New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    Question

    What is the purpose of a declaration policy?

                   
    A To cover property at multiple locations Correct Answer Incorrect Answer
    B To cover property with fluctuating values Correct Answer Incorrect Answer
    C To cover property with a high risk of loss Correct Answer Incorrect Answer
    D To cover property with a low insured value Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    A declaration policy allows the insured to periodically declare the value of their property, which fluctuates over time. This is common for businesses with inventory that changes frequently. Certainly, let's continue with the MCQs, adding the missing option "E. None of the above" where applicable and providing explanations for the correct answers:

    Practice Next