) is a way to determine the value of your business property that’s getting repaired or replaced after covered damage. Insurance companies calculate ACV by subtracting depreciation from an item’s replacement cost value.
S7. Ans. (B)
Sol. AALU – Association for Advanced Life Underwriting. The Company offers advocating life insurance planning for members, clients, industry, and the public.
S8. Ans. (C)
Sol. EP – Earned Premium. An earned premium is the premium used for the period in which the insurance policy was in effect. Insurance companies can record earned premiums as revenue after the premium’s coverage period expires. Earned premiums can be calculated by using the accounting method and the exposure method.
S9. Ans. (D)
Sol. UCR – Usual, Customary & Reasonable Charges. UCR charges mean that the charge is the provider’s usual fee for a service that does not exceed the customary fee in that geographic area and is reasonable based on the circumstances.
S10. Ans. (E)
Sol. TPA – Third-Party Administrator. A third-party administrator provides operational services such as claims processing and employee benefits management under contract to another company.