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Identify the correct statement

A. Assets are protected by insurance

B. Insurance prevents loss to assets

C. Insurance compensates for the loss of the value of assets

D. Probabilities of loss are considerably reduced by insurance

Answer: Option C

Solution(By Examveda Team)

Insurance compensates for the loss of the value of assets. Coverage may also include compensation for being unable to use the item or for other damages caused by the item's loss.

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Related Questions on Insurance

Anti-selection means -

A. Tendency of people who expect loss to take insurance eagerly leading to loss to the insurer

B. Tendency of people to go for small amount of insurance

C. Tendency of people who have good health to go for insurance

D. Non evincing keen interest in buying an insurance