LIC ADO Interview Questions :-
1. What Is The Difference Between With Profit And Without Profit Plans?
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.
2. How Would You Bring Improvement Upon Our Company Or Product?
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.
3. What Is Keyman Insurance?
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.
4. What Is The Fdi Limit For Insurance Sector?
49%
5. What Do You Know About Life Insurance?
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.
6. What So You Means By Word Insurance?
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.
7. What Are Types Of Insurance?
There are few types of insurance:
- Life insurance
- Automobile insurance
- Health insurance
- Credit insurance
- Property insurance
8. What is the Role Of Lic Ado/aao?
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.
9. How Many Types Of Insurance Companies Are There?
It can be categorized into two:
- General Insurance Companies- They provides all type of Insurance apart from life insurance.
- Life Insurance Company- It deals with life insurance, pension products and allowances.
10. Do You Know Where The Corporate Office Or Head Quarter Of Lic Located?
It is in Mumbai.
11. What Are Duties And Functions Of Irda?
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.
12. When The Lic Of India Was Came Into Existence?
1956
13. Foreign Direct Investment (fdi) Limit In Insurance Sector?
First there is 26% limit but now it has increase to 49%.
14. What Are Difference Between Marketing And Sales?
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.
15. What Are The Objectives Of Lic ?
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.
16. What Are Role Of Development Officer?
- 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.
LIC ADO Questions and Answers Pdf Download
- Tell me about yourself
- What do you know about Life Insurance?
- Why have you applied for LIC ADO?
- Where is Corporate Office/Head Quarter of LIC located?
- Can you tell some of the objectives of LIC?
- Do you explain who can buy a policy?
- Do you know the role of LIC ADO/AAO?
- How many types of insurance companies are there?
- Tell something about General Insurance Companies.
- What do you know about Life Insurance Company?
- How would you improve upon our product/company?
- Why are you the best person for this position?
- Why is it important to get Life Insurance?
- Why do you mean by word Insurance?
- What are the major types of Insurance?
- How many types of Insurance Companies are there?
- What is the role of Development Officer?
- What is the difference between Life Insurance and Life Assurance?
- Name some different categories of life insurance products.
- Tell about Term Insurance Policies.
- What do you know about Endowment Policies?
- What are money-back policies?
- Which are the policies similar to mutual funds?
- Comment on Pension Policies.
- Who can buy an Insurance Policy?
- What are the objectives of LIC?
- When did the LIC of India come into existence?
- What is the Foreign Direct Investment (FDI) limit in Insurance Sector?
- What are the duties, powers and functions of IRDA?
- Who is the chairman of LIC?
- Who is the chairman of IRDA?
- What is the difference between marketing and sales?
- Where is Corporate office/Headquarters of LIC located?
- What do you know about ADO?
- Do you know who can buy a policy?
- Can you tell some of the objectives of LIC?
- What is your perception of Development Officer as a Career?
- How is your field experience useful in performing this job?
- Tell us your educational qualifications?
- What do you know about Development Officer job?
- How these qualifications are helpful to you in dischargingthe duties of Development Officer?
- Why do you want to join in LIC as ADO?
- What is the difference between with profit and without profit plans?
- What is the Role of Development Officer?
- What is Keyman Insurance?
- What is IRDA?
- What are the functions of IRDA?
- Why should we hire you?
- What are your strengths and weaknesses?
- What is the difference between confidence and overconfidence?
- Difference between hard work and smart work?
- Are you willing to relocate or travel?
- Can you work under pressure?
- What motivates you for this job?
- What are your outside interests?
- How do you feel about working nights and weekends?
- What was the toughest decision you ever had to make?
- Where do you see yourself in 5 years from now?
- According to your definition of success, how successful have you been so far?
- Why you want job in a Government Bank when you can get better salary in Private Jobs?
- What do you mean by Insurance Coverage?
- What is a premium?
- What do you mean by terms-insurer and insured?
- Who is the beneficiary?
- What is the contestable period’ in insurance policy?
- What is the difference between “revocable beneficiary” and “irrevocable beneficiary”?
- What is no-claim bonus?
- What is ‘declaration page’ in insurance policy?
- What do you mean by ‘Loss Payee’?
- What do you mean by ‘Deductible’?
- What is Co-insurance?
- What do you mean by term “Annuity”?
- What is the Surrender Value?
- What is Paid Value?
- Is it advisable to replace the policy with another policy?
- How to claim the policy?
- What happens if you fail to make required premium payments?
- Is it safe to pay the premium through Insurance Agent?
- Is it possible to get the full payment on cancelling the new policy in free look period?
- What is the difference between the participating and non-participating policy?
- What is ‘schedule of loss’ in home insurance?
- What is the difference between the ‘All perils’ and ‘Specified perils’ coverage in home insurance coverage?
- What is a ‘PLPD’ insurance stand for?
- What is ‘collision coverage’ and ‘comprehensive coverage’ in Auto insurance?
- What is the difference between the ‘single limit liability’ coverage and ‘split liability coverage’?
- What is ‘gap insurance’?
- What is Personal Accident cover?
- Does beneficiary have to pay tax on the proceeding of life insurance policy?
- What is ‘group life’ insurance?
- What is an ‘Endowment Policy’?
- What is Elimination period in insurance?
- What do you mean by term ‘cash value’?
- What happens to the cash value after the policy is fully paid up?
- What is subrogation?
- What do you mean by term ‘Double Indemnity’?
- What does ‘Indemnity’ term means?
- What does General Insurance Policy cover?
- What is the difference between the participating and non-participating policy?
- Can beneficiary claim the policy if the insured person is missing or disappeared for several years?
- What do you mean by ‘Additional insured’?