Insurance is meant to
A) Prevent specified events
B) Prevent damage to assets from specified events
C) Compensate for losses from specified events
D) Rebuild the assets lost because of specified events
Correct Answer:
Verified
Q5: Risk may be:
A)objective
B)subjective
C)Both (a) and (b)
D)None of
Q6: The General Insurance Business Nationalization Act was
Q7: Life Insurance Corporation of India headquarter is
Q8: Insurance works on the principle of
A)Sharing of
Q9: The principle of _ensures that an insured
Q11: Insurance compensate losses
A)By replacing the original asset
B)To
Q12: Insurance is necessary because
A)Assets depreciate over time
Q13: Insurance works on the principle of
A)Sharing
B)Probabilities
C)Large numbers
D)All
Q14: Insurance works on the principle of
A)Trust
B)Sharing
C)Randomness
D)All the
Q15: The amount of insurance depends on
A)Peril
B)The risk
C)Neither
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