Life Insurance Corporation of India Insurance Adviser Interview Questions and Answers

The policyholder bears the investment risk in a Unit Link insurance policy.

• The policyholder chooses the investment fund and bears the risk of market fluctuations.

• The insurance company only guarantees the death benefit or maturity benefit, not the investment returns.

• The policyholder can switch between funds to manage risk.

• If the policyholder dies, the nominee receives the higher of the sum assured or the fund value.

• The policyholder can surrender the policy and receive the fund...read more

LIC, or Life Insurance Corporation of India, was established in the year 1956.

• LIC was established on September 1, 1956.

• It was formed by merging more than 200 insurance companies and provident societies.

• LIC is the largest insurance company in India and offers a wide range of insurance products.

• It operates in both life and non-life insurance sectors.

• LIC has played a significant role in promoting life insurance and financial inclusion in India.

We plan to meet possible clients through various channels and networking opportunities.

• Attending industry events and conferences

• Utilizing social media platforms to connect with potential clients

• Referral programs and word-of-mouth marketing

• Cold calling and email outreach

• Partnering with other businesses to offer joint services

• Advertising through targeted online and offline channels

Insurance business started in ancient times with the concept of risk sharing.

• The concept of insurance can be traced back to ancient civilizations such as Babylon and China.

• In the 14th century, insurance policies were sold in Italy to protect against losses due to shipwrecks.

• The first insurance company in the United States was founded in 1732 by Benjamin Franklin.

• Insurance has evolved over time to cover a wide range of risks, including health, property, and liability.

• Today, in...read more

General insurance belongs to the principles of indemnity, insurable interest, utmost good faith, and proximate cause.

• Indemnity principle ensures that the insured is compensated for the actual loss suffered.

• Insurable interest principle requires that the insured has a financial interest in the subject matter of insurance.

• Utmost good faith principle requires both parties to disclose all material facts related to the insurance contract.

• Proximate cause principle states that the in...read more

Insurance is a contract between an individual and an insurance company, providing financial protection against potential losses.

• Insurance is a form of risk management, where the insured pays a premium to the insurer in exchange for coverage.

• It provides financial compensation in case of specified events, such as accidents, illnesses, property damage, or death.

• Insurance helps individuals and businesses mitigate the financial impact of unexpected events.

• There are various types o...read more