Insurance & FM Awareness Quiz For LIC AAO Mains 2023-16th March

Q1. What is the full form of ‘NAV’?
(a) Net Asset Value
(b) Net Assertive Value
(c) Net Value for certain
(d) Not Assertive Value
(e) Net Assertive Volume

Q2. What is the full form of ‘NASSCOM’?
(a) National Association of Selective Services Companies
(b) National Association of Software and Services Companies
(c) National Association of Selective Software Companies
(d) National Association for Selective Services Companies
(e) National Association for Selective Software Companies

Q3. What is the full form of CRISIL?
(a) Credit Rewarding Information Services of India Limited
(b) Call Rating Information Services of India Limited
(c) Credit Rating Information Services of India Limited
(d) Credit Rating Information Software of India Limited
(e) Credit Rating Information Services International Limited

Q4. What is the full form of ‘BIFR’?
(a) Board for Industrial and Financial Resolution
(b) Board for Information and Financial Reconstruction
(c) Bureau for Industrial and Financial Reconstruction
(d) Board for Industrial and Financial Reconstruction
(e) Bureau for Industrial and Financial Resolution

Q5. What is the full form of ‘IIB’?
(a) Insurance International Bureau of India
(b) Insurance Information Bureau
(c) International Insurance Bureau
(d) Insurance Information Board
(e) Insurance Information Bureau of India

Q6. What is the full form of ‘IGMS’?
(a) Integrated Grievance Management System
(b) Integrated Grievance Managerial System
(c) International Grievance Management System
(d) International Grievance Managerial System
(e) Integrated Governing Management System

Q7. What is the full form of ‘IBAI’?
(a) Insurance Bureau Association of India
(b) Insurance Brokers Association of India
(c) International Brokers Association of Insurance
(d) Indian Brokers Association of Insurance
(e) Insurance Brokers Administrator of India

Q8. What is the full form of ‘PLCS’?
(a) Personal Lives Coverage Specialist
(b) Personal Life Coverage Specialist
(c) Personal Lines Coverage Specialist
(d) Professional Lives Coverage Specialist
(e) Professional Life Coverage Specialist

Q9. What is the full form of ‘REBC’?
(a) Registered Employer Benefits Consultant
(b) Regularized Employee Benefits Consultant
(c) Registered Employee Benefits Consultancy
(d) Registered Employee Benefits Consultant
(e) Regularized Employer Benefits Consultant

Q10. What is the full form of ‘UHIS’?
(a) Universal Health Insurance System
(b) Universal Healthily Insurance Scheme
(c) Universal Healthily Insurance System
(d) Unnati Health Insurance System
(e) Universal Health Insurance Scheme

Solutions

S1. Ans. (A)
Sol. NAV – Net Asset Value. “Net asset value,” or “NAV,” of an investment company is the company’s total assets minus its total liabilities.
S2. Ans. (B)
Sol. NASSCOM – National Association of Software and Services Companies. The National Association of Software and Service Companies is an Indian non-governmental trade association and advocacy group, focused mainly on the technology industry of India. Established in 1988, NASSCOM is a non-profit organization. NASSCOM is the apex body for the US$ 227 billion Indian technology industry.
S3. Ans. (C)
Sol. CRISIL – Credit Rating Information Services of India Limited. CRISIL is an Indian analytical company providing ratings, research, and risk and policy advisory services and is a subsidiary of the American company S&P Global.
S4. Ans. (D)
Sol. BIFR – Board for Industrial and Financial Reconstruction. The Board for Industrial and Financial Reconstruction was a development finance institution under the ownership of the Ministry of Finance, Government of India, part of the Department of Financial Services of the Ministry of Finance.
S5. Ans. (E)
Sol. IIB – Insurance Information Bureau of India. IIB helps in the efficient functioning of the Indian Insurance Sector by providing information support in a Complete, Consistent, and Concise manner to the members of the Society and all other stakeholders associated directly or indirectly with the Insurance sector.
S6. Ans. (A)
Sol. IGMS – Integrated Grievance Management System. The Integrated Grievance Management System (IGMS) is an online consumer complaints registration system created by IRDA. All insurance companies have integrated their online complaint logging systems into the IGMS maintained by IRDA.
S7. Ans. (B)
Sol. IBAI – Insurance Brokers Association of India. The Insurance Brokers Association of India was established as a company under Section 25 of the Companies Act, 1956 on 25 July 2001. All licensed insurance brokers must be members of the IBAI Insurance Broker Regulations.
S8. Ans. (C)
Sol. PLCS – Personal Lines Coverage Specialist. The Personal Lines Coverage Specialist (PLCS) designation is the undisputed professional credential for persons who are seeking to master the subject of personal lines coverage.
S9. Ans. (D)
Sol. REBC- Registered Employee Benefits Consultant. The Registered Employee Benefits Consultant (REBC) designation is the undisputed professional credential for persons who are selling or servicing the group insurance, health insurance, retirement planning, and incentive compensation markets.
S10. Ans. (E)
Sol. UHIS – Universal Health Insurance Scheme. Universal Health Insurance Scheme (UHIS) is coverage for lower-income groups, especially the main income-earner of the family.