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Question
Explain the following term/concept.
Life Insurance
Solution
Life insurance is a contract between insurer and insured whereby the insurer agrees to compensate the insured a certain sum on the expiry of certain period or on death, whichever is earlier. The basic purpose of life insurance policy is to secure the lives of those who are dependent on the insured. The type of life insurance policies are whole life policy, endowment insurance policy, term insurance policy, annuity policy, money-back policy, child insurance, retirement plans and ULIP.
RELATED QUESTIONS
Explain the types of fire insurance policies.
_____________ policy covers all types of risks of a vessel while it is anchored at the port for a particular period of time.
The principle of ______ is not applicable to life insurance.
Answer in one sentence.
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Correct the underlined word and rewrite the following sentence.
Insurance helps to maximize the risks in the business.
Explain the following term/concept.
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Study the following case/situation and express your opinion.
| Mr Jagan is a salaried person. He wants to take policy for his two children which assures them protection as well as completes their financial needs once they become major by age. |
- Suggest him a policy which can satisfy the requirements of his children.
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Explain the principles of insurance.
Match the correct pairs.
| Group A | Group B |
| A. Sprinkler policy | 1. provides a regular percentage of the sum assured |
| B. Child insurance | 2. marketing |
| C. Money back policy | 3. demand made by insured to insurer for loss occurred due to mishap |
| D. Claim | 4. profit |
| E. Insurance | 5. proposal |
| 6. protection from financial loss | |
| 7. for voyage | |
| 8. ULIP | |
| 9. suitable for children | |
| 10. fire insurance |
Correct the underlined word and rewrite the sentence.
The person who is protected against certain losses is known as insurer.
Explain the following term/concept.
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Study the following case/situation and express your opinion.
Mr. Sadagopan is a businessman he has two factories in Indore and Bhopal. He lives in Bhopal with his wife and two daughters aged 5 and 8 years.
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- Is child insurance is suitable for a wife of Mr. Sadagopan?
- Which type of insurance should Mr. Sadagopan take for protecting his factories from loss due to fire?
Explain the following term/concept:
Insurable Interest
Distinguish between Life Insurance and Marine Insurance.
Distinguish between Life Insurance and Fire Insurance.
Distinguish between Life Insurance and Fire Insurance.
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