Business Studies

What do you mean by Insurance? 


SOLUTION
Insurance is a contract under which the insurer undertakes the responsibility to indemnify the insured against any damage for which it has taken insurance. The insured needs to pay a certain amount of premium to the insurer to avail insurance. Insurance is a contract of indemnity and also is based on utmost faith. There are three types of insurance viz., life, fire, and marine.
View Full Answer

Its FREE, you're just one step away


Subjective Medium Published on 18th 08, 2020
Next Question
Questions 244531
Subjects 8
Chapters 125
Enrolled Students 146
Enroll Now For FREE

Realted Questions

Q1 TRUE/FALSE Medium
State whether the following statement is True or False.
A letter without a date is complete.
  • A. True
  • B. False

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q2 Subjective Medium
Write short answers for the following : 
What is Fire Insurance?

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q3 Subjective Medium
Fill in the blanks with suitable words.
Vehicle insurance is an ________ Insurance.

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q4 Single Correct Medium
CWC stands for _______.
  • A. Central Water Commission
  • B. Central Warehousing Commission
  • C. Central Warehousing Corporation
  • D. Central Water Corporation

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q5 Single Correct Medium
The simultaneous activity of production and consumption of services is called _____________.
  • A. Inventory
  • B. Inconsistency
  • C. Inseparability
  • D. Intangibility

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer