RMIN 317 Lecture Notes - Lecture 5: Product Liability, Adverse Selection, Life Insurance

• School: University of Calgary
• Department: Risk Management and Insurance
• Course: RMIN 317
• Professor: Anne Elizabeth Kleffner

Document Summary

For insurance purposes, what is the problem with risks that have: Losses that happen to many people at once. The minimum percentage of value of property to be insured. The maximum amount an insurer will pay for an insured loss. When you have 2 insurance policies that cover the same thing; primary clause pays the initial amount, excess clause pays the rest. Putting someone back in the same condition as before a loss. Apply the following (as appropriate) to the scenarios on the next slides. Jan borrowed ,000 from the gateway bank to purchase a fishing boat. He keeps the boat at a dock owned by the marina company. He uses the boat to earn income by fishing. Jan also has a contract with the blue fin. Fishing company to transport shrimp from one port to another. If an insurable interest exists, explain the extent of the interest. A distracted driver ran a red light and smashed into cleo"s car.