In insurance context ‘risk retention’ indicates a situation where _____.
Possibility of loss or damage is not there
Loss producing event has no value
Property is covered by insurance
One decides to bear the risk and its effects
Which of the below statement is true?
Life insurance policies are contracts of indemnity while general insurance policies are contracts of assurance
Life insurance policies are contracts of assurance while general insurance policies are contracts of indemnity
In case of general insurance the risk event protected against is certain
The certainty of risk event in case of general insurance increases with time
Which among the following is true regarding life insurance contracts?
They are verbal contracts not legally enforceable
They are verbal which are legally enforceable
They are contracts between two parties (insurer and insured) as per requirements of Indian Contract Act, 1872
They are similar to wager contracts
Which of the below is one of the ways of defining surplus?
Excessive liabilities
Excessive turnover
Excess value of liabilities over assets
Excess value of assets over liabilities
Which of the below statement is correct?
The proposal form acceptance is the evidence that the policy contract has begun
The acceptance of premium is evidence that the policy has begun
The First Premium Receipt is the evidence that the policy contract has begun
The premium quote is evidence that the policy contract has begun
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