GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Coverage for losses incurred as a result of the failure of an insured object on the insured’s premises is referred as ____
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Conditional Receipt
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Conditional Renewable
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Conditional Contract
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Consequential Damage Endorsement
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Explanation:
Detailed explanation-1: -Consequential Damages are those damages that arise due to a result of an action that may or may not be in your control. In most cases, the damage due to an accident might be covered by an insurance policy, but a Consequential Damage arising due to an avoidable action might not be covered.
Detailed explanation-2: -The consequential loss insurance covers indirect damages and is called a business interruption insurance.
Detailed explanation-3: -(Insurance: Claims) A consequential loss is a loss that follows another loss that is caused by a danger that has been insured against. The loss of ongoing profit because of the inability to continue trading is a consequential loss.
There is 1 question to complete.