Insurance - Study Mode
[#721] A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependants is called _________
Correct Answer
(C) Group Insurance
Explanation
Solution: A single policy covering a group of individuals, usually employees of the same company or members of the same association and their dependants is called Group Insurance. A group insurance policy gives you advantages of standardised coverage and very competitive premium rates.
[#722] A seller’s market in which insurance is expensive and in short supply is termed as _________
Correct Answer
(C) Alternative Market
Explanation
Solution: A seller’s market in which insurance is expensive and in short supply is termed as Alternative Market. A term commonly used in risk financing to refer to one of a number of risk funding techniques is known as Alternative Market.
[#723] An environment where insurance is plentiful and sold at a lower cost, also known as a Buyers market is called _________
Correct Answer
(B) Soft Market
Explanation
Solution: An environment where insurance is plentiful and sold at a lower cost, also known as a Buyers market is called Soft Market.
[#724] The concept of insurance involves a transfer of
Correct Answer
(D) Risk
Explanation
Solution: The concept of insurance involves a transfer of Risk. A transfer of risk, considered the underlying tenet of insurance transactions, is a risk management technique where risk shifts from one party to another.
[#725] Rakesh 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?
Correct Answer
(C) Non-life insurance in both cases
Explanation
Solution: Rakesh recently bought a health insurance policy and a personal accident policy. The insurance market fall in Non-life insurance in both cases.