GK
INSURANCE AWARENESS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
First Party Coverage
|
|
|
Second Party Coverage
|
|
|
Third Party Coverage
|
|
|
None of the Above
|
Detailed explanation-1: -Coverage for the policyholder’s own property or person. In no-fault auto insurance, first-party coverage pays for the cost of injuries.
Detailed explanation-2: -A first-party insurance claim occurs when you file a claim with your own insurance company after an accident or injury. You’re the one who takes out the insurance policy and pays the bill.
Detailed explanation-3: -First-party refers to the insured individual, second-party is the insurance provider, and third party is the person towards whom damages are owed by the first-party in an accident.
Detailed explanation-4: -2) The insured is the person whose life is being covered against the risk under the policy. 3) The insurer is the insurance company that provides the insurance cover. 4) The proposer is the person who takes the cover and is also called the policyholder.