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प्रश्न
What is meant by insurance?
संक्षेप में उत्तर
उत्तर
- A promise to compensate for future losses in exchange for a periodic payment.
- Insurance protects individuals, businesses, and other entities against financial losses. Certain types of insurance are mandated by law, while others are voluntary.
- Accepting the terms of an insurance policy forms a contract between the insured and the insurer.
- The insurer agrees to pay the policyholder a sum of money if a certain event occurs in exchange for premium payments from the insured.
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संबंधित प्रश्न
Mr. Mohan took a health insurance policy for Rs. 2 lakhs without disclosing proper facts. After three years, he was admitted in hospital due to acute tuberculosis. During investigation it was found that he had been a chain smoker for the past five years.
- Will he be able to claim health insurance? Why?
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"Insurance is a method of spreading risks." In the light of this statement, explain how does insurance help in minimising business risks.
