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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in PRESENTS Hello Sehpaathians, We team Sehpaathi brings to you the most awaited LIC AAO General Awareness Capsule to boost your preparation. This capsule is a compilation of last 3 months of GK and Current Affairs i.e December, January & February and along with GK covered in an extensive manner. As this is an Insurance exam so we have covered insurance part as well in a best manner. We hope this capsule will be very useful for all of you for a good preparation and you will be able to crack the LIC AAO with flying colours. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Nation Highlights (INDIA)  India’s first injectible Inactivated Polio Vaccine (IPV) as a part of Global endgame strategy was launched by Union Government.  First state in India to launch Rotavirus vaccination project will be honoured to Himachal Pradesh.  Biodiesel for operating of trains will be introduced by South Western Railway zones.  First fully air conditioned double decker train will start operating from Goa to Mumbai by Ministry of Railways.  “Online labs”-e learning programme will be launched by Ravi Shankar Prasad, Minister of Communications & IT.  Maharashtra has become country’s first state to allow the MLAs to raise online questions  Uttar Pradesh government bans use of polythene bags across the State as per the directives of Allahabad High Court to prohibit its usage.  Maharashtra Chief Minister Devendra Fadnavis inaugurates India’s biggest wildlife rescue center in presence of State Forest Minister Sudhir Mungantiwar at Nagpur  Jharkhand Government inaugurated land bank web portal jharbhoom.nic.in  Kakatiya thermal plant commissioned in Telangana  Union Cabinet Approved Standup India Scheme to Promote Entrepreneurship among SC/ST and Women  ‘Operation Dhangu’, the codename given to the mission to eliminate the terrorists in the Pathankot Air Force Station  Punjab Bans Manufacture of Gutkha, Pan Masala  Haryana child sex ratio rises by over 5%  Jallikattu in T.N., bullock cart race in Maharashtra cleared  Mysore to get India’s 1st River Gallery LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  Kerala First to achieve 100% primary Education  20th National Youth Festival inaugurated in Naya Raipur  BSNL starts 4G service with soft launch in Chandigarh  Sikkim becomes India’s First Fully Organic state  India’s Mukesh Ambani, Azim Premji & two others among world’s 62 super-rich  Maharashtra first state to give maternity leave in Surrogacy  Jodhpur’s Umaid Bhawan Palace named the world’s best hotel of 2016  India's first blind friendly train, from Mysuru to Varanasi  AIR launches 24*7 classical music channel  Ahmedabad nominated for UNESCO heritage city tag  Kerala To Host Global Skill Summit  Commemorative Coin of 150 rupees & Circulation Coin of 10 rupees on Lala Lajpat Rai released  French army soldiers became the first foreign military contingent to take part in India's Republic Day parade  Kerala to launch Transgender run G-Taxi Service.  Low cost motorized wheelchair LOCOMO launched by Union Government for disabled persons.  DIPP gives nod to set up India’s first Defence Industrial Park at Ottappalam.  India gets its first underwater restaurant  India’s 1st railway university to come up in Gujarat.  MGNREGA as scheme completes 10 years  Persons with disability to get Unique identity cards  Infosys to build the World’s tallest Clock Tower.  Odisha Government allowed tourists into certain tribal areas after three years ban  International Fleet review began at Visakhapatnam  First Kerala Literature Festival began at Kozhikode  Arun Jaitley launches Finance Ministry’s official YouTube channel  The Sri Aurobindo International Centre for Education (SAICE),Puducherry has become India's first fully solar powered educational Institute.  Maharashtra to get India’s 1st International Arbitration centre  Union Government launched 24x7 toll free Tourist Infoline in 12 International Languages LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  National Deworming campaign launched by Union Health ministry  Assam CM Gogoi unveiled Vision Assam 2030  Union Government released National Framework for Malaria elimination  Elephanta Island off the coast of Mumbai to receive electricity from August 15  Gujarat to have India’s first disabled-friendly beach  Goa may term National Bird Peacock as 'Vermin'  Next phase of Odd-even traffic rationing scheme to be implemented from April 15  1st Mega Food Park in Madhya Pradesh inaugurated at Panwa  Bhubaneswar among cleanest cities in country  National Green Tribunal approved the controversial Hubli-Ankola railway line in Karnataka  Oracle To Open Its First India Campus In Bengaluru.  Rajya Sabha passed the Juvenile Justice (Care and Protection of Children) Bill, 2015. India’s Latest Ranking in World In Various Sectors:  India 2nd Largest Fruit Producer In World After China  India ranks 52nd in Tourism and Travel Competitive Index: WEF  India slips to 89th rank in global talent competitiveness  India got 130th rank in Human Development Index by upgrading 5 ranks  India ranked 76 in Transparency International Report 2015  India ranked 22nd among world’s best countries INTERNATIONAL HIGHLIGHTS  Government of Nepal on 20 December 2015 decided to amend the Constitution to address two key demands of agitating Madhesis regarding proportional representation and constituency delimitation.  India and France has launched International Solar Alliance (ISA) at the Conference of Parties (CoP21) Climate Conference in Paris, France  Production of China's first manned electric aircraft RX1E is ready  New Anti-Terrorism law to strip citizenship has been passed by Australia  Chinese capital Beijing issued it’s first-ever “red alert” on air pollution LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  5th “Heart of Asia” conference has begun at, Islamabad Pakistan  Time magazine has remarked German Chancellor Angela Merkel as Person of the Year 2015  World’s first dengue fever vaccine Dengvaxia was cleared by Mexico for public use.  Philippines will be hitted by Typhoon Melor  37-metre-tall golden Chairman Mao statue appears in the Chinese countryside  Largest blue star sapphire found in Sri Lanka  Huawei becomes first Chinese company to ship more than 100 million smart phones in a year  India will be Nepal PM Oli’s first foreign visit  ‘Mein Kampf’ published in Germany for first time since WWII  China’s country code domain “.cn” becomes world’s largest  Burkina Faso's president named Paul Kaba Thieba as Prime Minister  WHO declares LIBERIA ebola-free  Italian town welcomes first baby in 28 years  Strong 7 magnitude earthquake strikes eastern Russia  Vietnam lifted ban on import of Groundnut from India  World’s first ‘robot-run’ farm set to open in Japan  The Parliamentray session that will install Myanmar's first democratically elected government in over 50 years.  Dubai International Airport World's busiest in 2015  Vietnam gets world’s longest cable car system  The United Nations Postal Administration has released six new postage stamps promoting equality for lesbian, gay, bisexual and transgender people.  Canada imposes restrictions on blood donations to prevent Zika virus  Earthquake of 5.2 magintude hit Indonesia  Strong 6.4 magnitude quake hits Taiwan  Indo Seychelles Joint Military Exercise (EX LAMITYE)  Dubai To Build World's Largest Mall  Gambia’s President has declared the country an Islamic republic, saying he decided this because Islam is the religion of the majority of its citizens. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in Construction work on the TAPI (Turkmenistan-Afghanistan-Pakistan-India) Gas Pipeline project started in Turkmenistan. NEW APPOINTMENTS INDIA:  President of the Institute of Company Secretaries of India (ICSI) - Mamta Binani  Secretary, Ministry of Food Processing Industries - Avinash K Srivastava  Secretary, Department of Empowerment of Persons with Disabilities, Ministry of Social Justice and Empowerment - Vinod Agrawal  Secretary, Ministry of Tribal Affairs 14. JS Deepak Telecom Secretary - Shyam S Agarwal  'Incredible India' brand ambassadors - Amitabh Bachchan & Priyanka Chopra  Executive Director of Greenpeace India - Noted environmentalist Ravi Chellam  Chairman of Central Board of Direct Taxes (CBDT) - Atulesh Jindal  President of BJP Party - Amit Shah  Chairman and Managing Director of General Insurance Corporation of India - Alice Vaidyan  Chairman and Managing Director (CMD) of NTPC Ltd 8. Justice Sanjay Mishra Lokayukta of Uttar Pradesh - Gurdeep Singh  Secretary, Ministry of Micro, Small and Medium Enterprises (MSME) - KK Jalan  Secretary, Department of Agriculture, Cooperation and Farmers Welfare - Shobhana K Pattanayak  India’s Ambassador to Mexico - Muktesh Kumar Pardeshi  India's ambassador to Israel - Pavan Kapoor  Chief Operating Officer (COO) and President, Wipro - Bhanumurthy B M  Chief Executive Officer (CEO) of Food Safety and Standards Authority of India (FSSAI) - Pawan Kumar Agarwal  Technology Advisor to the Odisha Government - Satyanarayan Gangaram Pitroda  Deputy Governor of Reserve Bank of India (RBI), for a second three-year term - Dr Urjit R Patel LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in General President of the 105th Indian Science Congress Association (ISCA) - Dr Achyuta Samanta  Chairman and Managing Director ,Madras Fertilzers - AB Khare  Chairman, Industry body Internet and Mobile Association of India (IAMAI) - Kunal Shah  Chairman of fair-trade regulator Competition Commission of India (CCI) - Devender Kumar Sikri  Chief Commissioner for