Consider the following statements. I. Workmen's compensation and third party insurance are examples of guarantee insurance. II. Re-insurance is more common under fire and marine insurance. Which of the statement given is/are correct?
I only
II only
Neither I nor II
Both I and II
A
I only
B
Neither I nor II
C
Both I and II
D
II only
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Solution
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Both the statements are correct.
1. Guarantee insurance indemnifies the employer and protects against employees and third parties.
2.Insurance of Insurance companies is re-insurance, the claims are high in case of fire and marine insurance and hence, re-insurance is common under them.
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