Exam 6: Understanding Insurance and Its Components

Risk is evaluated on the basis of …………………………………….theory

Risk is evaluated on the basis of ___________ theory

_________ insurance is a not a contract of indemnity

……………………………….is the party who gets his life of property insured against risk

Which of the following insurance contract is not based on the principle of indemnity

Insurance provides security against ………………………….

The document which lays down the terms of the contract of the insurance is called …………………………………….

……………………….in a social device for eliminating or reducing the loss of society from certain risk.

LIC was formed in ………………………….

Human life is the subject matter of a contract of_______________

The subject matter of insurance is ___________

The insurer agrees to compensate the insurer in consideration of a sum of money is called

……………………………….is the party who agrees to compensate the other person against possible losses

Insurance is a written agreement between the insured and the__________

Marine insurance may cover loss or damage to the ___________

Insurance is a written agreement between the insurer and the ………………………………

IRDA is a ------------ member team

The things are property insured is called ………………………………………….of the insurance

Motor insurance provides insurance cover to _____________________

Expanded form of IRDA is_________________________