Persons with Disabilities (CCPD) - Kamlesh Kumar Pandey  Commissioner of Police of Mumbai - Datta Padsalgikar  Industry Development, Strategic Partnerships and Offsets in Airbus Group - Ashish Saraf  Chief Executive Officer (CEO), Flipkart - Binny Bansal  Chairman of Assocham Karnataka Regional Council - R Shivakumar  12-member board of directors in Asian Infrastructure Investment Bank (AIIB) - Dinesh Sharma  CEO and Managing Director, Mindtree - Rostow Ravanan  Chief Executive Officer and Managing Director, Tata Motors' Group - Guenter Butschek  CMD of Defence PSU BEML Ltd - D.K.Hota  Chairman-cum-Managing Director of Central Mine Planning & Design Institute Ltd - Shekhar Saran  Chairman and Managing Director (CMD), Bharat Heavy Electricals Limited (BHEL) - Atul Sobti  Country Manager for India, LinkedIn - Akshay Kothari  CEO, Wipro - Abidali Neemuchwala  Registrar General and Census Commissioner – Sailesh  Chief Executive Officer (CEO) of NITI Aayog - Amitabh Kant  Chief Justice of Bombay High court - Justice D H Waghela  Ambassador For Make In India - Piruz Khambatta  Director of Indian Institute of Millets Research (IIMR) - Vilas A.Tonapi  New Chairman of TERI - Ashok Chawla  Secretary to the Department of Industrial Policy and Promotion (DIPP) in the Commerce and Industry Ministry - Ramesh Abhishek  New Australian High Commissioner to India - Harinder Sidhu  Chief Justice of the Orissa High Court - Dhirendra Hiralal Waghela  Executive Vice Chairman of TERI - Rajendra K Pachauri LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in President of South Asian Wrestling Federation - Brij Bhushan Singh INTERNATIONAL  New President of Burkina Faso - Roch Marc Christian Kabore  New President of the Royal Society - Sir Venkatraman Ramakrishnan  New Chairperson of the prestigious Radiological Society of North America (RSNA) Board of Directors - Dr Vijay M Rao (Indian-American)  New President of Argentina - Mauricio Macri  New Finance Minister of South Africa - Pravin Gordhan (Indian-Origin Politician)  New Chief Operating Officer (COO) of Apple Inc - Jeff Williams  12th Prime Minister of Georgia - Giorgi Kvirikashvili  Lifetime achievement award at Asian Business Leadership Forum 2015 - Hinduja Brothers  Golden Peacock Award for Best Film at IFFI 2015 - Embrace of the Serpent (Directed by Ciro IMPORTANT AWARDS AND HONOURS Guerra)  E-India Award - Delhi Development Authority (DDA)  ITC Sangeet Samman Award - L Subramaniam (Renowned violinist)  Indian National Bar Association's (INBA) General Counsel of the year 2015 - Pulin Kumar (Group Senior Legal and Compliance Director of Adidas India)  'Forbes Top 100 Middle East - Global Meets Local 2015' Award - Tech Mahindra  2015 Uttar Pradesh Ratna Award - Frank Islam (Indian-American Entrepreneur)  Life membership of the Marylebone Cricket Club (MCC) - Mahela Jayawardene (former Sri Lanka Captain)  2016 Queen's Young Leaders award - India’s Kartik Sawhney and Neha Swain  Lifetime achievement award at the Dubai International Film Festival (DIFF) - Naseeruddin Shah (Veteran Bollywood actor)  2015 Mailer Prize for Lifetime Achievement - Salman Rushdie (India-born author)  2015 Aegis Graham Bell Award for innovation in Internet of Things (IoT) - Wipro  Padma Vibhushan Award - Dilip Kumar (Legendary Bollywood actor) LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in 2015 South East Asian Write Award for Singapore - Jamaludeen Mohamed Sali (Indian-origin Tamil writer)  Lifetime Achievement Award by the West Bengal Government - Bappi Lahiri and Kumar Sanu (Veteran music composer)  2016 Genesis Prize- Violinist Itzhak (Israeli-American)  International Artist Grand Prize Competition-2016 - K.S.Kamesh (His painting 'Amalgamation' was selected for this prize)  Kendra Sahitya Akademi award 2015 - Bibhuti Patnaik (Noted Columnist and Novelist)  Sahitya Akademi awards announces for the year 2015 Poetry: Brajendra Kumar Brahma (Bodo), Dhian Singh (Dogri), Ramdarash Mishra (Hindi), K.V. Tirumalesh (Kannada), Kshetri Rajan (Manipuri) and Ram Shankar Awasthi (Sanskrit). Short stories: Kula Saikia (Assamese), Man Mohan Jha (Maithili), Gupta Pradhan (Nepali), Bibhuti Pattanaik (Odia), Maya Rahi (Sindhi) and Volga (Telugu). Novels: Cyrus Mistry (English), Jaswinder Singh (Punjabi) and MadhuAcharya Ashawadi’ (Rajasthani). Essays: Rasik Shah (Gujrati) and A. Madhavan (Tamil). Plays: UdayBhembre (Konkani), RabilalTudu (Santali). Books on criticism: Bashir Bhadarwahi (Kashmiri) and Shamim Tariq (Urdu). Memoirs: ArunKhopkar (Marathi).  Miss Universe 2015 - Pia Alonzo Wurtzbach (Philippines)  Miss World 2015 - Mireia Lalaguna Royo (Spain)  US National Medal of Science 2015 - Rakesh K Jain (Indian American)  Indian American doctor named as Ohio’s first Poet Laureate - Amit Majmudar  Nominated for CK Nayudu Lifetime Achievement Award - Syed Kirmani former Indian WicketKeeper  Winner of the prestigious award in the UK for creating an innovative electronic smart key system - Nandagopal Lakshminarayanan  Topped in list of 2015 Fortune 500 Companies in India - Indian Oil Corp  Export Quality Excellence Award - CRI Pumps (11th time in row) LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  Selected for 51st Jnanpith Award - Raghuveer Chaudhary (Noted Gujarati Writer)  Recorded in LIMCA book of records - Sudarsan Pattnaik (Sand artist, for creating a 45 feet high sand Santa Claus at Puri beach)  Honoured with a Knighthood from Queen Elizabeth II - Harpal Singh Kumar (An Indian-origin cancer research expert)  2015 eASIA award for trade facilitation - Drug Authentication and Verification Application (DAVA) project  Prestigious 2015 Sangita Kalanidhi Award - Vocalist Sanjay Subrahmanyam  Kerala Tourism’s Nishagandhi Puraskaram 2016- Music maestro Ilaiyaraja  National Payments Excellence Awards 2015 - Corporation Bank  2015 Costa Novel Prize for A God in Ruins - Kate Atkinson  1st Indian to Bag People’s Choice Award - Priyanka Chopra  Golden Globes winners - Kate Winslet  Winner of FIFA Ballon d’Or award 2016 - Lionel Messi  2015 Harikrishna Devsare Baalsahitya Award - Poet Balkrishna Garg  National Award on e-Governance - Employees’ Provident Fund Organization (EPFO)  Humanitarian Leadership prize - David Beckham footballer  Times Now Amazing Indians Awards 2016 - Prime Minister Narendra Modi  Lee Kuan Yew Exchange Fellowship - Shivraj Singh Chauhan  Lorenzo Natali Media Prize for work on Khap panchayats - Ankita Anand (Delhi-based writer)  Prof MV Pylee Award for the Distinguished Academician of India - Dr Jancy James  Best Film at the 61st Britannia Filmfare awards 2016 - Bajirao Mastani  The Hindu Prize, 2015 - Easterine Kire  2016 DSC Prize for Sleeping on Jupiter - Anuradha Roy  Scientific and Technical Achievement Award 2016 - Rahul Thakkar  Yash Chopra Memorial award - Rekha (Veteran Bollywood actress)  Highest civilian honour, the Order of Australia - Sajeev Koshy (Kerala Dentist)  2016 Technical Achievement Award of Academy of Motion Pictures - Cottalango Leon  Param Vishisht Seva Medal - Vice Admiral Ashok Subhedar  V Shantaram Life Time Achievement Award at MIFF 2016 - Naresh Bedi (wild life film maker) LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in Amnesty International Human Rights Award 2016 - Henri Tiphagne (Indian Human Rights Activist)  Indian Association of Pharmaceutical Scientists and Technologists (IAPST) award for 2015 Purushotham Rao (Pharmacist)  Prestigious K Veeramani Social Justice Award - Nitish Kumar (Bihar Chief Minister)  2016 William E. Colby Award - Nisid Hajari  Directors Guild of America award 2015 - Revenant director Alejandro Gonzalez  Golden Beaver Best Film Award - ‘Nagaland is changing, But…’, a film on conservation efforts by villagers. OBITUARIES  Aroon Tikekar - Senior journalist and scholar  Mrinalini Sarabhai -Eminent danseuse & wife of the late Dr Vikram Sarabhai, father of India’s space programme.  Ettore Scola - Italian director  Nirmala Gajwani - Former Deputy Speaker of Gujarat Assembly and Social Activist  Pandit Shankar Ghosh - Eminent Tabla player  Kalpana - National award-winning actress  Marvin Minsky - The pioneer of artificial intelligence  Abe Vigoda - Actor known for his work in The Godfather  General Kotikalapudi Venkata Krishna Rao - Former Army Chief  Rajesh Vivek Upadhyay - Bollywood actor  Alan Rickman - Actor  Ventrapragada Rama Rao - Veteran BJP leader and former Sikkim Governor  Lakshman Rao Mohite alias Geethapriya - Renowned film-maker  Yasutaro Koide - The world’s oldest man at the age of 112  Glenn Frey – A founding member and guitarist of the Eagles  Sarosh Homi Kapadia - Ex-Chief Justice of India  Mufti Mohammad Sayeed - Jammu and Kashmir Ex-Chief Minister  Labhshankar Thakar - Noted Gujarati writer and poet  Ravindra Kalia - Noted Hindi writer and journalist LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  David Bowie- British singer  Maria Teresa de Filippis - First woman to compete in a world championship F1 Grand Prix  Sadhana - Yesteryear Hindi film actress  V S Malimath - Former Chief Justice of Karnataka and Kerala High Courts Justice  Haskell Wexler - Oscar-winning cinematographer  George Clayton Johnson - Popular science-fiction writer  Ian Fraser Lemmy Kilmister - Founding member and singer in the British band Motorhead  Subir Sen - Veteran singer  General Om Prakash Malhotra - Former Punjab Governor and ex-Chief of Army  Peter Dickinson - British Novelist  Chatla Sriramulu - Noted writer and theatre artiste  Sharad Anantrao Joshi - Renowned Agro-Economist and Veteran Leader of farmers  Ustad Sabri Khan - Renowned sarangi player  Eldar Ryazanov - Russian film Director  MAM Ramaswamy - Industrialist, Founder of Chettinad Group, Former parliamentarian  Anil Ganguly - Noted filmmaker  Haskell Wexler - Influential Oscar-winning cinematographer DEFENCE NEWS  India-Russia joint naval exercise-INDRA NAVY-15 has begun in Visakhapatnam, Andhra Pradesh with its 8th edition  Pakistan has successfully test-fired nuclear-capable Shaheen-III ballistic missile.  