What is insurance? What is the difference between Life insurance and Non Life insurance?
1 Answer
Insurance is the medium of bearing risk or loss in different fields as well as human life.
Differences between life insurance and non life insurance are:
| Life insurance | Non life insurance |
| It is the insurance of human life. | It is the insurance for the security of agricultural products, Vehicles; industry, trade, housing or cattle rearing. |
| It can be of certain period of time like 5 years, 10 years, 20 years or even lifelong. | It is of one year should be renewed every year. |
| In case an insured died before the completion of insurance period, his/her nominee gets the total insurance amount. If the insured does not die throughout the period s/he gets along double amount of the insurance amount. | Nepal government pays 75% premium installments and insurer has to pay 25% premium installments out of the total insurance amount. In case of damage of the insured crops, 90% compensation is paid to the farmer for the loss, but if there is no damage of the insured crops, the paid amount wont be returned. |
-
How does political change affect economic and social development? 0
-
Write any four efforts being done by the government of Nepal in the process of HRD. 1
-
What are the necessary steps to preserve the memorial stone of Nalapani? 0
-
What are the advantages of the biometric voting system in elections? 1
-
Justice Delayed is Justice Denied. Explain this statement. 1
-
What should be done to maintain political stability in Nepal? 1
-
A decade from 2007 BS to 2017 BS was full of political instability". Justify the statement 1
-
Write the causes of the revolution of 2007 and its consequences. 1