Rakesh recently bought a health insurance policy and a personal accident policy. What main section(s) of the insurance market do these products normally fall into?

The correct answer is C. Non-life insurance in both cases.

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum.

Non-life insurance is a type of insurance that protects against risks other than death. This includes property insurance, liability insurance, and health insurance. Property insurance protects against damage to or loss of property. Liability insurance protects against claims made against you for damages you cause to others. Health insurance helps pay for medical expenses.

Rakesh recently bought a health insurance policy and a personal accident policy. Both of these products are considered to be non-life insurance. This is because they do not protect against death. Instead, they protect against other risks, such as illness or injury.

Here is a brief explanation of each option:

• Option A: Life insurance in both cases. This is incorrect because Rakesh only bought a health insurance policy and a personal accident policy. He did not buy a life insurance policy.
• Option B: Life insurance for health and non-life insurance for personal accident. This is incorrect because Rakesh only bought a health insurance policy and a personal accident policy. He did not buy a life insurance policy.
• Option C: Non-life insurance in both cases. This is the correct answer because Rakesh only bought a health insurance policy and a personal accident policy. Both of these products are considered to be non-life insurance.
• Option D: Non-life insurance for health and life insurance for personal accident. This is incorrect because Rakesh only bought a health insurance policy and a personal accident policy. He did not buy a life insurance policy.