Question

Raj recently bought a health insurance policy and a personal accident policy. What main section(s) of the insurance market do these products normally fall into?

Answer 1

Answer:

Solution(By Examveda Team) Rakesh recently bought a health insurance policy and a personal accident policy. The insurance market fall in Non-life insurance in both cases.

Answer 2

Answer:

These products normally fall into the Life Insurance and General Insurance sections of the insurance market.

Explanation:

Which primary insurance market segment(s) do these products typically fit into?

• Raj's policies mostly fall within the categories of life insurance and general insurance on the insurance market.
• Life insurance is intended to offer financial security to the policyholder and their beneficiaries in the event of a premature death or disability. It covers death, illness, and disability.
• An illustration of general insurance is Raj's health insurance plan.
• Health insurance covers medical bills as well as associated expenses including hospital stays, testing, and prescription drugs.
• A general insurance example is Raj's personal accident coverage. This kind of insurance covers accidental demise, mutilation, and/or handicap.
• Usually, the policyholder gets reimbursed for accident-related losses such as medical costs, missed wages, and/or other damages.
• In conclusion, Raj's health insurance plan and personal accident plan are included in the two primary categories of insurance: general insurance and life insurance.
• The purpose of life insurance is to protect the policyholder's finances.

To learn more about insurance market refer to:

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