GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Contingencies outlined in an insurance policy is called ____
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Pure Risk
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Provisions
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Product Liability
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Proximate Clause
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Explanation:
Detailed explanation-1: -Contingent liability: a possible obligation depending on whether some uncertain future event occurs, or. a present obligation but payment is not probable or the amount cannot be measured reliably.
Detailed explanation-2: -A provision is a present obligation of uncertain amount and timing, as well. Contingent Liability is a possible obligation that results from past events and whose existence will rely upon the happening or non-happening of the future event. Provision is a recognized liability whose occurrence is certain.
There is 1 question to complete.