GSSSB Royalty Inspector, Class III Final answering key for competitive written test on 01/04/2018
Insurance is a means of protection from financial loss. It is a form of RISK MANAGMENT primarily used to HEDGE against the risk of a contingent, uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is
known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to
the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and
must involve something in which the insured has an INSURABLE INTREST established by ownership, possession, or preexisting relationship.
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The insured receives a CONTRACT called the INSURANCE POLICY which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to
the insured for the coverage set forth in the insurance policy is called
the premium. If the insured experiences a loss which is
potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a CLAIMS ADJUSTER. GSSSB Royalty Inspector, Class III Final Answering Key
Methods for transferring or distributing risk were
practiced by CHINESE and BABYLOANIUM traders as long ago as the3RD and 2ND MILLENNIA BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel’s capsizing. The Babylonians developed a system which was
recorded in the At some point in the 1st millennium BC, the inhabitants of created the ‘. This allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be
used to reimburse any merchant whose goods were
jettisoned during transport, whether to storm or sinkage.
Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were
invented in in the 14th century, as were
insurance pools backed by pledges of landed estates. The first known insurance contract dates from GENOA in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be
separated from investment, a separation of roles that first proved useful in MARINE INSURANCE
If the Insured has a “reimbursement” policy, the insured can be
required to pay for a loss and then be
“reimbursed” by the insurance carrier for
the loss and out of pocket costs including, with the permission of the insurer, claim expenses.
In general, the higher the potential return, the higher the risk of potential loss.
Although some funds are less risky than others, all funds have some level of risk –
it’s never possible to diversify away all risk also –
even with so-called money market funds This is a fact for all investments.Each mutual fund has a predetermined investment objective that tailors the fund’s assets also regions of investments and investment strategies.
At the most basic level, there are three flavors of mutual funds also :
those that invest in stocks (equity funds) also those that invest in bonds (fixed-income funds),
Those that invest in both stocks and bonds (balanced funds), And those that seek the risk-free rate
(money market funds) also.
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