ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Coverage
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Policy
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Claim
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Liability
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Detailed explanation-1: -Insurance coverage refers to the amount of risk or liability that is covered for an individual or entity by way of insurance services. The most common types of insurance coverage include auto insurance, life insurance and homeowners insurance.
Detailed explanation-2: -Typically, the greater the policy limit, the greater the premium. The sum assured is the maximum amount that an insurer will pay to the nominee under a life insurance policy.
Detailed explanation-3: -General insurance covers the loss or damages caused to all the assets and liabilities. The insurance company promises to pay the assured sum to cover the loss related to the vehicle, medical treatments, fire, theft, or even financial problems during travel. Health Insurance: Covers the cost of medical care.
Detailed explanation-4: -Four types of insurance that most financial experts recommend include life, health, auto, and long-term disability.