Combined Commanders Conference, an annual tri-services event chaired by Prime Minister Narendra Modi was held on board INS Vikramaditya about 50 kms off Kochi coast.  Pakistan has successfully tested the nuclear-capable Shaheen-IA ballistic surface to surface missile with a range of 900 km.  SpaceX’s Falcon 9 rocket was successfully launched from Cape Canaveral, Florida carrying 11 satellites to low-Earth orbit and was also successfully landed after 10 minutes to the Earth.  India’s first indigenously designed & built warship INS Godavari decommissioned LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in Russia’s Rostech State Corporation has signed one billion US dollar deal with Hindustan Aeronautics Limited (HAL) to manufacture 200 Kamov 226T light helicopters.  China has successfully launched its most sophisticated observation satellite Gaofen-4, as part of the country’s high-definition (HD) earth observation Gaofen project.  Indigenously developed Beyond Visual Range (BVR) air-to-air missile, Astra, was on 25 December 2015 successfully test fired.  India’s second lunar probe Chandrayaan II will land on moon in 2017 and the country’s first solar mission Aditya L1 is likely to be launched in 2019.  Six satellites were launched using Polar Satellite Launch Vehicle (PSLV-C29) from the first launch pad of Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.  China launches satellite to search for signals of dark matter, an invisible material that makes up most of the Universe’s Mass  Defence Acquisition Council (DAC) has cleared the purchase of Russian advance S-400 Trium Air Defence Missile Systems at an estimated cost of 40,000 crore rupees.  Operation Cold was started by Border Security Force  Defence Procurement Procedure was changed: DAC  Defense Panel Submits report to Parrikar  Juvenile Justice Act comes into effect in India  “Naseem Al Bahr” a joint naval exercise was flagged by India and Oman SPORTS  India wins SAFF cup for the seventh time  ONGC won 26th Lal Bahadur Shastri Hockey tournament  Syed Kirmani Conferred With CK Nayudu Lifetime Achievement Award  Bavuma Becomes South Africa’s 1st Black Centurion  Apoorvi Chandela Wins GOLD at Swedish Air Rifle Championship  Sania Mirza-Martina Hingis pair starts 2016 with Brisbane International title  Stanislas Wawrinka won third consecutive Chennai Open title  Hardik Pandya smashes 39 runs in an over to surpass T20 world record in Syed Mushtaq Ali Trophy 2015-16  Colin Munro creates T20 record as New Zealand thrashes Sri Lanka to clinch series LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  Denmark’s sportsperson of the Year 2015: Rene Holten Poulsen  FIFA dismissed Secretary General Jerome Valcke  Ronaldinho named ambassador of Indian Tournament  Marat Safin inducted into International Tennis Hall of Fame  Mesut Ozil named 2015 German Player of the Year  Sania & Hingis Win Sydney International Title 2016  Indian Driver Jehan Daruvala won Lady Wigram Trophy motor race  Uttar Pradesh won Syed Mushtaq Ali Trophy  PV Sindhu wins Malaysia Masters title  India won Blind T20 Asia Cup  India beats Australia to complete T20 series sweep.  Polish professional footballer Robert Lewandowski’s nine minute, five-goal haul for German Football Club Bayern Munich against Wolfsburg was officially recognized by Guinness World Record.  India’s Thakur Anoop Singh won gold medal in the 7th WBPF World Bodybuilding and Physique Championships.  China’s Chen Long and all England and World champion Carolina Marin bagged the Badminton World Federation (BWF) Male and Female Player of the Year Awards respectively in Dubai.  Pune and Rajkot became the interim franchises in the Indian Premier League (IPL) till 2017.  Former Sri Lanka captain Mahela Jayawardene was awarded with an honorary life membership of the Marylebone Cricket Club (MCC).  Kerala’s Elizabeth Susan Koshy won the Women's 50m Rifle 3 Positions Gold at the 59th National Shooting Championships  Indian cyclist Deborah Herold became the first Indian female cyclist to be ranked fourth in the World Elite Women Ranking for the 500m time trial event.  New Zealand cricket captain Brendon McCullum on 22 December 2015 announced retirement from all forms of international cricket.  Vijay Kumar on 13 December 2015 won the centre fire pistol gold in the 59th National shooting championship LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in India’s star golfer Anirban Lahiri has won the coveted Order of Merit crown of Asian Tour for year 2015.  Apurvi Chandela from Rajasthan has won a Gold medal in the 59th National Shooting Championship in Delhi.  The National selectors decided that M.S. Dhoni will remain captain of the limited-overs sides till the World T20 championship in March.  The International Cricket Council (ICC) on 23 December 2015 announced the winners for the 2015 ICC Awards in Dubai, the UAE.  FC Barcelona on 20 December 2015 won the 2015 FIFA Club World Cup.  Chennaiyin FC was crowned as the champions of the 2nd Indian Super League (ISL) Football tournament on 20 December 2015.  India’s Abhay Singh on 20 December 2015 won the Under-19 Singapore Squash Open  Kane Williamson, 25, on 21 December 2015 became the first cricketer from New Zealand to top the International Cricket Council’s (ICC’s) Test rankings.  International Tennis Federation (ITF) on 22 December 2015 announced winners of 2015 World Champions.  Andy Murray of the UK on 20 December 2015 received the 2015 BBC Sports Personality of the Year award in London. BANKING  Reserve Bank of India holds it policy rate 6.75% steady and relaxed the overseas borrowing rules for the domestic companies.  Axis Bank has become first Indian bank to offer ‘Display variant’ debit card which will be currently launched for NRE customers.  Tata Sons Ltd and Industrial and Commercial Bank of China Ltd (ICBC) have formed a long-term partnership, under which ICBC will become a strategic banking partner to the Tata group.  The Reserve Bank of India has cancelled the certificate of registration of 56 non-banking finance companies (NBFCs), including ABNL, Future Ventures India and Bajaj Finserve.  The Reserve Bank of India (RBI) announced revised Priority Sector Lending (PSL) norms for Regional Rural Banks (RRBs) LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in The Finance ministry recently announced mandatory furnishing of Permanent Account Number (PAN) for all transactions above Rs. 2 lakh through all payment modes with effect from January 1, 2016.  Reserve Bank of India (RBI) has extended the deadline for exchanging currency notes issued before 2005 of various denominations by another six months to June 30, 2016  IDFC Bank ties node with the TCS for core banking solution.  Life Insurance Corporation of India has launched, Jeevan Akshay IV, a plan for planning of post retirement.  Government of India has made to show Permanent Account Number (PAN) mandatory from 1st January 2016 for all the bills above Rs.50, 000.  RBI asked the banks to open banks in villages with a population of more than 5000  PNB launches host of digital banking solutions  IDBI decided to raise the stake by 25%  LIC offers longer cover under ‘Jeevan Labh’  RBI imposes Rs 1Cr fine on SBT  RBI Deputy governor Urjit Patel, set for term extension  ICICI Bank to Partner FINO PayTech for Payments Bank  IFSC banking units can open foreign currency current accounts  Bandhan Bank Mobilizes 5000 crore deposits till December  Banks may put 3-lakh cr of bad loans on the block in 2017: Arcil  SEBI lowers MF exposure limits  BSE to get its own postal stamp  SBI chief identifies four change drivers in Indian banking system  AADHAR not mandatory for direct Benefit Scheme  Banks to issue 2nd tranche of gold bond scheme  Xi Jin Ping officially launches AIIB  SBI to offer loans to e-commerce sellers  RBI permits banks to sell India Gold Coins  Jan Dhan account deposits cross Thirty Thousand Crore Rupees  RBI to introduce new 500,100 rupee notes LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  KickStarter launches official Android app  RBL launches banking platform for entrepreneurs  Rajan joins World Economic Forum task force  SBI, BoB and other PSBs creating anti-money laundering framework for overseas branches Important Calendar Days (Feb-April) February  13th Feb———————————————-Sarojini Naidu’s Birthday  28th Feb———————————————-National Science Day March  3rd March——————————————–National Defense Day  4th March——————————————–National Security Day  8th March——————————————–International Women’s Day Mother’s Day  9th March——————————————–CISF Rising Day  15th March——————————————Consumers Right Day  22nd March—————————————–World Water Day  24th March—————————————–World TB Day April  5th April ——————————————National maritime Day  7th April——————————————-National Health Day  13th April—————————————–Jallianwalan Bagh Massacre Day  17th April —————————————-World Haemophilia Day  18th April—————————————–World Heritage Day  22nd April—————————————-Earth Day LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in IMPORTANT DAYS OBSERVED RECENTLY  World Wetlands Day – 2 February  World Cancer Day – 4 February  International Day of Zero Tolerance for Female Genital Mutilation – 6 February  First 'National Deworming Day' – 10 February  6th National Voters’ Day - 25 January.  