Aam Admi Bima Yojana

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1. ____________ is a percentage of the premium appropriated towards charges before allocating the units under the policy.
(a) Premium Allocation Charge
(b) Surrender Charges
(c) Policy/Administration Charges
(d) Fund Management Fees
(e) Mortality Charges

Ans.(a)
Sol. Premium Allocation Charge is a percentage of the premium appropriated towards charges before allocating the units under the policy. This charge normally includes initial and renewal expenses apart from commission expenses.

2. Which among the following is not a public sector insurance company?
(a) Life Insurance Corporation of India (LIC)
(b) Bajaj Allianz Life Insurance
(c) The new India assurance company limited (NIACL)
(d) Agriculture insurance company of India limited (AICIL)
(e) National insurance company limited (NICL)

Ans.(b)
Sol. Bajaj Allianz General Insurance is a private general insurance company in India.

3. The _____________ is usually comprised of organizations that are owned and operated by the government and exist to provide services for its citizens.
(a) citizen sector
(b) limited sector
(c) public sector
(d) private sector
(e) None of the given options is true

Ans.(c)
Sol. The Public Sector is usually comprised of organizations that are owned and operated by the government and exist to provide services for its citizens.

4. The party who pays for loss in an insurance arrangement is called?
(a) Premium
(b) Agent
(c) Broker
(d) Insurer
(e) Insured

Ans.(d)
Sol. Insurer are pays for loss in an insurance arrangement.

5. The premium of _____________ per person per annum is shared equally by the Central Government and the State Government in the Aam Admi Bima Yojana (AABY)?
(a) Rs.1000
(b) Rs.1500
(c) Rs.3000
(d) Rs.500
(e) Rs.200

Ans.(e)

Sol. The premium of Rs.200 per person per annum is shared equally by the Central Government and the State Government in the Aam Admi Bima Yojana (AABY).

6.A separate fund called “Aam Admi Bima Yojana Premium Fund” has been set up by Central Govt. to pay the Govt. contribution. Fund is maintained by-
(a) Life Insurance Corporation of India (LIC)
(b) Reserve Bank of India (RBI)
(c) The new India assurance company limited (NIACL)
(d) Agriculture insurance company of India limited (AICIL)
(e) National insurance company limited (NICL)

Ans.(a)

Sol. A separate fund called “Aam Admi Bima Yojana Premium Fund” has been set up by Central Govt. to pay the Govt. contribution. Fund is maintained by LIC. A free add-on benefit in the form of scholarship to children is also available under the Scheme

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