BUSI 2601 Lecture : Oct 9.docx
12 Dec 2013
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Duty to disclose: if someone discloses that they have hemorrhoids, then any issue regarding digestion can be excluded. Or if you disclose that you have knee issues, then anything regarding walking/etc can be excluded. All preconditions are excluded and anything that continues the precondition is always excluded. If you have a heart precondition, if something generates into a heart disease, it becomes excluded. Types of insurance: life and disability insurance (there will be payment based on death or disability) Property insurance (usually known as fire insurance) damage or destruction of material goods and that may include machine breakdown. Liability insurance (casualty insurance) legally responsible for the damage you cause. Agency is the essence of a relationship where one party represents another party in the formation of a relationship. Principal represented by an agent and that agent will have relationships with a third party that we often call an outsider (in law we call it a third party).