67th India’s Republic Day - 26 January 2016  150th birth anniversary of Lala Lajpat Rai - 28th January 2016  International Day of Commemoration in memory of the victims of the Holocaust - 27 January  Anti-Leprosy Day - 30 January  National Youth Day - 12 January  11th World Hindi Day - 10 January  National Mathematics Day - 22 December  30th National Consumers Right Day - 24 December  Good Governance Day - 25 December  International Migrants Day - 18 December  Vijay Diwas - 16 December  Human Rights Day - 10 December  International Day for the Abolition of Slavery - 2 December  44th Navy Day - 4 December  International Volunteer Day (IVD) - 5 December  World Acquired Immuno Deficiency Syndrome (AIDS) Day - 1 December  International Day for the Abolition of Slavery - 2 December LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in 118th Birth Anniversary of Netaji Subhash Chandra Bose / National Day of Patriotism / Desh Prem Divas - 23 January  National Girl Child Day - 24 January Gallantry Awards: President Pranab Mukherjee has conferred the country’s highest peacetime gallantry award Ashok Chakra to Lance Naik Mohan Nath Goswami posthumously. On the eve of 67th Republic Day celebrations President has approved 365 Gallantry awards and other Defence decorations to Armed Forces personnel and others. It includes one Ashoka Chakra, 4 Kirti Chakras and 11 Shaurya Chakras. Ashok Chakra:  Lance Naik Mohan Nath Goswami (Posthumous). He belonged to 9 PARA (Special Force) and laid down his life while fighting LeT militants in Kupwara district of Jammu and Kashmir. Kirti Chakra:  Subedar Mahendra Singh of 9 PARA (Special Force).  Sepoy Jagdish Chand (Posthumous) of 546 DSC Platoon. Shaurya Chakra:  Colonel Santosh Mahadik (Posthumous) of 41 Rashtriya Rifle (PARA).  Major Praphul Kumar Bhardwaj of 12 PARA (Special Force).  Major Sandip Yadav of 55 Rashtriya Rifle (Armed).  Major Anurag Kumar of 9 PARA (Special Force).  Lieutenant Harjinder Singh of 3 KUMAON.  Naik Satish Kumar (Posthumous) of 21 Rashtriya Rifle (Guards).  Naik Kheem Singh Mehra of 21 KUMAON.  Sepoy Dharma Ram (Posthumous) of 1 Rashtriya Rifle (MAHAR). LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in 61st Filmfare Awards The grand annual 61st Filmfare Awards event was organised in Mumbai, Maharashtra on January 15, 2016. Bajirao Mastani was 8 awards was the film winning highest number of awards. Awards in various categories are’ Best Actor: Ranveer Singh (Bajirao Mastani) Best Actress: Deepika Padukone (Piku) Best Film: Sanjay Leela Bhansali (Bajirao Mastani) Best Director: Sanjay Leela Bhansali (Bajirao Mastani) Lifetime Achievement: Moushumi Chatterjee Best Debut Director: Neeraj Ghaywan (Massan) Best Debutant (Male): Sooraj Pancholi (Hero) Best Debutant (Female): Bhumi Pednekar (Dum Laga Ke Haisha) Critics Award for Best Film: Piku Critics Award for Best Actor (Male): Amitabh Bachchan (Piku) ICC AWARDS 2015 Announced Steve Smith became the fourth Australia player and 11th player overall to win the prestigious Sir Garfield Sobers Trophy after being named as the ICC Cricketer of the Year 2015. Australia captain also wins ICC Test Cricketer of the Year award while De Villiers named ICC ODI Cricketer of the Year. The full list of ICC Award 2015 winners is:  ICC Cricketer of the Year (Sir Garfield Sobers Trophy)-Steve Smith (Australia)  ICC Test Cricketer of the Year – Steve Smith (Australia)  ICC ODI Cricketer of the Year – AB de Villiers (South Africa)  ICC Women’s ODI Cricketer of the Year – Meg Lanning (Australia)  ICC Women’s T20I Cricketer of the Year – Stafanie Taylor (West Indies) LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  ICC T20I Performance of the Year – Faf du Plessis (South Africa)  ICC Emerging Cricketer of the Year – Josh Hazlewood (Australia)  ICC Associate/Affiliate Cricketer of the Year – Khurram Khan (UAE)  ICC Spirit of Cricket Award – Brendon McCullum (New Zealand)  ICC Umpire of the Year (David Shepherd Trophy) – Richard Kettleborough The Juvenile Justice (Care and Protection of Children) Act, 2015 Passed The Juvenile Justice Act, which allows children aged 16 to 18 years and in conflict with law to be tried as adults in cases of heinous offences, finally comes into force on January 15, 2016. The Act, was passed by the Rajya Sabha in the winter session of parliament, received President Pranab Mukherjee’s assent on December 31, 2015. The Ministry of Women and Child Development has passed orders stating that the Juvenile Justice (Care and Protection of Children) Act 2015 will be enforceable from January 15, 2016. Under the Juvenile Justice Act 2015  Juveniles between 16 and 18 years of age, who are found guilty of committing heinous offences through a preliminary inquiry by the Juvenile Justice Board, will be sent to a children’s Court that can pronounce the child guilty.  Such Juveniles can be detained in a place of safety until they reach the age of 21.  If still not found to have been reformed by 21, they can be sent to jails housing adults.  It specifies imprisonment up to seven years and fine up to Rs. 1 lakh for giving a child any intoxicating liquor, narcotic, drug, tobacco and psychotropic substances. Odd-Even scheme Launched The ambitious odd-even scheme, set to roll out from January 1, will have out of its ambit CNG-certified vehicles, two wheelers, cars being driven by women drivers and those carrying the differently abled, Chief Minister Arvind Kejriwal said. Violators would attract a penalty of Rs 2,000, he said. The car rationing scheme would be applicable from 8 AM to 8 PM on all days except Sunday and on cars with NCR and other states’ registration number plates, Kejriwal said. Cars being driven by a woman alone or even while being accompanied by children up to the age of 12 would be exempted while cases of medical emergencies would be treated on “basis of trust”, the CM said. 20 Smart Cities Announced LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Urban development minister M Venkaiah Naidu announced the first list of 20 cities to be developed as Smart Cities, with Bhubaneswar topping the list and Pune and Jaipur coming in second and third respectively. The others on the list include Surat, Kochi and Ahmedabad. These cities will be developed to have basic infrastructure through assured water and power supply, sanitation and solid waste management, efficient urban mobility and public transport, IT connectivity, egovernance and citizen participation. These are the 20 cities named in the first list Bhubaneswar, Pune, Jaipur, Surat, Kochi, Ahmedabad, Jabalpur, Visakhapatnam, Solapur, Davanagere, Indore, New Delhi, Coimbatore, Kakinada, Belgaum, Udaipur, Guwahati, Chennai, Ludhiana, Bhopal The government plans to build these smart cities by 2022 to help accommodate its swelling urban population, which is set to rise by more than 400 million people to 814 million by 2050. The Centre and states will equally split the overall cost of the project estimated at Rs 96,000 crore. The central government will provide on an average Rs. 100 crore per chosen city per year. The project cost of each smart city will vary depending upon the level of ambition, model, capacity to execute and repay. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in INSURANCE AWARENESS “Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of a guaranteed small loss to prevent a large possibly devastating loss.” Definition of Risks  A variation in the possible outcome.  The degree of uncertainty associated with a particular loss.  Greater the accuracy with which the outcome can be predicted the lower is the risk.  Risk is the possibility of an unfortunate occurrence.  Risk is the possibility of loss.  The combination of hazards.  Uncertainty of Loss  The tendency that actual results may differ from predicted results. Requirements of Insurable Risks  Should be a pure risk.  Involves a chance of loss or no loss.  Large Number of exposure units.  To predict average loss.  Accidental and Unintentional loss  To control moral hazard.  To assure randomness.  Determinable and Measurable Loss LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in To facilitate loss adjustment Insurance Industry of India consists of 52 insurance companies of which 24 are life insurance business and 28 are non – life insurance companies. (As per August , 2015 update) Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non – life insurers there are six public sector insurers. Out of 28 non-life insurance companies, five private sector insurers are registered to underwrite policies exclusively in health, personal accident and travel insurance segments. They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance Company Ltd and Cigna TTK Health Insurance Company Ltd. There are two more specialized insurers belonging to public sector, namely, Export Credit Guarantee Corporation of India for Credit Insurance and Agriculture Insurance Company Ltd for crop insurance. The oldest existing insurance company in India is National Insurance Company, which was founded in 1906 and is still in business. The Government of India issued an Ordinance on 19 January 1956 nationalized the Life Insurance sector and Life Insurance Corporation (LIC) came into existence in the same year. But LIC starts its operations from 1 September, 1956. Objectives of Insurance  To Spread life insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.  Bear in mind, in the investment of funds, the primary obligation to its policy holders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the community as a whole, keeping in view national priorities and obligations attractive return.  Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.  