.....a/an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

____a/an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

A	Insurance
B	Banking
C	Market Risk
D	Premium

Explanation:

Detailed explanation-1: -For life insurance, this can be simplified: an arrangement by which a company will compensate your survivors if you die, in return for payment of a specified premium. This is the only definition of insurance.

Detailed explanation-2: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Detailed explanation-3: -Then we examine in greater detail the three most important types of insurance: property, liability, and life.

Detailed explanation-4: -Annuity Policy Annuity is paid so long as the assured survives. In annuity policy medical checkup is not required. Annuity is paid so long as the assured survives.

There is 1 question to complete.