Business Studies

State the following statement is True or False:
Insurance means protection against possible risk of loss.


ANSWER

True


SOLUTION
Uncertainties have led to the formation of the concept of insurance. Insurance is a contract where one party agrees to indemnify the loss of other party at the time of loss, for a consideration. The principle of indemnity in an insurance contract safeguards the insured to put him in the same position that he/she would have been in if the loss had not occurred. However, the principle of indemnity does not apply to life insurance contracts. Thus insurance is a protection against possible risk of loss.
View Answers

You're just one step away

Create your Digital Resume For FREE on your name's sub domain "yourname.wcard.io". Register Here!


TRUE/FALSE Medium Published on 18th 08, 2020
Next Question
Questions 244531
Subjects 8
Chapters 125
Enrolled Students 199
Enroll Now For FREE

Realted Questions

Q1 Subjective Medium
What are the different types of Insurance?

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q2 Subjective Medium
Make a list of the differences between Life Insurance and General Insurance.

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q3 Single Correct Medium
The general insurance corporation of India established under the ____________________.
  • A. Indian Companies Act,1956
  • B. Banking Regulation Act,1949
  • C. General Insurance Corporation of India Act,1972
  • D. Life Insurance Corporation of India Act, 1956

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q4 Subjective Medium
Write short answers for the following : 
Explain the terms of insurance contract.

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer
Q5 Single Correct Medium
The service provided to improve the standard of living of the weaker sections of society are ______________.
  • A. Business services
  • B. Social services
  • C. Personal services
  • D. None of the above

Asked in: Business Studies - Business Services


1 Verified Answer | Published on 18th 08, 2020

View Answer