Meet the various life insurance need of the community that would arise in the changing social and economic environment.  Promote amongst all agents and employees of the Corporation a sense of participation, pride job satisfaction through discharge of their duties with dedication towards achievement of corporate objective. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  Maximize mobilization of people’s savings by making insurance linked savings adequately attractive.  Act as trustees of the insured public in their individual and collective capacities.  Involve all people working in the Corporation to the best of their capabilities furthering the interests of the insured public by providing efficient service with courtesy. Roles & Functions:  To carry on capital redemption business, annuity certain business or reinsurance business in so far as such reinsurance business relating to life insurance business;  To invest the funds of the Corporation in such manner as the Corporation may think fit and to take all such steps as may be necessary or expedient for the protection or realisation of any investment; including the taking over of and administering any property offered as security for the investment until a suitable opportunity arises for its disposal;  To acquire, hold and dispose of any property for the purpose of its business;  To transfer the whole or any part of the life insurance business carried on outside India to any other person or persons, if in the interest of the Corporation it is expedient so to do;  To advance or lend money upon the security of any movable or immovable property or otherwise;  To borrow or raise any money in such manner and upon such security as the Corporation may think fit;  To carry on either by itself or through any subsidiary any other business in any case where such other business was being carried on by a subsidiary of an insurer whose controlled business has been transferred to and vested in the Corporation by this act;  To carry on any other business which may seem to the Corporation to be capable of being conveniently carried on in connection with its business and calculated directly or indirectly to render profitable the business of the Corporation; and  To do all such things as may be incidental or conducive to the proper exercise of any of the powers of the Corporation. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Methods of Insurance Some important methods of insurance are discussed as under:  Co-insurance – When insurance companies shares risks between them known as CoInsurance or Risks shared between insurers  Dual Insurance – If a person has taken more than one policies for specific purpose orrisks having two or more policies with same coverage  Self-Insurance – Situations where risk is not transferred to insurance companies and solely retained by the entities or individuals themselves  Reinsurance – If one insurance company passes some or whole part of risks to another insurance company or Situations when Insurer passes some part of or all risks to another Insurer called Reinsurer. Seven Insurance Principles: Principal of Utmost Good Faith  Both parties, insurer and insured should enter into contract in good faith  Insured should provide all the information that impacts the subject matter  Insurer should provide all the details regarding insurance contract For example – John took a health insurance policy. At the time of taking policy, he was a smoker and he didn’t disclose this fact. He got cancer. Insurance company won’t pay anything as John didn’t reveal the important facts. Principle of Insurable Interest  Insured must have the insurable interest on the subject matter  In case of life insurance spouse and dependents have insurable interest in the life of a person.Corporations also have insurable interests in the life of it’s employees  In case of life or marine insurance, insured must be the owner both at the time of entering of entering into the insurance contract and at the time of accident. Principle of Indemnity LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  Insured can’t make any profit from the insurance contract. Insurance contract is meant for coverage of losses only  Indemnity means a guarantee to put the insured in the position as he was before accident  This principle doesn’t apply to life insurance contracts Principle of Contribution  In case the insured took more than one insurance policy for same subject matter, he/she can’t make profit by making claim for same loss more than once For example – Raj has a property worth Rs.5,00,000. He took insurance from Company A worth Rs.3,00,000 and from Company B – Rs.1,00,000.In case of accident, he incurred a loss of Rs.3,00,000 to the property. Raj can claim Rs. Rs.3,00,000 from A but after that he can’t make profit by making a claim from Company B. Now Company A can make a claim from Company B to for proportional loss claim value. Principle of Subrogation After the insured gets the claim money, the insurer steps into the shoes of insured. After making the payment insurance claim, the insurer becomes the owner of subject matter. For example :- Ram took a insurance policy for his Car. In an accident his car totally damaged. Insurer paid the full policy value to insured. Now Ram can’t sell the scrap remained after the scrap. Principle of Loss Minimisation  This principle states that the insured must take all the necessary steps to minimize the losses to inured assets. For example – Ram took insurance policy fo his house. In an cylinder blast, his house burnt. He should have called nearest fire station so that the loss could be minimised. Principle of Cause Proxima  Word “Cause Proxima” means “Nearest Cause”  An accident may be caused by more than one cause. In case property insured for only one cause. In such case nearest cause of the accident is found out.  Insurer pays the claim money only if the nearest cause is insured Important milestones in the Indian Life insurance business LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.  1870: Bombay Mutual Assurance Society, the first Indian life insurance company started its business.  1912: The Indian Life Assurance Companies Act came into force for regulating the life insurance business.  1928: The Indian Insurance Companies Act was enacted for enabling the government to collect statistical information on both life and non-life insurance businesses.  1938: The earlier legislation consolidated the Insurance Act with the aim of safeguarding the interests of the insuring public.  1956: 245 Indian and foreign insurers and provident societies were taken over by the central government and they got nationalized. LIC was formed by an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the Government of India. Insurance Repository in India The Insurance Repository in India is a database of insurance policies. It allows policy holders to make revisions to a policy with speed and accuracy. It launched on 16 September 2013. It is the world's first of its kind. India's Insurance Regulatory and Development Authority had issued licenses to five entities to act as Insurance Repositories:  Central Insurance Repository Limited (CIRL)  SHCIL Projects Limited  Karvy Insurance repository Limited  NSDL Database Management Limited  CAMS Repository Services Limited Public Sector Insurance Companies  Life Insurance Corporation of India  General Insurance Corporation of India  National Insurance Co. Ltd.  Oriental Insurance Co. Ltd.  New India Assurance Co. Ltd. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in United India Insurance Co. Ltd. Joint Ventures Insurance Companies:  Aviva India is an Indian life assurance company, and a joint venture between the Aviva plc., which is a British assurance company, and the Dabur Group, an Indian conglomerate.  AEGON Religare Life Insurance is a joint venture between AEGON, Religare and Bennett, Coleman & company  Bajaj Allianz Life Insurance Company Limited is a joint venture insurance company between the Bajaj Finserv Limited (which recently emerged from the Bajaj Auto Limited) and the Allianz.  Birla Sun Life Insurance Company Limited ( BSLI) is a joint venture between the Aditya Birla Group, an Indian conglomerate and the Sun Life Financial Inc, which is a leading international financial services organization of Canada.  Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection. The joint venture company has a 74% stake from Bharti and 26% stake of the AXA Group.  Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited was launched on 16 June 2008 and is a Joint Venture between Canara Bank (holding 51%), HSBC Insurance (Asia Pacific) Ltd (holding 26%), the Asian insurance arm of one of the world’s largest banking and financial services groups – HSBC and Oriental Bank of Commerce (holding 23%).  Cholamandalam MS General Insurance Company (Chola MS) is a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group (MSIG), which is a Japanese assurance company.  Cigna TTK is an Indian health insurance firm which is established as a joint venture between the Cigna, a global insurance player and the TTK Group, which is an Indian conglomerate.  Exide Life Insurance Company Limited is a Bengaluru based life insurance company founded in 2001, formerly known as ING Vysya Life Insurance Company Limited. It began as a joint venture between ING Vysya Bank and Exide Industries Ltd. after ING Vyasya divested from it, it is now fully owned by Exide Industries Ltd.  Edelweiss Tokio Life Insurance is a Life Insurance joint venture Financial Services, Mumbai & Tokio Marine Holdings Inc, Japan. between Edelweiss LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  EGON Religare Life Insurance is a joint venture of AEGON, Religare and Bennett, Coleman & company.  