ECONOMICS
INSURANCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Insurability
|
|
|
Standard practice
|
|
|
Medically approved
|
|
|
Issuable
|
Detailed explanation-1: -Definition: The characteristic of being acceptable for insurance is called insurability. Description: Insurability of an individual or object is ascertained depending upon the norms and policies of the insurance company.
Detailed explanation-2: -Underwriting is the process of assessing the amount of risk you present to a potential insurer. Professional underwriters review the criteria on your application to see if it’s possible to offer you a policy and, if so, how much coverage you’re eligible for. Then, they set your monthly premium based on the information.
Detailed explanation-3: -For a business risk to be insurable, it typically must meet a few criteria: The risk is potentially costly enough that a business is willing to pay a premium to protect against it. The risk can’t be so catastrophic that the insurer would never be able to pay for the loss.
Detailed explanation-4: -Definition: A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk.