GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A contract, such as an insurance contract, requiring that certain acts be performed if recovery is to be made is known as ____
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Consequential loss
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Conditional Receipt
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Conditional Contract
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Conditional Renewable
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Explanation:
Detailed explanation-1: -A conditional insurance contract is an agreement between an insurance company and a policyholder in which the insurer agrees to provide coverage for a specific event or loss, provided that certain conditions are met.
Detailed explanation-2: -reinsurance. contract. An insurance contract issued by one insurer (the reinsurer) to compensate another insurer (the cedant) for losses on one or more contracts issued by the cedant. reinsurer. The party that has an obligation under a reinsurance contract to compensate a cedant if an insured event occurs.
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