BUSINESS ADMINISTRATION
BANKING AND INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Term
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Loss
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Deductible
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Premium
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Detailed explanation-1: -Death Claim is a formal request made by the nominee* in a life insurance policy to the life insurance company. This request is made for the payment** of the Life Cover amount in case of the unfortunate event of death of the Life Assured*.
Detailed explanation-2: -Broadly categorized, the types of losses of concern to risk managers include personnel loss, property loss, time element loss, and legal liability loss.
Detailed explanation-3: -Damages is a sum of money which is awarded by the courts for the purpose of replacing the monetary value of property or rights which have been lost or damaged, or to cover expenses, loss, pain and suffering relating to a victim’s injury or death. Damages is a form of compensation.
Detailed explanation-4: -Personal accident insurance policies are schemes which provide coverage to your loved ones in case of your death or injury due to an accident. Personal accident insurance provides coverage against the loss of life, loss of limbs, disablement, etc.