Explain which type of contract does an insurance falls under.
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Since the options are not given, I am giving an assumed answer.
The correct answer could be - Indemnity contract.
An insurance contract is a type of document that represents the agreement in between the insured person and an insurance company. Most of the insurance contracts need the insured person to pay premiums and perform according to the contract, whereas the main duty of the insurer is to pay for any incurred losses, in case of any occurrence. Most of the insurance contracts include policies for health, property, and liability insurance.
The Indemnity contracts are ones where the insurance company only compensates for the actual losses that are payable up to the policy limits.
The correct answer could be - Indemnity contract.
An insurance contract is a type of document that represents the agreement in between the insured person and an insurance company. Most of the insurance contracts need the insured person to pay premiums and perform according to the contract, whereas the main duty of the insurer is to pay for any incurred losses, in case of any occurrence. Most of the insurance contracts include policies for health, property, and liability insurance.
The Indemnity contracts are ones where the insurance company only compensates for the actual losses that are payable up to the policy limits.
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Insurance falls under the contract of indemnify.
As under the contract of insurance the insurer undertakes to pay money/ indemnify the insured in case of an event such as a death, accident, loss or damage to the property. The insured party usually has to pay a premium to the insurer/ insurance company in exchange for his or her assumption to the insured risk. The insurance contract is usually called the insurance policy.
As under the contract of insurance the insurer undertakes to pay money/ indemnify the insured in case of an event such as a death, accident, loss or damage to the property. The insured party usually has to pay a premium to the insurer/ insurance company in exchange for his or her assumption to the insured risk. The insurance contract is usually called the insurance policy.
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