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Question
Write a word or phrase or a term which can substitute the following:
The principle of insurance under which the insurer and the insured must show complete faith towards each other
Solution
The principle of insurance under which the insurer and insured must show complete faith towards each other - Principle of utmost good faith
Explanation:
The principle of utmost good faith states that the insurer and the insured should have faith in each other and in the contract. Each should disclose all the necessary information related to the subject matter of the insurance. Complete faith towards each other is the prime condition of every contract.
RELATED QUESTIONS
Select the proper option from the options given below and rewrite the completed sentence.
In India railways are owned and managed by ________.
Select the proper option from the options given below and rewrite the completed sentence.
Door to door services is offered by ________.
Select the proper option from the options given below and rewrite the completed sentence.
The costliest means of transport is ________.
Match the correct pairs :
| Group “A” | Group “B” | ||
| a. | Life Insurance | 1 | Claim made by insured |
| b. | Mitigation of loss | 2 | Perishable goods |
| c. | Premium | 3 | Insurable interest |
| d. | Cold storage | 4 | Maximum loss |
| e. | Warehousing | 5 | Transfer of goods from one place to other |
| 6 | To minimise the loss | ||
| 7 | Imported goods | ||
| 8 | Principle of indemnity | ||
| 9 | Storage of goods | ||
| 10 | Payment made by policy holder |
Write a word or phrase or a term which can substitute the following:
An account holder enjoys the privileges of any number of withdrawals.
Write a word or phrase or a term which can substitute the following:
The type of insurance where the principle of indemnity is not applicable
Write a word or phrase or a term which can substitute the following:
The policy under which cargo is insured for a specific period & voyage.
Write a word or phrase or a term which can substitute the following:
An electronic letter through which the messages can be exchanged on the computer.
Write a word or phrase or a term which can substitute the following:
Means of transport carrying bulk and heavy goods for international trade.
Write a word or phrase or a term which can substitute the following:
Mode of transport which helps to get goods and passengers at their door.
Distinguish between the following:
Cheque & Bank Overdraft
Write Short Note on the following:
Types of life insurance policies
Write Short Note on the following:
Types of marine insurance policies
Write Short Note on the following:
Road transport
State with Reasons whether the following statement is TRUE or FALSE.
Duty paid warehouses help to provide storage for perishable commodities.
State with Reasons whether the following statement is TRUE or FALSE.
Air transport is suitable for short distances.
State with Reasons whether the following statement is TRUE or FALSE.
Water transport is the costliest means of transport available.
Answer the following question in short:
What is e-banking?
