Exam 14: Insurance Principles, Functions, and Benefits

The term „Risk? includes:

________ means the transfer of all the rights and remedies available to the insured in respect of the subject matter to the insurer after indemnity has been effected.

___________is the oldest form of insurance

A human being

_________ is a contract between two insures i.e.original insurer and another insurer.

Insurance is meant to

Freight insurance is under

Virtual banking is also called

Insurance is necessary because

The IRDA stands for

Risk may be:

Insurance compensate losses

Insurance works on the principle of

Insurance benefits replace

The General Insurance Business Nationalization Act was passed in

The amount of insurance depends on

The principle of _______ensures that an insured does not profit by insuring with multipleinsurers.

Insurance principle does not include

Insurance works on the principle of

Insurance principle does not include