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Which of the following is also known as contract of assurance


A life insurance contract is considered an assurance contract because the insurance company guarantees a certain amount of payment as compensation after the death of the insured.

Which of the following is also known as contract of?

Answer: Explanation:Since payment of compensation is assured by the Insurance Company that is why contract of Life Insurance is considered as a contract of Assurance.

Why insurance is called assurance?

What is the Meaning of Assurance? The term assurance is used in the insurance industry that to in terms of life and term insurance policies. In a life insurance policy, the policyholder is given assurance that he will receive compensation in case of a certain event like death or disability.

What kind of insurance is assurance?

Assurance is an arrangement in which an insurer pays reimbursement for a specified occurrence, such as death. Assurance policies provide continuous coverage until the policyholder's death. For example, a whole life insurance policy provides financial protection for the rest of the policyholder's life.

What does the term assurance refer to?

Assurance refers to the high degree of certainty that something is accurate, complete, and usable. Professionals affirm these positive assurances after careful review of the documents and information subject to the audit or review.

What is an assurance contract?

This is a deal which involves a group of people or organisations pledging to contribute to a project or action. It may be enforced by a government, or a private organisation. Where have you heard of assurance contract? You might have heard of them under a different name - they're sometimes known as a provision point mechanism.

What is insurance contract?

Insurance may be defined as a contract between two parties whereby one party called insurer undertakes, in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event. The insurance, thus, is a contract whereby Certain sum. called premium, is charged in consideration

What is a dominant assurance contract?

There is also a similar device known as a dominant assurance contract. What you need to know about assurance contract. This type of contract involves pledging to contribute to an action if enough other people make the same pledge. So for example, a group may promise to help fund a scheme if a set funding target is reached, often by a specific date.


Which of the following is also known as the contract of assurance? A Fire Insurance B Marine Insurance C Life Insurance D Health Insurance Medium Solution Verified by Toppr Correct option is C) A life insurance policy helps in securing the future financial needs of the insured's family after his/her death.




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