Question 1

What are the tenets of insurance and the many kinds?

Accepted Answer

Answer-There are six fundamental insurance coverage requirements that must be met: the highest good faith standard, insurable interest, indemnity, proximate cause (proximal cause), subrogation (transfer of rights or guardianship), and contribution.

Question 2

What does "principles of insurance" mean?

Accepted Answer

Answer-The fundamental tenet of insurance is that an entity will decide to spend little, recurring sums of money to guard against the chance of a massive, unforeseen loss.

Question 3

By insurance, what do you mean?

Accepted Answer

Answer-Insurance is a tool for risk management. You purchase protection against unforeseen financial losses when you purchase insurance. If something unpleasant happens to you, the insurance company pays you or someone else of your choosing.

Question 4

What kind of insurance is it?

Accepted Answer

Answer-The need to reduce the negative impacts of risk connected with the likelihood of financial loss gave rise to the concept of insurance.

Question 5

What is the insurance industry's history?

Accepted Answer

Answer-As long as society has existed, insurance has existed in some form. As early as 4000–3000 bce, so-called bottomry contracts were known to Babylonian traders. Bottomry was also performed by Hindus about 600 BCE, and it was well known in 4th-century BCE Greece.

Browsing: Principles of Insurance

Principles of Insurance – Meaning, Types & Benefits

Ayushman Bharat Registration Apply Online @pmjay.gov.in

Format of will in India

pmayg.nic.in report 2023 list- PMAYG

Section 80 TTA of Income Tax Act

Ayushman Bharat Registration Apply Online @pmjay.gov.in

Format of will in India

pmayg.nic.in report 2023 list- PMAYG