BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Peril
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Tort
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Risk
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Negligence
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Detailed explanation-1: -A specific risk or cause of loss covered by an insurance policy, such as a fire, windstorm, flood, or theft. A named-peril policy covers the policyholder only for the risks named in the policy in contrast to an all-risk policy, which covers all causes of loss except those specifically excluded.
Detailed explanation-2: -A peril is the direct cause of a loss, or the source of the loss. For example, if your house is damaged by a lightning strike, the lightning strike is considered to be the peril. If your house catches on fire, then fire will likely be considered the peril.
Detailed explanation-3: -In the world of insurance, a “peril” is an event or circumstance that results in property damage.
Detailed explanation-4: -Causes of loss are the perils that can bring about or trigger loss or damage.