Advertisements
Advertisements
Question
Write short note on Life insurance.
Advertisements
Solution
Life insurance is a contract between the insured and the insurer. The insurer agrees to pay a specific sum of money in exchange for a premium, either upon the insured's death or after a set period of time. Life insurance protects individuals and their families in the case of death or disability. There are various types of life insurance policies, including term, whole life, universal, and variable. Life insurance helps individuals plan for the future and safeguard their loved ones from financial troubles, ensuring expenses are paid even in their absence.
APPEARS IN
RELATED QUESTIONS
List any five important types of policies.
What is Fire Insurance?
Identify the insurance depicted in the picture below.
The concept of insured value is applicable only in case of ______ insurance.
Hull insurance is a type of ______ insurance.
Name the type of insurance wherein insurable interest need not exist when the policy is taken.
What is meant by Non-Insurable Risk?
Give one example of Non-Insurable Risk.
Distinguish between re-insurance and double insurance.
Explain the importance of health insurance.
