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Insurance Services Video Lecture | Business Studies (BST) Class 11 - Commerce

37 videos|145 docs|44 tests

FAQs on Insurance Services Video Lecture - Business Studies (BST) Class 11 - Commerce

1. What are insurance services?
Ans. Insurance services refer to the various offerings provided by insurance companies to protect individuals, businesses, or organizations against financial losses. These services include policies such as life insurance, health insurance, property insurance, and liability insurance, among others.
2. How do insurance services benefit individuals and businesses?
Ans. Insurance services provide several benefits to individuals and businesses. For individuals, insurance services offer financial security and protection against unforeseen events such as accidents, illnesses, or the loss of property. For businesses, insurance services help mitigate risks and provide coverage for potential liabilities, property damage, or business interruption, which can help them recover and continue their operations.
3. What factors should be considered while selecting insurance services?
Ans. When selecting insurance services, several factors should be considered. These include the type of coverage needed, the reputation and financial stability of the insurance company, the cost of premiums, the deductibles and limits of coverage, the terms and conditions of the policy, and the customer service and claims process offered by the insurance provider. It is important to evaluate these factors to ensure that the insurance services meet one's specific needs and requirements.
4. How are insurance services priced?
Ans. Insurance services are priced based on various factors. These factors may include the type and extent of coverage, the risk profile of the insured individual or business, the location of the insured property, the claims history, and the deductible chosen. Insurance companies use actuarial calculations and statistical data to assess the level of risk associated with providing coverage and determine the premiums to be charged.
5. How can one file a claim for insurance services?
Ans. In order to file a claim for insurance services, the insured individual or business needs to contact their insurance provider and provide the necessary documentation and information related to the claim. This may include details of the incident or loss, supporting evidence such as photographs or medical reports, and any other relevant documentation requested by the insurance company. The insurance provider will then assess the claim and, if approved, provide the necessary compensation or coverage as per the terms of the policy.
37 videos|145 docs|44 tests

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