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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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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 |
Explain the following term/concept.
Marine Insurance
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Fire Insurance and Marine 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.
Distinguish between Life Insurance and Fire Insurance.
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What is Fire 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.
