The protection by the state of the individual
against economic hazards is referred to as
A) private insurance
B) general insurance
C) special insurance
D) social insurance
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Answer:
a) private insurance is correct
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The correct answer is OPTION B: General Insurance.
- General insurance refers to insurance policies that aren't life insurance.
- General insurance includes fire, marine, motor, accident, and other non-life insurance.
- Damage to tangible assets can occur, necessitating the need to safeguard the assets' financial value.
- General insurance products are bought for this purpose since they cover against unforeseeable situations like asset damage and loss.
- A premium component is present in general insurance products such as life insurance.
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