Future Generali Life Insurance is a joint venture between three leading groups: Future Group – A leading retailer of India, Generali Group – A global insurance group that features among the top 50 largest companies of the world an Industrial Investment Trust Limited (IITL) – A leading investment company.  HDFC Life -It is a joint venture between the Housing Development Finance Corporation (HDFC), which is one of India’s leading housing finance institution and the Standard Life plc., which is a leading provider of financial savings & investments services in United Kingdom. HDFC Ltd. holds 72.37 percent and Standard Life (Mauritius Holding) Ltd. holds 26 per cent of equity in this joint venture, while rest is held by others.  HDFC ERGO General Insurance Company is a 74:26 joint venture between the HDFC, which is India’s premier Housing Finance Institution and the ERGO International AG, the primary insurance entity of Munich Re Group.  IDBI Federal Life Insurance Co. Ltd.,(formerly IDBI Fortis Life Insurance) is a joint venture between three financial companies – development and commercial bank, IDBI Bank, India’s public sector bank, Federal Bank and European insurer Ageas (formerly Fortis), which was formed on March 2008. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each.  ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture of ICICI Bank, which is India’s largest private sector bank, and Prudential plc , which is a leading international financial services group with its headquarters in the United Kingdom.  ICICI Lombard General Insurance Company Limited is a joint venture between the ICICI Bank Limited, India’s second largest bank and the Fairfax Financial Holdings Limited, which is a Canada based diversified financial services company.  IFFCO Tokio General Insurance is a joint venture between the Indian Farmers Fertiliser Cooperative (IFFCO) and the Tokio Marine and Nichido Fire Group.  Liberty Videocon General Insurance is a joint venture between the Boston based insurance company Liberty Mutual Insurance Group and India based Videocon Industries. It is based in Mumbai.  Max Life Insurance, one of the life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is an Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, a general insurer.  Max Bupa Health Insurance Company Limited is a joint venture insurance company between Max India Limited and Bupa Finance plc., based in UK . LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  Magma HDI General Insurance Co Ltd. is a joint venture between Magma Fincorp Ltd, Kolkata and HDI-Gerling Industries Versicherung AG Germany.  Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life ) is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life, which is a leading life insurance company of Japan.  SBI General Insurance Company Limited is a joint venture of the State Bank of India and Insurance Australia Group (IAG). In this, SBI owns 74 per cent of the total capital and IAG owns the remaining 26 per cent.  Star Health and Allied Insurance Co Ltd is a joint venture between the Oman Insurance Company UAE, along with leading NRIs and an Indian company. It is a special purpose vehicle formed by a group of business tycoons for working in the health insurance sector.  Tata AIG General Insurance Company Limited is an Indian general insurance company. Which is a joint venture between the Tata Group and the American International Group (AIG). The Tata Group holds 74 % stake in the insurance venture with AIG holding 26 %.  Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons Ltd. and AIA Group Ltd. (AIA) Major Insurance Plans of LIC ENDOWMENT ASSURANCE PLANS:  LIC’s Single Premium Endowment Plan No. 817): A single Premium With-Profits plan where the sum assured is payable along with the accrued bonuses on maturity or on earlier death of the life assured. On death before the commencement of risk, the single premium paid is returned without interest.  LIC’s New Endowment Plan (Plan No. 814): A Regular premium With-Profit plan which provides for applicable sum assured along with accrued bonuses on maturity or an earlier death of life assured.  LIC’s New Jeevan Anand (Plan No. 815): It is a unique With-Profits plan wherein on death during the policy term or on survival to the end of the policy term, the applicable sum assured is payable along with the accrued bonuses. On death after the expiry of the policy term, basic sum assured is payable. TERM ASSURANCE PLANS  LIC’s Ammol Jeevan – II (Plan No. 822): A pure term assurance plan where one can choose any sum assured from 6 lakhs to 24 lakhs LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  LIC’s Amulya Jeevan – II (Plan No. 823): A pure team assurance plan with a minimum sum assured of 25 lakhs  LIC’s e-Term Plan (Plan No. 825): A pure term assurance plan which is available for online sale only under this MICRO INSURANCE PLANS:  LIC’S New Jeevan Mangal (Plan No. 819): A Micro Insurance cum Term Insurance plan wherein the Sum assured varies from 10,000/- to 50,000/- In this plan, total premiums paid is repaid on maturity. PENSION PLANS:  LIC’s Jeevan Akshay – VI (Plan No. 189): An immediate annuity plan with a number of options.  LIC’s New Jeevan Nidhi (Plan No. 818): A with-Profits, deferred pension plan which provides death cover during the deferment period. HEALTH INSURANCE PLAN:  LIC’s Jeevan Arogya (Plan No. 904): A non-linked health insurance plan which provides for fixed benefits for hospitalization and almost all types of surgical procedures irrespective of actual cost incurred. OTHER PLANS:  LIC’s New Money Bank Plans (Plan Nos. 820, 821): Besides providing life cover during the term (20 & 25 years) of the policy, survival benefits linked to the sum assured during the term of the policy will be available.  LIC’s New Bima Bachat (Plan No. 816): A Single Premium money back plan with policy term of 9, 12 and 15 years. Survival benefits during the term of policy are available. Important Life Insurance Policies in India Here we have given the list of Important Life Insurance Policies in India for the upcoming LIC AAO Exam. Depending on their objectives, there are at least three types of life insurance policy classifications.  A life insurance policy could offer pure protection (Term Plans)  Another variant could offer protection as well as investment (Insurance-cum-Investment Products)  Some others could offer only investment (Investment Products) LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Pure Insurance Products Term Plans:  Cheapest insurance & Covers only the risk of your dying  You pay premium year on year to the insurance company and if you die, the insurance amount, called the Sum Assured, is paid out to the nominees. If you survive, you don’t get anything and lose the yearly premiums you paid.  The premium for such policies will obviously be more as compared to pure term plans. Insurance-cum-Investment Products As the name suggests, these are plans that provide insurance and along with it return on investments. Endowment Plans: Take a term plan and add an offer of some returns on the premiums you pay – that is an endowment policy for you. If you survive the policy term, you get the sum assured plus the returns and if you die during the policy tenure, you still get the sum assured plus some returns. To get these returns along with the life cover, you end up paying more premium. With-profit endowment plans: These plans share the profits the insurance company makes each year with the policyholder. So they offer more returns than without-profit endowment plans and are more expensive as well – that it, for all parameters considered same, the premiums will be higher than without-profit endowment plans. Without-profit endowment plans: These plans do not participate in the profits the insurance company makes each year. Apart from the sum assured, you could possibly get a loyalty bonus, which is a onetime payout made in appreciation of your sticking to the insurance company. Whole-life plans: Term plans, endowment plans and money back plans offer insurance cover till a specified age, generally 70 years. Whole-life plans provide cover throughout your life. Usually, the policyholder is given an option to pay premiums till a certain age or a specified period (called maturity age).On reaching the maturity age, the policyholder has the option to continue the cover till death without paying any premium or encashing the sum assured and bonuses. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Money-back plans: Money-back plans are variants of endowment plans with one difference – the payout can be staggered through the policy term. Some part of the sum assured is returned to the policy holder at periodic intervals through the policy tenure. In case of death, the full sum assured is paid out irrespective of the payouts already made. Unit-linked insurance plans (ULIP): ULIP give you greater control on where your premium can be invested. Think of them like mutual funds. The annual premium you pay can be invested in various types of funds that invest in debt and equity in a proportion that suits all types of investors. You can switch from one fund plan to another freely and you can also monitor the performance of your plan easily. There are various charges to be aware of in a ULIP and is suitable for those who understand the stock market well. Of late, ULIPs qualified as the most abused insurance plan. Investment Products Pension Plans:  Investment options that let you set up an income stream in your post retirement years by giving away your savings to an insurance company who invests it on your behalf for a fee.  The returns you get depends on a host of factors like how much you contributed and when is it that you started, the number of years when you want the money to come to you and at what age that starts.  When you buy the pension plan contract, if the payment to you (called annuity) starts immediately it is called an immediate annuity contract. However, if the payout starts after some years of deferment, it is called a deferred annuity. Insurance Ombudsman scheme Introduction: The Insurance Ombudsman scheme was created by Government of India for individual policyholders to have their complaints settled out of the courts system in a cost-effective, efficient and impartial way. There are 17 Insurance Ombudsman in different locations and you can approach the one having jurisdiction over the location of the insurance company office that you have a complaint against. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Objective : To provide a forum for resolving disputes and complaints from the aggrieved insured public or their legal heirs against Insurance Companies, the Government of India, in exercise of powers conferred on it u/s 114(1) of Insurance Act, 1938 framed “Redressal of Public Grievances Rules, 1998”, which came into force w.e.f. 11th November, 1998. Features of Insurance Ombudsman:  A representation should be made to the Insurance Company and either an unsatisfactory reply should have been received or the representation should stand as un-replied for at least 1 month.  The complaint must be lodged within 1 year of the events.  The total relief sought must be within an amount of Rs.20 lakhs.  The subject matter of the complaint should not currently be or have earlier been before a Court/Consumer Forum.  No fees / charges are required to be paid.  Any aggrieved individual who has taken an Insurance Policy on personal lines (or if deceased, the legal heir(s) under such policy) can approach Ombudsman.  If the Ombudsman deems it fit in the circumstances of the case, he may award ex-gratia payment.  Complaints pertaining to repudiation of claims totally or partially, delay in settlement of claims, any dispute on the legal construction of the policies in so far as such disputes relate to claims, disputes regarding premiums paid / payable and non-issue of insurance documents.  Insurance on personal lines means a policy taken or given in an individual capacity, e.g. life insurance, personal accident insurance, mediclaim insurance, insurance of personal property of the individual such as motor vehicle, household articles, etc. You can write complaint to the Ombudsman about:  Any partial or total repudiation of claims by an insurer  Any dispute about premium paid or payable in terms of the policy  Any dispute on the legal construction of the policies as far as it relates to claims  Delay in settlement of claims  Non-issue of any insurance document to you after you pay your premium LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in You can approach the Ombudsman with complaint if:  You have first approached your insurance company with the complaint and they have not resolved it OR not resolved it to your satisfaction OR not responded to it at all for 30 days.  Your complaint pertains to any policy you have taken in your capacity as an individual and  The value of the claim including expenses claimed is not above Rs 20 lakh. The settlement process Recommendation: The Ombudsman will act as counsellor and mediator and  Arrive at a fair recommendation based on the facts of the dispute  If you accept this as a full and final settlement, the Ombudsman will  Inform the company which should comply with the terms in 15 days Award:  If a settlement by recommendation does not work, the Ombudsman will:  Pass an award within 3 months of receiving the complaint and which will be a speaking award with the detailed reasoning and Binding on the insurance company but Not binding on the policyholder  The Ombudsman can also award an ex-gratia payment Once the Award is passed:  You have to accept the award in writing and the insurance company has to be informed of it within 30 days and  The Insurance Company has to comply with the award in 15 days after that. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Highlights of IRDAI (Transfer of Equity Shares of Insurance Companies) Regulations, 2015  According to the notification, all investors (where there are one or more investors in an insurance company) jointly should not hold more than 25 percent of the paid-up equity share capital of the insurance company.  Further, with reference to the proposals pertaining to the transfer of shares in insurance companies, the authority said it might ask Indian promoters as well as foreign investors to have minimum lock-in period for infusion of additional capital as a pre-condition for approval.  It will also carry out its own ’due diligence’ before approving any deal for transfer of shares of insurance companies. The applications seeking prior approval of the authority should be accompanied by a declaration from a proposed shareholder whether the shares are proposed to be held for his own benefit or as a nominee, whether jointly of severally, or on behalf of others.  No registration of transfer of shares or issue of equity capital of insurance company which will result in change in the shareholding should be made if after the transfer the total paid-up holding of the transferee in the shares of the insurance company is likely to exceed 1 percent of its paid-up equity capital, the notification said.  Why are the new norms significant? The new norms are significant in the backdrop of the recent hike in the upper cap of foreign direct investment in insurance companies from 26 percent to 49 percent, which has already triggered some action on this front. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Some foreign stakeholders have expressed their intent to raise their stakes and rejig of existing investors might also take place. Important Insurances Companies and Heads-Taglines Insurance Company Headquarter CMDs Tag Line Apollo Munich Health Insurance Gurgaon We Know Healthcare, Aviva India Life Insurance Gurgaon Mr TR Ramachandran Kal Par Control Bajaj Allianz Life Insurance Company Limited Pune Mr. Anuj Agarwal Jiyo Befiqar Birla Sun Life Insurance Company Limited Mumbai Mr. Pankaj Razdan Your Dreams, Out Commitment Exide Life Insurance India Company Bangalore Mr. Rajan Raheja Adding Life to Insurance Future Generali Life Insurance Mumbai Mr. G.N.Bajpai Total Insurance Solutions HDFC Standard life Insurance Company Limited Mumbai Mr. Amitabh Chaudhry Sar Utha Ke Jiyo ICICI Prudential Life Insurance Company Limited Mumbai Mr. Sandeep Bakhshi We Cover You, At Every Step in Life Dr. Prathap C. Reddy We Know Insurance. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Kotak Mahindra Old Mutual Life Insurance Limited Mumbai Mr. Gaurang Shah Faidey Ka Insurance Life Insurance Corporation of India Mumbai Shri S. K. Roy Yogakshemam Vahamyaha (is in Sanskrit language which translates in English as “Your welfare is our responsibility”) Max Life Insurance Co. Ltd. New Delhi Mr. Rajesh Sud Aapke Sachche Advisor National Insurance Company Kolkata Shri Rajesh Aggarwal Thoda Simple Soche New India Assurance Company Ltd Mumbai Mr. G. Srinivasan India’s Premier General Insurance Company Oriental Insurance Company Limited New Delhi Dr.A.K.Saxena Prithvi, Agni, Jal, Akash, Sabki Suraksha Hamare Paas PNB MetLife India Insurance Company Limited Gurgaon Mr. Tarun Chugh Have You Met Life Today? SBI Life Insurance Company Limited Mumbai Mr. Arijit Basu With Us, You’re Sure Tata AIA Life Insurance Company Limited Mumbai Ishaat Hussain A New Look at Life United India Insurance Company Limited Chennai Shri Milind A Kharat At United India, It is Always U Before I LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Important Insurance Abbreviations  ACSR – Accredited Customer Service Representative  ARM – Associate in Risk Management  ARMP – Associate in Risk Management for Public Entities  ASOP – Actuarial Statement of Practice  BAP – Business Auto Policy  BCBSA – Blue Cross and Blue Shield Association  BI – Bodily Injury  BOP – Business Owners Policy  CFROI – Cash Flow Return on Investments  CRIS – Construction Risk and Insurance Specialist  CIC – Certified Insurance Counselor  CISR – Certified Insurance Service Representative  CPCU – Chartered Property Casualty Underwriter  CPIW / CPIM – Certified Professional Insurance Woman / Man  CCC – Care, Custody, or Control (Exclusion)  COBRA – Consolidated Omnibus Budget Reconciliation Act  D&B – Dun & Bradstreet  DEC – Declarations Page  DED – Deductible LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  DI – Disability Income  DIC – Difference-In-Conditions (Insurance)  DIL – Difference-In-Limits (Clause)  D&O – Directors and Officers (Liability Insurance)  DSU – Delay in Start-Up Insurance  DOB – Date of Birth  DOC – Drive Other Car Coverage  DOD – Date of Death  EAP – Estimated Annual Premium  EBIDDA – Earnings Before Interest, Dividends, Depreciation, And Amortization  EH&S – Environmental Health and Safety  EP – Earned Premium  EPA – Environmental Protection Agency  EPD – Expected Policyholder Deficit  EPL – Employment Practices Liability  EPLI – Employment Practices Liability Insurance  ETB – Engaged In Trade or Business  FAIR – Fair Access to Insurance Requirements  FALU – Fellow of the Academy of Life Underwriting  FCAS – Fellow of the Casualty Actuarial Society  FAP – Family Automobile Policy (More Commonly Pap)  FCPL – Farmers Comprehensive Personal Liability  FCRA – Fair Credit Reporting Act LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  FIRM – Flood Insurance Rate Map  FIRREA – Financial Institutions Reform Recovery and Enforcement Act  FMV – Air Market Value  FTCAC – Fire, Theft, and Combined Additional Coverage  FVD – Full Value Declared  GAP – Guaranteed Auto Protection  GCD – Guaranteed Cost Discount  GIO – Guaranteed Insurability Option  GKLL – Garage Keepers Legal Liability (Insurance)  GL – General Liability  GVW – Gross Vehicle Weight  GWP – Gross Written Premium  HIAA – Health Insurance Association of America  HII – Health Insurance Institute  HIPAA – Health Insurance Portability and Accountability Act  HLDI – Highway Loss Data Institute  HLV – Human Life Value  HCQIA – Health Care Quality Improvement Act  HPL – Hospital Professional Liability (Insurance)  HPR – Highly Protected Risk (Property)  IAHU – International Association of Health Underwriters  IFC – Insured Fixed-Price Cleanup  IIAA – Independent Insurance Agents of America, Inc. