Advertisements
Advertisements
Question
Explain the following term/concept.
Insurance
Advertisements
Solution
Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against contingent or uncertain losses. Insurance is a contract between the insurer and the insured, under which the insurer agrees to compensate the insured for loss. The insured must pay a fixed sum to the insurer on time.
APPEARS IN
RELATED QUESTIONS
Explain the types of Life Insurance Policies?
Explain the types of fire insurance policies.
_____________ policy covers all types of risks of a vessel while it is anchored at the port for a particular period of time.
The principle of ______ is not applicable to life insurance.
Correct the underlined word and rewrite the following sentence.
Insurance helps to maximize the risks in the business.
State four life insurance policies?
Justify the following statement.
Principle of subrogation is applicable to all contracts of indemnity.
What is insurance?
In ___________ policy subject matter is insured for specific voyage irrespective of time.
Match the correct pairs.
| Group A | Group B |
| A. Sprinkler policy | 1. provides a regular percentage of the sum assured |
| B. Child insurance | 2. marketing |
| C. Money back policy | 3. demand made by insured to insurer for loss occurred due to mishap |
| D. Claim | 4. profit |
| E. Insurance | 5. proposal |
| 6. protection from financial loss | |
| 7. for voyage | |
| 8. ULIP | |
| 9. suitable for children | |
| 10. fire insurance |
Correct the underlined word and rewrite the sentence.
The person who is protected against certain losses is known as insurer.
Explain the following term/concept.
Fire insurance
Distinguish Between:
Fire Insurance and Marine Insurance
Distinguish between Life Insurance and Fire Insurance.
Find the odd one:
Distinguish between.
Life Insurance and Marine Insurance
Distinguish between Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance
