BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -insurance contract A contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder.

Detailed explanation-2: -Traditional Life Insurance, also known as whole life insurance, money back or endowment insurance, provides multiple benefits like risk cover, fixed income returns, safety and tax benefits. These are considered risk-free on account of their fixed returns in case of death or maturity of the term.

Detailed explanation-3: -1) An insurance policy is a contract between the insurer and the insured. 2) The insured is the person whose life is being covered against the risk under the policy.

Detailed explanation-4: -Traditional insurance plans offer you life cover along with guaranteed returns. On the other hand, non-traditional insurance plans like Unit-Linked Insurance Plans (ULIPs) are more of an investment product and less of an insurance product. The returns here are usually higher but not guaranteed.