4.
1. What is meant by 'business risk'?
2. Define Insurance.
3.
Why is insurance considered important? List any two reasons.
No
What does 'Endowment' life policy mean?
5. What is a “Voyage Policy'?
6. What is meant by 'Hull' insurance?
7. How insurance is important as an aid to trade and industry? Explain.
8. How does whole life policy differ from endowment life policy? Why is
life insurance also called life assurance?
9. Explain the types of risks which are covered by (i) Motor Vehicles
insurance; (ii) Fidelity insurance.
10. What purpose does Marine Insurance Policy serve? Explain the different
types of marine policies, which may be of use to exporters and importers.
11. A person suffering from cancer did not disclose this fact while taking a
life insurance policy. Name the principle he violated and explain it
about 50 words.
At what time there should be insurable interest in, a) Life insurance; b)
fire insurance; and c) Marine insurance.
12.
Answers
Explanation:
1. Business risk is the exposure a company or organization has to factor(s) that will lower its profits or lead it to fail. Anything that threatens a company's ability to achieve its financial goals is considered a business risk.
2.Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
3.Insurance encourages savings by reducing your expenses in the long run. You can avoid out of pocket payments for unfortunate events like medical ailments, loss of your bike, accidents and more. It is also a great tax saving tool that helps you reduce your tax burden.
4.An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time so that he/she is able to get a lump sum amount on the policy maturity in case he/she survives the policy term.
5. A voyage policy is marine insurance coverage for risks to a ship's cargo during a specific voyage. Unlike most insurance policies it is not time-based but expires when the ship arrives at its destination. It covers only the cargo, not the ship that carries it. A voyage policy is also known as marine cargo insurance
6.Hull insurance is an insurance policy especially designed for covering ship damage expenses. ... Damage to machinery. Disbursement losses. Ship-breaking losses. Fittings and freight.
7. The main role played by insurance as an aid in trade and industry is of extreme significance. The main reason that insurance policies are taken out that they provide protection against the risk loss. ... Thus, insurance is stimulation for the expansion of commerce, trade, and industry.
8.Whole Life Insurance. Both types of policies pay a lump sum of money either to beneficiaries upon the insured's death or back to the living policyholder when the policy's term matures. ... The difference is that endowments have a shorter coverage period and mature sooner, usually in 10 to 20 years.
9.Motor insurance provides financial protection against any physical damage of the vehicle or the person from traffic accidents. ... Fidelity insurance also protects the business from burglary, fire, and theft.
10. It can be the obligation of the exporter or the importer to pay the insurance cost on the shipment
11.A person suffering from cancer did not disclose this facts while taking a life insurance policy. Name the principle he/she violated and explain it in about 50 words. Arijit, it is the principle of utmost good faith that has been violated in the above scenario.
12.
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