GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Casualty Insurance
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Industrial Insurance
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Commercial Insurance
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Automobile Liability Insurance
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Detailed explanation-1: -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-2: -An occurrence policy has lifetime coverage for the incidents that occur during a policy period, regardless of when the claim is reported. A claims-made policy only covers incidents that happen and are reported within the policy’s timeframe, unless a “tail” is purchased.
Detailed explanation-3: -Liability insurance helps cover medical and legal fees if you’re held legally responsible for someone else’s injury, or damage to someone else’s property. Drivers are required to carry liability insurance in nearly every state.