Correct Answer : Option (A) - Age and income
Correct Answer : Option (D) - Conditional Contract
A conditional contract is an agreement or contract conditional upon a specific event, the occurrence of which, at the date of the agreement, is uncertain.
Correct Answer : Option (C) - Aggregate Limits
An aggregate limit is the maximum dollar amount your insurer will pay to settle your claims.
Correct Answer : Option (B) - Actuarial Cost Assumptions
Loss Ratio in insurance is the ratio of total amount paid out in claims plus adjustment expenses divided by the total earned premiums.
Correct Answer : Option (D) - Collateral Assignment
A collateral assignment of life insurance is a conditional assignment appointing a lender as the primary beneficiary of a death benefit to use as collateral for a loan.
Correct Answer : Option (A) - Paid-up value
Paid up value is the reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums.
Correct Answer : Option (B) - Nominee or Beneficiary
A person who receives the benefit in case of death of the insured person is a nominee.
Correct Answer : Option (C) - Facultative Insurance
Facultative insurance is reinsurance for a single risk or a defined package of risks.
Correct Answer : Option (A) - Equity
An instrument that signifies an ownership position, or equity, in a corporation, and represents a claim on its proportionate share in the corporation’s assets and profits.
Correct Answer : Option (D) - All of the Above
Fire insurance is insurance that is used to cover damage to a property caused by fire. It is a specialized form of insurance beyond the property insurance. It is designed to cover the cost of replacement, reconstruction or repair which all are not covered by the property insurance policy.