02. INSURANCE
1) Explain the importance of Insurance.
a) Insurance covers the risk of death, disabilities or lost.
b) It encourages compulsory saving.
c) It achieves the purpose of the life assured.
d) It gives peace of mind getting coverage for life property.
e) It helps when loss of life occurs.
f) It helps social benefits.
g) It provides loan facilities and tax relief.
2) What are the advantages of Insurance Company?
a) It provides employment opportunities.
b) It provides a sense of security.
c) It provides protection to property.
d) It provides responsible profit to many.
e) It gets profit from the financial transaction.
f) Encourages economic growth.
g) Promotes international trade.
3) What are the steps to be taken at the time of taking an insurance policy?
a) Shortlist the insurance company.
b) Enquiry about the insurance, cost and premium.
c) Obtain the application form.
d) Complete the proposal form in all respect.
e) Submit the proposal form.
f) Scrutiny of the proposal.
g) Issuing of bonds.
Acceptance of the policy.
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