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Question
Study the following case/situation and express your opinion.
Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.
- Can Mr. Sadagopan take life insurance policy for two children?
- Is child insurance is suitable for a wife of Mr. Sadagopan?
- Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?
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Solution
- Yes, Mr. Sadagopan can take life insurance policy for his children. In particular, he can purchase child insurance policy for them. It is a saving cum investment plan designed to meet children’s future financial needs.
- No, child insurance is not suitable for a wife of Mr. Sadagopan. This is because child insurance policy enables to meet child's future financial needs and his wife is not a child.
- Mr. Sadagopan can take ‘fire insurance policy’ for protecting his factories from loss due to fire.
RELATED QUESTIONS
Distinguish between the following:
Life insurance and Fire insurance
Explain the types of Life Insurance Policies?
Explain the types of fire insurance policies.
The principle of ______ is not applicable to life insurance.
Find the odd one.
In ________ policy, several ships belonging to one owner are insured under the same policy.
Answer in one sentence.
What is 'subject matter' in insurance?
Explain the following term/concept.
Insurance
Study the following case/situation and express your opinion.
| Mr Jagan is a salaried person. He wants to take policy for his two children which assures them protection as well as completes their financial needs once they become major by age. |
- Suggest him a policy which can satisfy the requirements of his children.
- Who are beneficiaries of policy?
- In the above case which principle is involved?
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.
Life 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.
What is Fire 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.
