BUSINESS ADMINISTRATION
BANKING AND INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Insurance
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Premiums
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Stocks
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Bonds
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Detailed explanation-1: -Insurance coverage can be defined as a contract in the form of a financial protection policy. This policy covers the monetary risks of an individual due to unpredictable contingencies. The insured is the policyholder whereas the insurer is the insurance-providing company/the insurance carrier/the underwriter.
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: -An insurance contract is a document representing the agreement between an insurance company and the insured. Central to any insurance contract is the insuring agreement, which specifies the risks covered, the limits of the policy, and the term of the policy.