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  IIAC – International Insurance Advisory Council  IIHS – Insurance Institute for Highway Safety  III – Insurance Information Institute  IRI – Industrial Risk Insurers  IRIS – Insurance Regulatory Information System  IRM – Improved Risk Mutuals  ITI – Insurance Testing Institute  JCAH – Joint Commission on the Accreditation of Hospitals  JCAHO – Joint Commission on Accreditation of Healthcare Organizations  JSA – Job Safety Analysis  JUA – Joint Underwriting Authority; Joint Underwriting Association  JV – Joint Venture  LAE – Loss Adjustment Expense  LIAA – Life Insurance Association of America  LIAMA – Life Insurance Agency Management Association  LIRB – Liability Insurance Research Bureau  LLC – Limited Liability Company  LMU – Loss Mitigation Underwriting  LOC – Letter Of Credit  LTA – Lost Time Accident; Long Term Agreement  LTD – Long-Term Disability  MCO – Managed Care Organization  M&D – Minimum and Deposit LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016  MDO – Monthly Debit Ordinary Life Insurance  MDRT – Million Dollar Round Table  MET – Multiple Employer Trust  MFL – Maximum Foreseeable Loss  MLE – Maximum Loss Expectancy  MLEA – Multiple Line Exclusive Agent  MPCI – Multi-Peril Crop Insurance  MPL – Maximum Possible Loss  MPP – Managed premium plan  MVR – Motor Vehicle Record  NAUA – National Auto Underwriters Association  NDI – National Disaster Insurance Association  NFIP – National Flood Insurance Program  NFIRA – National Flood Reform Act  NFPA – National Fire Protection Association  NIOSH – National Institute for Occupational Safety and Health  NRRA – National Risk Retention Association  NRT – National Response Team  NSC – National Safety Council  OCA – Outstanding Claims Account  OCIP – Owner Controlled Insurance Program  OD – Occupational Disease  OL&T – Owners, Landlords, and Tenants (Insurance) Visit us @ Sehpaathi.in LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  ORFS – Operational Risk Financing Securities  ORM – Operational Risk Management  OSHA – Occupational Safety and Health Act; Occupational Safety and Health Administration  OSLR – Outstanding Loss Reserves  OTC – Other Than Collision  PAP – Personal Auto Policy  P&C – Property and Casualty  PC – Professional Corporation  P&I – Protection and Indemnity (Insurance)  PI – Personal Injury  PIA – Primary Insurance Account  PIAA – Physician Insurers Association of America  PICA – Professional Insurance Communicators of America  PIP – Personal Injury Protection  PMA – Package Modification Adjustment  PMF – Package Modification Factor  PMI – Private Mortgage Insurance  PML – Probable Maximum Loss  RAA – Reinsurance Association of America  RAM – Reverse-Annuity Mortgage  RAROC – Risk-Adjusted Return On Capital  RARORAC – Risk-Adjusted Return On Risk-Adjusted Capital  RBC – Risk-Based Capital LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in  RBNE – Reserved But Not Enough  RC – Replacement Cost  RTW – Return To Work  SAA – Surety Association of America  SCOPE – Supervision, Construction, Occupancy, Protection, Exposure  SCPCU – Society of Chartered Property & Casualty Underwriters  SEC – Securities and Exchange Commission  SEMCI – Single Entry Multiple Carrier Interface  S&P – Standard and Poor’s  SPAP – Special Personal Auto Policy  STD – Short-Term Disability  TDB – Temporary Disability Benefits  TDI – Trade Disruption Insurance  TEFRA – Tax Equity and Financial Responsibility Acts of 1982 & 1983  TERI – Targeted Enterprise Risk Insurance  TIAA – Teachers Insurance and Annuity Association  TOLI – Trust-Owned Life Insurance  TOR – Technique Of Operations Review  TPA – Third-party administrator  TRA – Tax Reform Act of 1984  TRIA – Terrorism Risk Insurance Act  TTD – Temporary Total Disability  UEP – Unearned Premium LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  UJF – Unsatisfied Judgment Fund  UIM – Underinsured Motorist  UIMV – Underinsured Motor Vehicle  UL – Umbrella Liability; Underwriters’ Laboratories  ULAE – Unallocated Loss Adjustment Expenses  ULC – Underwriters Laboratories of Canada  UM – Uninsured Motorist  UMPD – Uninsured Motorist Property Damage  UMV – Uninsured Motor Vehicle  UNL – Ultimate Net Loss  U&O – Use and Occupancy  WC – Workers Compensation  WCRI – Workers Compensation Research Institute  YRCT – Yearly Renewable Convertible Term  YRT – Yearly Renewable Term Visit us @ Sehpaathi.in LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. 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LIC AAO Capsule - 2016 Visit us @ Sehpaathi.in Important Insurance terms  Actuary: A specialist in the mathematics of insurance who calculates rates, reserves, dividends and other statistics  Annuity: An agreement by an insurer to make periodic payments which continue during the survival of the annuitant(s) or for a specified period.  Claim: A demand made by the insured, or the insured’s beneficiary, for payment of the benefits as provided by the policy.  Coverage: It is the range of protection that you are provided under an insurance policy.  Death Benefit: The limit of insurance or the amount of benefit that will be paid in the event of the death of a covered person.  Deductible: The amount you have to pay out of pocket for expenses before the insurance company will cover the remaining costs.  Endowment Insurance: Endowment insurance pays the sum assured upon the death of the life insured during the policy terms or on survival to the end of the policy term.  Exclusive: Things that are not covered under the policy  Indemnity: Restoration to the victim of a loss by payment, repair or replacement.  Insurable Interest: Interest in property such that loss or destruction of the property could cause a financial loss.  Maturity value: It is the amount the insurance company has to pay you when the policy matures. This would include the sum assured and the bonuses.  Paid-up value: If you stop paying the premiums, but do not withdraw the money from your policy, the policy is referred to as paid-up.  Peril: It is the causes of the possible loss or damage.  Policy: Policy is the legal document issued by the insurance company that outlines the general terms and conditions of the insurance.  Premium: It is the amount you need to pay to the insurance company. LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends. LIC AAO Capsule - 2016  Visit us @ Sehpaathi.in Reinsurance: In effect, insurance that an insurance company buys for its own protection. The risk of loss is spread so a disproportionately large loss under a single policy doesn’t fall on one company. Reinsurance enables an insurance company to expand its expanding volume; secure catastrophe protection against shock losses; and withdraw a specified time period.  Renewal: The automatic re-establishment of in-force status effected by the payment of another premium.  Rider: It is an optional feature that can be added to a policy. You will have to pay an additional premium to avail this benefit.  Subrogation: It is the right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid to the insured for the loss.  Sum assured: It is the amount of money an insurance policy guarantees to pay before any bonuses are added. In other words, sum assured is the guaranteed amount you will receive. Halfway through the policy, you might want to discontinue it and take whatever money is due to you.  Surrender value: This is the amount payable at the end of specified duration. These amounts are fixed and predetermined.  Insurance Settlement: A payment on an insurance claim. That is, when a valid insurance claim is made, the insurer makes a payment to the policyholder. This is call the insurance settlement.  Lapse: Termination of a policy due to failure to pay the required renewal premium.  Term insurance: It is the most traditional life insurance policy wherein the insured gets death benefit if any contingency happens within the policy term. The insured is, however, not entitled to receive any survival benefit if he outlives the policy term.  Underwriting: The process of selection risks for insurance and determining in what amounts and on what terms the insurance company will accept. Unlike a term insurance cover, if you live, an amount will be paid to you on maturity of the plan. Do tell us on how was the sheet. What did you find missing and how can we improve in on it LIC AAO 2016 capsule @ Sehpaathi.in are very important from exam point of view. We have entered only those content here which might been asked in the question paper in some form or the other. So read less and learn more is the way of thinking of Sehpaathi. Pay heed to bold items. If you like it do share us among your friends.