BUISENESS MANAGEMENT
INSURANCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
“I think I need a personal property floater.”
|
|
|
“I think I should get speculative risk insurance.”
|
|
|
“I will deduct the cost of the jewelry from my premium.”
|
|
|
“I realize that if this jewelry is stolen it will be considered vicarious liability.”
|
Detailed explanation-1: -Term Insurance Plans Term insurance is a pure protection plan and is not market-linked. Moreover, the premiums for term insurance are lower as compared to any other life insurance product. The premiums are also more affordable if you buy them early in life.
Detailed explanation-2: -Common types of life insurance include: Term life insurance. Whole life insurance. Universal life insurance.
Detailed explanation-3: -The consideration clause spells out exactly how much premium payments are and when they are due. The legal consideration for a life policy consists of the application and payment of the initial premium. It may also list the effective date.
Detailed explanation-4: -Which of the following best describes the concept that the insured pays a small amount of premium for a large amount of risk on the part of insurance company? An insurance contract is an aleatory contract in that it requires a relatively small amount of premium for a large risk.