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Investment And Financial Planning MCQs

Which of the following differences between the life insurance and general insurance is not correct?

Life insurance is a long-term contract whereas general insurance contract is mostly one-year renewable contract.

Premium charged under a life insurance is calculated with the help of mortality table but in case of general insurance, premium is calculated based on the fixed tariff plans.

To determine the financial value of life under life insurance is difficult whereas financial value of asset to be insured under general insurance can be determined.

Life insurance contract is a contract of indemnity whereas general insurance contract is not.

Answer

Correct Answer: Life insurance contract is a contract of indemnity whereas general insurance contract is not.

Explanation:

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