📝 One-liners · 65 cards
INSURANCE PRODUCTS
What is insurance in the context of Indian financial services?
Insurance is a contract (policy) where an insurer compensates the insured against specified losses, damages, illness, or death in return for a premium, transferring risk from the individual to the insurer.
What is the principle of proximate cause in insurance?
The immediate dominant cause of loss determines claim liability.
Which regulatory authority governs the insurance sector in India?
The Insurance Regulatory and Development Authority of India (IRDAI), established under the IRDAI Act 1999, regulates and supervises the insurance industry in India.
What is a double accident benefit rider in life insurance?
It pays double the sum assured if death is accidental.
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