ADM 3360 Chapter 28: chapter 28
8 Mar 2017
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The three basic kinds of insurance: life and disability insurance: provides payments on the death or disability of the insured, property insurance (fire insurance): provides payment when property of the insured is damaged or destroyed through accidents. It can also cover the costs of machine breakdown: liability insurance (casualty insurance): provides payment in circumstances where the insured is held legally responsible for causing loss or damage to another, known as third party. If stolen goods are recovered, the insurer can sell the goods to recover its loss: forfeiture rule: a rule that provides that a criminal should not be permitted to profit from a crime, ex. If an insured deliberately sets fire to his business, he cannot collect on. The policy his fire insurance: rider: a clause altering or adding coverage to a standard insurance policy, endorsement: written evidence of a change to an existing insurance policy, ex.
