Life Insurance Corporation of India Interview Questions, Process, and Tips

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 financ

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 ...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 ...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 insur...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 ...read more