Indemnify means - Study guides, Class notes & Summaries

1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approaches: Avoid- ance of Risk & Control of Risk: Avoidance: Avoidance means that...

Law 3220 Exam 4 Clemson Latest Update Graded A Agency An agency is created when a person or company (an agent) agrees to act for or in place of another person or company (the principal) Parties in an Agency -The principal creates authority in an agent -The agent receives authority and carries out the principal's instructions -Third parties make contract or are involved in torts with the agents Disclosed Principal Identity of principal is known by the third party at time of making of contract ...

Practice Exam for CAIB 1 Latest 2023 latest update with complete solution 1. Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements?: Insurable Interest Utmost Good Faith Indemnity 2. Explain the meaning and disadvantage of the following approac...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means: a. Returning the premium of the insured b. Restoring th...

The major function of insurance is: a. To reduce the cost of the losses b. To share the losses of the few among the many c. The safeguard the interest of mortgages d. To serve as a basis of existing credit system - b. To share the losses of the few among the many A peril if best defined as: a. The chance of a loss b. The occurrence of a loss c. The cause of a loss d. The result of a loss - c. The cause of a loss Indemnify means:

duties of the insured - Answer 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 6. the insured cannot sue the insurance company unless all of these requ...

1. Chapter 1 - Intro: 2. List the 5 functions of insurance:: 1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity 3. Definition of insurance (3 parts): 1) insurance provides a means of shifting ones financial responsibility from a loss to another party ii) payment will be made only in the event of the happening of a certain risk or peril iii) the amount of the pay...

Fundamentals to Insurance Chapter 1 Intro Questions and Answers 100% CorrectFundamentals to Insurance Chapter 1 Intro Questions and Answers 100% Correct List the 5 functions of insurance: - ANSWER-1) Spread of risk 2) Basis of credit system 3) Eliminate worry and develop entrepreneurship 4) Loss reduction and prevention (road safety, alarms, etc.) 5) Employment opportunity Definition of insurance (3 parts) - ANSWER-1) insurance provides a means of shifting ones financial responsibility f...

Main purpose of Insurance - Allow the spread of risk Definition of Insurance - -Payment's made only when a certain peril has damaged the insured object -Payment's limited to actual amount of loss, no more and no less -There's no payment for losses that are deliberately caused by an insured. Five important points to the definition of insurance: - -Spread of Risk -Basis of Credit System -Eliminates Worry/Encourages Entrepreneurship -Loss Prevention and Loss Reduction -Source of Employm...

CAIB 1 Practice Exam Questions and Answers All Correct Insurers are in the business of assuming the financial risks of others which involves entering into a formal contract. A contract is enforceable at law only when all legal elements have been observed. Insurance contracts differ from other formal agreements and are subject to what three additional elements? - Answer-Insurable Interest Utmost Good Faith Indemnity Explain the meaning and disadvantage of the following approaches: Avoi...