Question 1

Insurance Act came in to effect in _______.

Accepted Answer

The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.

Question 2

Make a list of the differences between Life Insurance and General Insurance.

Accepted Answer

Basis of differenceLife insuranceGeneral insurance  1. Subject matter2. Duration3. Indemnity4. Measurement of loss5. Surrender Value.Life of a person is the subject matter. The policy is for a period of more than one year.Not based on the principle of indemnity.The loss is not measurable.The policy has a surrender value. A property or a thing is the subject matter.The policy is only for one year.Based on the principle of indemnity.The loss is measurable.The policy has no surrender value.

Question 3

What are the advantages of insurance companies?

Accepted Answer

The advantages of insurance companies are:1. They invest the money of the premium on various financial institutions and earn interest upon that.2. In case of general insurance the company only pay the amount of loss and not the actual capital after careful inspection due to which sometimes the claim of insurance is suspected to be false and the company earns all the money.

Question 4

A bank can open a branch only at the permission of the _______.

Accepted Answer

Ans :-Banks have to apply to RBI for set-up of new branches. RBI has strict guidelines about the same keeping multiple factors in mind - type of bank, financial inclusion being done, location, density of banking needed etc

Question 5

Explain the importance of life insurance.

Accepted Answer

The importance of life insurance are as follows : 1) It provides protection to the family at the premature death or gives adequate amount at old age when earning capacities are reduced.2) It is a sort of investment because a lump sum amount is returnable either at the death or after the expiry of the contract.3) It encourages savings, providing a sense od security.

Question 6

Which of the following is not an advance given by a bank?

Accepted Answer

Deposit is a money deposited by customer in bank for saving.

Question 7

What are the steps to be taken at the time of taking an insurance policy?

Accepted Answer

The steps to be taken at the time of taking an insurance policy are:1. &#10;Determining the type&#10;of asset and the amount of it which we have to insure.&#10;&#10;2. &#10;Look at the cost&#10;factor of the whole process.&#10;&#10;3. &#10;Contact various&#10;insurance companies for the policy.&#10;&#10;4. &#10;Don't go overboard&#10;buying policies from the insurance company and select the most ideal policy. &#10;&#10;5. &#10;Revisit your insurance needs.

Question 8

What is insurance?

Accepted Answer

Insurance is a contract between two parties where one part undertakes or promises to indemnify the loss or damage caused to the other party for the payment of a specific sum. The party who indemnifies or makes good the loss is known as the insurer. The party who is to be indemnified is known as the insured. The amount to be paid to the insurer is known as premium.

Question 9

Fill in the blanks with suitable words in the following incomplete sentences.The person who has accepted to pay the loss is called _________ in insurance.

Accepted Answer

A person who buys insurance is known as an insured or as the policyholder. A person who undertakes to pay the compensation to the insured for the loss suffered is called &#34;insurer&#34;.

Question 10

In life insurance, the risk insured is __________________.

Accepted Answer

Life insurance are taken to cover up the unforeseen and untimely event occurs during the life time. Life insurance companies provide the coverage of life of the insurer by taking an insurance premium. Life cover are taken to have future security in case of untimely and unforeseen circumstances.

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Insurance Act came in to effect in _______.

Make a list of the differences between Life Insurance and General Insurance.

What are the advantages of insurance companies?

A bank can open a branch only at the permission of the _______.

Explain the importance of life insurance.

Which of the following is not an advance given by a bank?

What are the steps to be taken at the time of taking an insurance policy?

What is insurance?

Fill in the blanks with suitable words in the following incomplete sentences.
The person who has accepted to pay the loss is called _________ in insurance.

In life insurance, the risk insured is __________________.

Business Services

Business Studies 1057 Views

Insurance Act came in to effect in _______.

Make a list of the differences between Life Insurance and General Insurance.

What are the advantages of insurance companies?

A bank can open a branch only at the permission of the _______.

Explain the importance of life insurance.

Which of the following is not an advance given by a bank?

What are the steps to be taken at the time of taking an insurance policy?

What is insurance?

Fill in the blanks with suitable words in the following incomplete sentences. The person who has accepted to pay the loss is called _________ in insurance.

In life insurance, the risk insured is __________________.

Business Studies
1057 Views

Fill in the blanks with suitable words in the following incomplete sentences.
The person who has accepted to pay the loss is called _________ in insurance.