20+ 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

Some savings instruments in the Indian financial market include fixed deposits, recurring deposits, public provident fund, and mutual funds.

• Fixed deposits: Offer fixed returns over a specific period of time.

• Recurring deposits: Regular monthly deposits with fixed interest rates.

• Public Provident Fund (PPF): Long-term savings scheme with tax benefits.

• Mutual funds: Pooling money from multiple investors to invest in securities.

Insurance is a contract between an individual or organization and an insurance company, where the insurer provides financial protection against potential losses.

• Insurance is a risk management tool that helps individuals and organizations protect themselves against potential financial losses.

• It involves the transfer of risk from the insured to the insurer in exchange for payment of a premium.

• There are various types of insurance such as life insurance, health insurance, auto in...read more

Marketing can be both tough and easier depending on various factors.

• Marketing can be tough because it requires a deep understanding of consumer behavior and market trends.

• It can be challenging to create effective marketing strategies that resonate with the target audience.

• Marketing also involves dealing with competition and constantly evolving technologies.

• On the other hand, marketing can be easier if there is a clear understanding of the target market and effective communica...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

The current inflation rate in India is around 6.26% as of September 2021.

• The inflation rate in India is influenced by factors such as food prices, fuel prices, and government policies.

• Inflation can impact the cost of living, interest rates, and overall economic growth.

• As of September 2021, the inflation rate in India was reported to be around 6.26%.

Options trading is a type of trading where individuals can buy or sell options contracts based on the price movements of underlying assets.

• Options give the holder the right, but not the obligation, to buy or sell an underlying asset at a specified price before a certain date.

• There are two types of options: call options (which give the holder the right to buy) and put options (which give the holder the right to sell).

• Options trading can be used for speculation, hedging, or gen...read more

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

I believe in the importance of insurance as a financial tool to protect individuals and businesses from unexpected risks.

• Insurance provides financial security and peace of mind in case of emergencies or unforeseen events.

• It helps individuals and businesses manage risks and protect their assets.

• Selling insurance requires understanding the needs of clients and providing them with suitable coverage options.

• Insurance agents play a crucial role in educating clients about the benef...read more

LIC, or Life Insurance Corporation of India, was formed on September 1, 1956.

• LIC was formed on September 1, 1956.

• It was created by the merger of 245 insurance companies.

• LIC is the largest insurance company in India.

• It offers a wide range of insurance and investment products.

• LIC has played a significant role in the development of the insurance sector in India.

Insurance coverage refers to the amount of protection provided by an insurance policy.

• Insurance coverage is the extent to which an insurance policy protects the insured against financial loss.

• It can include protection for property damage, liability, theft, and personal injury.

• The coverage amount is determined by the policyholder's needs and the type of policy they choose.

• For example, a car insurance policy may provide coverage for damage to the insured's vehicle, as well as l...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

Principles of indemnity refer to the concept of restoring the insured to the same financial position as before the loss occurred.

• Indemnity is the basic principle of insurance

• It means that the insured should not profit from a loss

• The insurer is only liable to pay the actual amount of loss suffered by the insured

• The insured must have an insurable interest in the subject matter of insurance

• Example: If a car worth $10,000 is insured for $15,000 and is damaged, the insurer will on...read more

I sell insurance by understanding the customer's needs and providing them with suitable options.

• Listen to the customer's requirements and concerns

• Explain the benefits and features of the insurance policy

• Provide personalized solutions based on the customer's needs

• Build trust and rapport with the customer

• Follow up regularly to ensure customer satisfaction

• Provide excellent customer service

• Offer additional products or services to meet the customer's changing needs

Approach client through agent by building a strong relationship and clear communication.

• Establish trust with the agent first

• Clearly communicate your goals and expectations

• Provide necessary support and resources to the agent

• Regularly follow up and provide feedback

• Ensure transparency and honesty in all dealings

To convince those not interested in buying LICPolicy, I would focus on the benefits, value, and long-term financial security it provides.

• Highlight the financial security and protection provided by LICPolicy

• Emphasize the benefits and value of the policy, such as tax benefits, guaranteed returns, and life coverage

• Share success stories or testimonials of individuals who have benefited from LICPolicy

• Offer personalized solutions based on the individual's financial goals and needs

• A...read more

To increase sales, focus on understanding customer needs, building relationships, offering value, and utilizing effective marketing strategies.

• Understand customer needs and preferences to tailor your approach

• Build strong relationships with customers to increase loyalty and repeat business

• Offer value through promotions, discounts, or personalized solutions

• Utilize effective marketing strategies such as social media, email campaigns, and targeted advertising

Yashwantrao Chavan was the finance minister at the time of LIC Nationalisation.

• Yashwantrao Chavan was the Finance Minister of India from 1966 to 1970.

• LIC (Life Insurance Corporation of India) was nationalized in 1956.

• Yashwantrao Chavan played a key role in the nationalization of LIC.

Life insurance is a contract between an individual and an insurance company, providing financial protection to the individual's beneficiaries upon their death.

• Life insurance is a form of risk management that pays a specified amount of money to the insured person's beneficiaries upon their death.

• It provides financial security and peace of mind to the insured person's loved ones, ensuring they are taken care of financially in the event of their death.

• Premiums are paid by the in...read more

Controlling the system involves setting up protocols, monitoring performance, and implementing corrective measures.

• Establish clear protocols and guidelines for operation

• Regularly monitor system performance and identify any deviations

• Implement corrective measures to address issues and improve efficiency

• Train personnel on proper system control procedures

• Utilize technology for automated monitoring and control

• Maintain regular communication with stakeholders for feedback and updat...read more

Managing customers involves effective communication, understanding their needs, providing excellent service, and building strong relationships.

• Listen actively to customers to understand their needs and concerns

• Provide prompt and efficient service to meet customer expectations

• Communicate clearly and professionally to address any issues or questions

• Build rapport and trust with customers to create long-lasting relationships

• Handle complaints or difficult situations with empathy a...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.

• It involves the transfer of risk from an individual to an insurance company.

• Insurance policies provide coverage for various types of risks, such as property damage, liability, health, and life.

• Premiums are paid by the insured in exchange for the coverage provided by the insurance company.

• Insurance helps individu...read more

The annual income for an Insurance Associate varies based on experience and location.

• Annual income for entry-level positions typically ranges from $30,000 to $50,000

• Experienced Insurance Associates can earn upwards of $100,000 per year

• Location can also impact salary, with higher salaries in metropolitan areas

• Commission and bonuses may also be included in the annual income