Lagaan

( LIC ) of India conducted Apprentice Development Officer ( ADO ) exam previously in 2008.  For ready reference of the  candidates who are now waiting for interview call in 2010 we are providing some questions and answers of 2008 interviews.  In addition to these previously asked questions, we are also providing the probable questions those are to be faced by the aspirants in 2010.

The aspirants are requested to post their personal experience in forthcoming interviews in comments section available below.

#Q1 What do you know about Life Insurance ?

(A)      Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

* The date of maturity, or

* Specified dates at periodic intervals, or

* Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates ‘risk’, substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.

By and large, life insurance is civilisation’s partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

1. That of dying prematurely leaving a dependent family to fend for itself.

2. That of living till old age without visible means of support.

#Q2  Do you explain who can buy a Policy ?

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one’s spouse or children. While underwriting proposals, certain factors such as the policyholder’s...