I. What is life insurance policy.
Describe the various kinds of life insurance policies.
2 How is life insurance policy distinguished from other types of insurance
Define life Insurance policy briefly giving the essentials of life insurance contract. (Ar
Mr. Hamid is interested in getting a life insurance policy. What method will be adopt in securing the life policy for himself? (Ans.4)
What are the various types of life insurance policies? Which policy do you prefer and why? (Ans.5)
What are the benefits of life insurance policy to an individual sole proprietor,partnership. Discuss in brief the advantages of life insurance policy to the business community.
Define life insurance. What are its main advantages,
Define and compare life insurance, Fire insurance and Marine insurance.
What is warranty? Answer. A warranty is a part of the contract. It is an undertaking that the answers given in the application for insurance are correct. If they are proved false, the policy would be considered void.Warranty is of two kinds .express and implied. Express warranties are clearly mentioned and incorporated in the policy. Implied warranties are not mentioned in the policy but they are tacitly presumed to exist. For instance,seaworthiness of the slip, .legality of the venture, are examples of implied warranties in marine insurance.
II. What is self insurance? Answer. In case of self insurance, a person periodically sets apart a specified amount for meeting the risk. In the event of a loss, he banks upon the pool and makes good the loss. For instance, a big shipping company may keep a certain sum as reserve after every two months. In the event of a loss, the damage to the ship will be met out of the accumulated fund. Self insurance can only be carried out by big firms.
What is warranty?
What is self insurance?
How will your distinguish between fir insurance and life insurance?4 What is the business use of life insurance?
State whether each the following statement is 'True' or 'False'
In life insurance, the amount of policy is paid on maturity or earlier death to his nominee.