Business Studies

State the following statement is True or False:
A document containing terms and conditions of insurance contract is called policy.


Answer & Solution

True


SOLUTION
Insurance policy is a formal and legal document issued by the insurance company to the insured. It describes the terms and conditions relating to the particular policy. 
It includes details about the risks covered, duration of coverage, amount of premium, mode of payment of premium, etc.
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TRUE/FALSE Medium Published on 18th 08, 2020
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