ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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policy
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policyholder
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claim
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in-kind income
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Detailed explanation-1: -A document containing terms and conditions of insurance contract is called policy.
Detailed explanation-2: -An insurance policy is a legal contract between the insurance company (the insurer) and the person(s), business, or entity being insured (the insured). Reading your policy helps you verify that the policy meets your needs and that you understand your and the insurance company’s responsibilities if a loss occurs.
Detailed explanation-3: -The Principle of Indemnity The insurer (provider) compensates the insured (policyholder). The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.
Detailed explanation-4: -SHARE. 1) An insurance policy is a contract between the insurer and the insured.