Question1. Give a comprehensive explanation of insurance contract.
Question2. Purchasing appropriate insurance cover is essential part of successful business planning. Doing it well will save you money and aid safeguard your business. Give the reasons why businesses purchase insurance and the dissimilar type of insurance policies that may be contracted by businesses.
Question3. Describe the words which are given below:
i) Strategic Risk
ii) An insurance Broker or intermediary
iii) Grace Period
iv) Hedging
v) Operational risk
Question4. Explain the terms “loss adjustor” and “loss assessor” in insurance.
Question5. Describe the concept of “utmost good faith” in insurance contracts.