In Insurance Law, The______ Is the One Assuming a Risk

question 63

Multiple Choice

In insurance law, the______ is the one assuming a risk in return for the payment of a premium.

• A) underwriter
• B) insured
• C) agent
• D) broker

Understand the definition and characteristics of services.

Differentiate between consumer products and business products.

Identify the categories of consumer products based on consumer behavior.

Understand the promotional strategies suitable for different types of products.

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Definitions:

Common Good Approach

A principle suggesting actions should be based on the welfare and interests of the majority or community as a whole, rather than individual gains.

Digital Dossier

A collection of digital records, including personal data, preferences, and activities, accumulated over time by various sources.

Supreme Court

The highest judicial body in a country, typically with the ultimate authority to adjudicate legal disputes, interpret laws, and in some cases, review constitutional amendments.

Aadhaar

A unique 12-digit number provided by the Indian government to its residents, reflecting their demographic and biometric information.