BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Distribution of Insurance policies both life and non-life, by banks as corporate agents through their branches.
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Assurance given by banks to its customers.
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Life policy issued to the bank on the life of their staff
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Assurance given to bank by general insurance companies for insuring assets of the banks.
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Detailed explanation-1: -What Is Bancassurance? Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell its products to the bank’s client base. This partnership arrangement can be profitable for both companies.
Detailed explanation-2: -Definition: Bancassurance means selling insurance product through banks. Banks and insurance company come up in a partnership wherein the bank sells the tied insurance company’s insurance products to its clients.
Detailed explanation-3: -Bancassurance is a relationship between a bank and an insurance company that is aimed at offering insurance products or insurance benefits to the bank’s customers.
Detailed explanation-4: -The primary role that the bank plays in the bancassurance arrangement is to act as an intermediary for selling the insurance product of the insurance company and helping the company to achieve a large customer base and improve its reach in the market.
Detailed explanation-5: -Bancassurance is the insurance distribution model where insurance carriers and banks join forces to sell insurance products to consumers.