A. non-life requires renewal while life does not
B. life requires renewal while non-life does not
C. life is subject to indemnity while non-life is not
D. non-life is subject to compensation while life is not
Correct Answer: Option D
D. non-life is subject to compensation while life is not
Explanation
Life insurance is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
Non- life insurance refers to the insurance of goods and properties… Non- life insurance is taken as a means of providing financial protection for building, machinery, equipment, furniture, and vehicle and merchandise items against the risk of fire, earthquake, accident, and theft.
