GENERAL KNOWLEDGE

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GK

INSURANCE AWARENESS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
An endorsement added to an insurance policy, or clause within a policy, that provides additional coverage for risks other than those in a basic policy is termed as ____
A
Expense Ratio
B
Extended Coverage
C
Expected Loss Ratio
D
Extra Expense Insurance
Explanation: 

Detailed explanation-1: -Rider meaning in Insurance: In simple words, an insurance plan rider is a modification or provision to an existing insurance plan that offers additional coverage i.e., the extra protection against risk.

Detailed explanation-2: -If an endorsement conflicts with a policy provision, how is this problem resolved? An endorsement attached to a policy generally takes precedence over any conflicting terms in the policy. straight deductible: the insured must pay a certain number of dollars of loss before the insurer is required to make a payment.

Detailed explanation-3: -Primary and non-contributory endorsements or policy language make a specific insurance policy PRIMARY, meaning, to go first, and non-contributory, meaning, without contribution, over other insurance policies of a specific party; this party is typically an additional insured.

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