Multiple Choice
The principle functions of an insurance contract are
A) To define the risk that is to be transferred
B) To state the conditions under which the contract applies
C) To explain the procedure for settling losses
D) All of the Above
Correct Answer:
Verified
Correct Answer:
Verified
Q15: The General Insurance Business Nationalization Act was
Q16: The amount of insurance depends on<br>A)Peril<br>B)The risk<br>C)Neither
Q17: The principle of _ensures that an insured
Q18: Insurance principle does not include<br>A)principle of indemnity<br>B)principle
Q19: Insurance works on the principle of<br>A)Trust<br>B)Sharing<br>C)Randomness<br>D)All the
Q20: Insurance principle does not include<br>A)Principle of indemnity<br>B)Principle
Q22: The spreading of losses incurred by the
Q23: Insurance works on the principle of<br>A)Sharing of
Q24: Life insurance made its first appearance in
Q25: Life Insurance Corporation of India headquarter is