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LOGISTICS AND INSURANCE — Commercial Studies STD 10 — Question

ICSE BoardEnglish MediumSTD 10Commercial StudiesLOGISTICS AND INSURANCE2 Marks
Question
What do you understand by Life Insurance.
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Answer

Life Insurance is a contract under which the insurance company (called insurer) agrees to pay the specified amount (called sum assured) on the death of the insured person or upon the expiry of a specified period whichever is earlier in consideration of regular premium. Life Insurance is the most popular form of insurance because it plays a vital role in the life of public.

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