BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Select the expanded form of SA as commonly used in life insurance
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Sum Assured
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Surrender of Assurance
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Supplementary Assurance
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Stamp Act
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Survivor’s Annuity
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Explanation:
Detailed explanation-1: -The financial loss that may arise due to the passing away of the life assured is generally chosen as a life cover when buying a life insurance plan. In technical terms, ‘Sum Assured’ is the term used for an amount that the insurer agrees to pay on death of the insured person or occurrence of any other insured event.
Detailed explanation-2: -The main purpose of life insurance is to: Make up for loss of earnings if an insured person is unable to ever work again.
Detailed explanation-3: -1) An insurance policy is a contract between the insurer and the insured.
Detailed explanation-4: -The general insurance cover that is mandatory is third-party liability car insurance.
There is 1 question to complete.