Meaning, importance and principles of insurance - class-XI
Description: meaning, importance and principles of insurance | |
Number of Questions: 17 | |
Created by: Nitesh Divan | |
Tags: organization of commerce and management financial markets insurance business risks and insurance business services 1 insurance - introduction and importance business services service sector and business other services logistics and insurance business studies commerce commercial studies organisation of commerce and management |
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An assessee has paid life insurance premium of Rs. 25, 000 during the previous year for a policy of Rs. 1, 00, 000. He shall __________________________.
'Salvage Charges' is related to ________________.
In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called _______________.
State the following statement is True or False:
All insurance contracts are contracts of indemnity, except the contract of life insurance.
State the following statement is True or False:
Insurance is a form of risk management.
The fee charged by insurance companies is commonly known as 'premium'.
State the following statement is True or False:
Policy is the document which contains the terms and conditions of contract.
State the following statement is True or False:
Premium is a regular payment made by he insured to insurer.
State the following statement is True or False:
The amount payable by the insured to the insurer in installments for protection against risk is premium.
State the following statement is True or False:
The principle of insurance under which the compensation paid to the insured which is equal to the actual loss is indemnity.
State the following statement is True or False:
Through insurance the risk is divided among many people.
State the following statement is True or False:
A document containing terms and conditions of insurance contract is called policy.One who calculates insurance and annuity premium is known as _____.
An agent is_________between his principal and the third party.
The abbreviation 'AAR' stands for _______________.
Which one of the following generalisations can be drawn from the principle of subrogation?