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Banking Sample Paper SBI Clerk Grade (Main) Sample Test Paper-2

  • question_answer
    The amount to be paid for a contact of insurance to the insurance company, that is the sum that a person pays monthly, quarterly or annually according to their plan, in return of the coverage he/she has taken from the insurance  company is known as -

    A)  Certain Loss

    B)  Uncertain Loss

    C)  Claim amount

    D)  Premium

    E)  Sum Insured

    Correct Answer: D

    Solution :

     In an insurance contract, one party, the insured, pays a specified amount of money, called a premium, to another party, the insurer. The insurer, in turn, agrees to compensate the insured for specific future losses. The losses covered are listed in the contract, and the contract is called a policy.


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