MANAGEMENT

Detailed explanation-1: -Product Warranty Insurance is much more passive. It involves a promise to repair, replace or refund the purchase price of a product that fails to meet a particular standard of performance.

Detailed explanation-2: -Warranties in insurance contracts can be divided into two types: affirmative or promissory. An affirmative warranty is a statement regarding a fact at the time the contract was made. A promissory warranty is a statement about future facts or about facts that will continue to be true throughout the term of the policy.

Detailed explanation-3: -Different types of general insurance include motor insurance, health insurance, travel insurance, and home insurance.

Detailed explanation-4: -insurance is that insurance covers unexpected events that lead to damage, while warranties cover events that are somewhat expected, such as the aging and ultimate breakdown of appliances and systems.