New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Which of the following insurance compensates for the

    cost of repairing or replacing defective products past the normal warranty period provided by manufacturers?
    A Warranty Insurance Correct Answer Incorrect Answer
    B Kidnap/Ransom Insurance Correct Answer Incorrect Answer
    C Inland Marine Insurance Correct Answer Incorrect Answer
    D Uninsured Motorist Coverage Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    A warranty is a type of guarantee that a manufacturer or similar party makes regarding the condition of its product. It also refers to the terms and situations in which repairs or exchanges will be made in the event that the product does not function as originally described or intended.

    Practice Next