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Question
Explain the following term/concept.
Life Insurance
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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.
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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.
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Distinguish Between:
Fire Insurance and Marine Insurance
Distinguish between Life Insurance and Fire Insurance.
Explain the following term/concept:
Insurable Interest
Distinguish between Life Insurance and Marine Insurance.
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.
Distinguish between Life Insurance and Fire Insurance.
