IRDAI POSP General Practice Questions - IRDAI POSP General Insurance Exam (Point Of Sale Person) Exam

Which statement about insurance is correct?

Insurance prevents every loss from occurring Insurance pays when there is a covered loss of the insured asset or interest Insurance reduces the possibility of every peril to zero Insurance guarantees the asset will never be damaged

Correct Answer:

Insurance pays when there is a covered loss of the insured asset or interest

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