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Xpand_Rewind Day-30

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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