Q 1. What is the primary purpose of insurance in the context of assets?
Q 2. What is a peril in the context of insurance?
Q 3. What term is used to describe the expectation that assets have a certain useful lifespan during which they are expected to perform?
Q 4. Why do assets need insurance?
Q 5. What is the term for the damage that a peril may cause to assets?
Q 6. Which of the following is NOT an example of a direct income-generating asset?
Q 7. What is the primary focus of insurance in covering perils and risks?
Q 8. In the context of insuranceWhat is insured when there is uncertainty about the occurrence of an event?
Q 9. Why is it essential for insurance to cover uncertainties?
Q 10. In the case of life insuranceWhat is considered the income-generating asset?
Q 11. What is the primary uncertainty that makes life insurance insurable?
Q 12. What is considered a peril in the context of insurance?
Q 13. Why is living too long considered a peril in the context of insurance?
Q 14. What is the primary purpose of insurance in reducing the impact of risks?
Q 15. Can insurance prevent the occurrence of a peril?
Q 16. What is one thing that insurance does NOT do?
Q 17. What is the primary concept behind insurance mechanisms?
Q 18. How is risk sharing typically accomplished in insurance?
Q 19. What is the term for the amount paid by members of an insurance group in advance to create a fund for covering potential losses?
Q 20. What is the Sum Assured in insurance?
Q 21. What are losses that are paid in insurance called?
Q 22. How is insurance business broadly classified into two main groups?
Q 23. In India, how are sickness and accidents to human beings classified in terms of insurance?
Q 24. What are non-life insurance policies' typical policy terms in India?
Q 25. What term is used to describe insurance policies with liabilities that may be known long after the policy term is over?
