BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The insurance contract or agreement is a contract whereby the insurer promises to pay benefits to the insured or on their behalf to a third party if certain defined events occur. Subject to the “fortuity principle", the event must be uncertain.

Detailed explanation-2: -GENERAL INSURANCE Meaning Life insurance can be understood as the insurance contract, in which the life risk of an individual is covered. General insurance refers to the insurance, which are not covered under life insurance and includes various types of insurance, i.e. fire, marine, motor, etc.

Detailed explanation-3: -There are four necessary elements to comprise a legally binding contract: (1) Offer and acceptance, (2) consideration, (3) legal purpose, and (4) competent parties. The effective date of a policy is the date the insurer accepts an offer by the applicant “as written."

Detailed explanation-4: -A contract of insurance cases to be a contract of indemnity when the insurance company promises to pay a fixed sum of money whether the insured has suffered any loss or not.