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Question

State the following statement is True or False:
At the event of loss, insurance policy holders submit a claim.


A
True
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B
False
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Solution

The correct option is A True
The policy issued to the policyholder is a promise of assistance at the time of the uncertain incident(s) for which the policy has been issued. Once the event occurs, policyholder lodges a claim to activate the insurer’s response. If the claim is accepted, the insurer will fulfill the promise by reimbursing the money assured. 

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