Chapter 18 Insurance Flashcards
Q.1
Define insurance.
Ans.
“Insurance means undertaking, by a company, society or the state to provide safeguard against loss, provision against sickness, death, etc. in return for regular payments”
State some conditions of fire insurance.
i
In fire insurance the insurer promises the insured to indemnity the loss due to fire.
(ii)
The risk covered by the contract is due to fire or any course which may be the approximate cause of damage.
iii) Fire insurance contract is renewed year after
year.
What are the important types of life insurance.
Q.4
Ans.
(i)
Whole life policy
(a) Straight life
(b) Limited payment life
(c) Single premium life (ti) Endowment life policy (iii)
Term assurance
(iv) Group life insurance
(v) Jiwan sathi insurance
What are the important types of insurance.
What is insurance policy.
Q.5
Ans.
.
There are following important types of insurance.
(i) Marine insurance. (ii) Fire insurance. (iit) Life assurance. (iv) Accidental insurance.
The documents which are used for the settlerent insurance agreement between the parties
어
insurance policy.
alled
State the important kinds of accidental insurance.
Define accidental insurance.
Q.б
Ans.
(i) Property’s accidental insurance
(ii) Motor cycle and car’s accidental insurance. (lii) Personal accidental insurance.
Ans. The insurance policy in which the insurance c pany
promises to compensate all the losses of the insured caused by an accident.
What is meant by fire insurance.
Q.7
Fire insurance is a contract between the insurance company and the policyholder wherein the insurance company undertakes, in exchange for a premium, to indemnify the loss or damage caused to the specified property of the insured by fire or lightning.
Ans.
Define life insurance.
Ans.
INSUR
Life insurance is defined as a contract whereby the insurer in consideration of a premium paid in lump sum or in periodic instalments undertakes to pay a specified sum either on the death of the insured or on the expiry of specified number of years in the policy.
What are the important kinds of marine insuran
What are the important conditions
requirements of marine insurance.
and
Q.11
Q.12
Voyage policy
(i) Time policy
(ini) Mixed policy
(iv) Valued policy
(v) Unvalued policy
(vi) Composite policy
(vii) Floating policy
(vili) Fleet insurance
Ans. (i) The insured must have insurable interest
property insured.
the
(11)
The insurer shall promise to the insured. ship is in a good condition and can
the the
ordinary perils of the sea.
(iii) The insured must also get a guarantee voyage of the ship is lawful. The illegalit
the E the
venture makes the contract of insurance void
State some of the important principles of insurance.
State some advantages of insurance.
Ans. (i) Insurable interest (ii) Utmost good faith (iii) The principle of indemnity (iv) Doctrine of contribution
(v) Proximate cause (vi) Attachment of risk
AnS•
(i)
Saving
(ii) Profitable business (iii) Social benefits
(iv) Basis or facility of credit (v). Transfer of risk and loss (vi) Investment
What is meant by marine insurance.
Q.15
A marine insurance policy is a contract whereby the
Ans+
insurer undertakes to indemnify the insured, in manner and to the extent thereby agreed, against the losses incidental to marine adventure.
What are the important kinds of fire insurance.
Ans.
Q.16
Ans.
(i) Specific policy (ii) Valued policy (ili) Floating policy (iv) Consequential loss policy
(v) Average policy (vi) Blanket policy
State in brief insurable interest.
Insurable interest may be defined as a financial intere in the subject matter of contract. No person can ent into a contract with an insurance company unless he h an insurable interest in the object
