Which of the following is not a true about insurance?
They do not provide security to wealth.
Which of the following is not an element of insurance?
Lending of funds is not a function of insurance.
Which of the following is not applicable in a life insurance contract?
The contract of indemnity is defined as, " A contract where one party promises to save the other from the loss caused by the conduct of the promisor himself or by the conduct of any other party." In a life insurance contract, nobody can save the life of the person. Hence, contract of indemnity does not apply here.
Which of the following is the concept of insurance?
Insurance is a contract in which an insurer indemnifies another against losses from specific contingencies or perils. It helps to protect the insured person or their family against financial loss. There are many types of insurance policies.
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