GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following correctly describes what the ‘Bancassurance’ is -
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It is an arrangement whereby the branches of a bank sell / distribute insurance products of an insurance company.
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It is a new product developed/ launched by the banks in which the risks of the high value customers are covered for any losses to their property and/or lives through an insurance cover.
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It is a new product launched by some banks by which they are providing insurance cover to exporters/ importers for the losses, if any due to high fluctuations in the exchange rates of dollars and other major currencies.
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None of these
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Explanation:
Detailed explanation-1: -Bancassurance means a partnership between a bank and an insurance company that allows the insurance firm to offer its products to the bank’s customers. It is the provision of insurance (assurance) products via a bank.
Detailed explanation-2: -Distribution Agreement, Strategic Alliance, Financial Services Group, Joint Venture, and Mixed Models are the types of bancassurance models.
There is 1 question to complete.