GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Acts of God
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Combined Ratio
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Actual Loss Ratio
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Actuarial Cost Assumptions
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Detailed explanation-1: -Explanation: An act of God is a legal term for events outside human control, such as sudden natural disasters, for which no one can be held responsible.
Detailed explanation-2: -The phrase Act of God refers to an accident or other natural event caused without human intervention that could not have been prevented by reasonable foresight or care. For example, insurance companies often consider storms to be an Act of God. Fire can also be an Act of God if it starts from lightning strikes.
Detailed explanation-3: -An act of God is a general defense used in cases of torts when an event over which the defendant has no control over occurs and the damage is caused by the forces of nature. In those cases, the defendant will not be liable in law of tort for such inadvertent damage.
Detailed explanation-4: -"Act of God” is a term used by insurance companies and in legal terminology to categorize a natural occurrence beyond human control. In legal parlance, it is referred to as a “natural catastrophic event” for which no one can be made liable.