Examveda
Examveda

The concept of insurance involves a transfer of

A. Liability

B. Needs

C. Ownership

D. Risk

Answer: Option D

Solution(By Examveda Team)

The concept of insurance involves a transfer of Risk. A transfer of risk, considered the underlying tenet of insurance transactions, is a risk management technique where risk shifts from one party to another.

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Identify the correct option out of the following.

A. Licence for agency is issued by the Insurance company

B. Licence for a non-life insurance agency is issued by SEBI

C. Life Insurance agency licence is issued by Life Insurance Council

D. Agency licence in all cases is issued by the IRDA through the Designated Parson of the Insurer