ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Insurance, as an organization, seeks to provide protection against ____ caused by fortuitous events.
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emotional losses.
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sentimental losses.
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financial losses.
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non-financial losses.
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Explanation:
Detailed explanation-1: -PAYMENT OF FORTUITOUS LOSSES A second characteristic of private insurance is the payment of fortuitous losses. A fortuitous loss is one that is unforeseen and unexpected and occurs as a result of chance. In other words, the loss must be accidental.
Detailed explanation-2: -The event insured against in ordinary life insurance is the death of the life assured from disease or accident.
Detailed explanation-3: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
Detailed explanation-4: -Then we examine in greater detail the three most important types of insurance: property, liability, and life.
There is 1 question to complete.