ADM 3360 Chapter 28: Ch.28 - Insurance
3 Dec 2016
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Document Summary
Insurance: involves a contract when pursuing to a risk generating a loss or damage will compensate persons based on the specific provisions/agreements. Insurer: a person that sells insurance coverage (will compensate a person"s business should the contemplated loss actually occur) Deductible: the part of a loss for which the insured is responsible/ amount you are willing to cover to get insurance: purposes of insurance litigation: Mandating the terms that must be found in insurance contracts. Regulating the insurance industry generally by setting out licensing requirements for insurance companies, insurance brokers and insurance adjusters. Putting in place a system for monitoring insurance companies, particularly with respect to their financial operation: basic kinds of insurance: Life and disability: provide s payments on the death or disability of the insured. ): provides payment when property of the insured is damaged or destroyed through accidents. Can also cover the costs of machine breakdown.
