ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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property
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liability
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Either A or B
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None of the above
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Detailed explanation-1: -Home insurance also known as property insurance or homeowner insurance covers the structure as well as the content. A home insurance policy provides coverage for your own house, rented house, apartment or luxury mansion as well.
Detailed explanation-2: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.
Detailed explanation-3: -Third-party insurance, which is also sometimes referred to as ‘act-only’ insurance is a statutory requirement for all vehicle owners as per the Motor Vehicle Act. It is a type of insurance cover where the insurer offers protection against damage to the third-party vehicle, personal property and physical injury.
Detailed explanation-4: -Property insurance provides financial reimbursement to the owner or renter of a structure and its contents in case there is damage or theft-and to a person other than the owner or renter if that person is injured on the property.