GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If the insurance policy is taken from more the one underwriter where period of insurance, subject matter of insurance and sum insured are same is termed as ____
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Double Insurance
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Liability Insurance
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Industrial Insurance
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Commercial Insurance
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Explanation:
Detailed explanation-1: -Double insurance refers to the method of getting insurance of same subject matter with more than one insurer or with same insurer under different policies. This means that one can get insurance policies on a subject matter more than its value. Double insurance is possible in all types of insurance contracts.
Detailed explanation-2: -Double insurance policy clauses The general rule is that in the event of double insurance, if a loss is caused by the risk insured against, subject to the terms of each insurance policy, the insured may recover the full amount of his loss from whichever insurer or insurers he chooses.
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