State the following statement is True or False:
Through insurance the risk is divided among many people.

Question

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Answer 1

Insurance is a form of risk management. It is a substitution of the premium for a risk of large possible loss. Such loss is spread over a large number of policyholders exposed to the same risk.

Answer 2

Insurance is a form of risk management. It is a substitution of the premium for a risk of large possible loss. Such loss is spread over a large number of policyholders exposed to the same risk.

State the following statement is True or False:
Through insurance the risk is divided among many people.

True

False

Insurance is a form of risk management. It is a substitution of the premium for a risk of large possible loss. Such loss is spread over a large number of policyholders exposed to the same risk.

Which of the following is not a function of insurance?

State the following statement is True or False:
Insurer undertakes to compensate the loss suffered by insured.

State the following statement is True or False:
Insurance is one of the important ancillary services.

The general insurance corporation of India established under the ____________________.

State the following statement is True or False:
At the event of loss, insurance policy holders submit a claim.

Revise with Concepts

Insurance

Life Insurance

Fire Insurance

Marine Insurance

Burglary, Cattle, Motor and Health Insurance

State the following statement is True or False:Through insurance the risk is divided among many people.

True

False

Insurance is a form of risk management. It is a substitution of the premium for a risk of large possible loss. Such loss is spread over a large number of policyholders exposed to the same risk.

Which of the following is not a function of insurance?

State the following statement is True or False:Insurer undertakes to compensate the loss suffered by insured.

State the following statement is True or False:Insurance is one of the important ancillary services.

The general insurance corporation of India established under the ____________________.

State the following statement is True or False:At the event of loss, insurance policy holders submit a claim.

Revise with Concepts

Insurance

Life Insurance

Fire Insurance

Marine Insurance

Burglary, Cattle, Motor and Health Insurance

State the following statement is True or False:
Through insurance the risk is divided among many people.

State the following statement is True or False:
Insurer undertakes to compensate the loss suffered by insured.

State the following statement is True or False:
Insurance is one of the important ancillary services.

State the following statement is True or False:
At the event of loss, insurance policy holders submit a claim.