Advertisements
Advertisements
Question
Explain the following term/concept.
Life Insurance
Advertisements
Solution
Life insurance is a contract between insurer and insured whereby the insurer agrees to compensate the insured a certain sum on the expiry of certain period or on death, whichever is earlier. The basic purpose of life insurance policy is to secure the lives of those who are dependent on the insured. The type of life insurance policies are whole life policy, endowment insurance policy, term insurance policy, annuity policy, money-back policy, child insurance, retirement plans and ULIP.
RELATED QUESTIONS
Explain the types of fire insurance policies.
Answer in one sentence.
What is 'subject matter' in insurance?
Explain the following term/concept.
Insurance
Mr. Amit is a businessman. He has his own factories in Pune and Nashik. He lives in Pune with his wife and 2 daughters aged 5 and 8 years.
- Can Mr. Amit take a life insurance policy for his wife and 2 children?
- Can Mr. Amit take a marine insurance policy for his factories?
- Which type of insurance should Mr. Amit take for protecting his factories from loss due to fire?
Distinguish between Life Insurance and Marine Insurance.
State four life insurance policies?
Justify the following statement.
Principle of subrogation is applicable to all contracts of indemnity.
What is 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
Give one word or phrase for the following sentence:
Name of the policy where several ships belonging to one owner are insured under the same policy.
Find the odd one:
Distinguish between Life Insurance and Marine Insurance.
Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance
Distinguish between LIfe insurance and Fire insurance.
