which best describes the purpose of insurance for the insured?
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Which best describes the purpose of insurance for the insured? A way to manage risk that occurs as part of daily life. ... The amount the insured pays before the insurer pays.
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A primary policy provides the first layer of insurance coverage. ... The primary insurer is first responsible for defending and indemnifying the insured in the event of a covered or potentially covered occurrence or claim. An excess policy provides specific coverage above an underlying limit of primary insurance.
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Life insurers invest premiums that they receive from customers. They generally choose assets with features that are aligned with the characteristics of the insurance products that they sell. For example, proceeds from a long-term insurance product would be invested in a long- duration asset.
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['Car Insurance.', 'Home Insurance.', 'Life Insurance.', 'Disability Insurance.', 'Health Insurance.', 'Long-Term Care Insurance.', 'Liability Insurance.']
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Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
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The insured is the person whose life is covered by the policy. When the insured dies the death benefit is paid. 2. The beneficiary is the person who receives the insur- ance money.
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The primary purpose of tort law is to compensate victims who have suffered injury or wrong as a result of the actions of an individual or organization. The purpose of tort law is NOT to punish those responsible for the injury or wrong. ... Under criminal law the action is between the state and an individual or entity.
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The principle of utmost good faith requires all parties to reveal any information that could feasibly influence their decision to enter into a contract with one another. ... This information is used by insurers to decide whether to insure the applicant and how much to charge for a policy.
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['Health Sharing Plans. These plans originally had a religious motive for their existence and some still do. ... ', 'Limited Benefit Indemnity Insurance. ... ', 'Short-Term Insurance.']
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The following are the essentials of insurable interest; There must be property, rights, interest, life, limb or potential liability devolving upon the insured capable of being covered by a policy of insurance. Such property, right, life, limb, interest or liability must be the subject matter of insurance.
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(The other is called “whole life.”) Like nearly every kind of life insurance, the purpose of term life is to help you protect your family financially when you aren't around. It pays them money (called a “death benefit”) they need to cover funeral expenses, mortgage payments, car payments, and other monthly bills.
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Because the law of contracts is used to interpret an insurance policy, the basic elements of contract (offer, acceptance, and consideration) must be present for a court to uphold an insurance agreement. The insurer offers indemnification, or "compensation for a past loss," as its part of the bargained-for exchange.
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Subject Matter of Insurance - Contract Subject matter of insurance is the life, limbs, property, rights or any potential legal liability insured under a policy.  Subject matter of contract is the insured's financial interest in the subject matter of insurance. 4.
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Umbrella insurance can cover lawsuits and liability claims that do not result in legal action. ... The main purpose of liability insurance is to protect you if you're found liable for causing property damage or bodily injuries, and for your legal defense even if you are not found liable.
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Terms and conditions of insurance are conditions that the insurer applies to a specific insurance relationship. Terms and conditions of insurance are deemed to include these general terms and conditions, the policy conditions of each product, and special conditions.
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Your best answer is truthful, short, to the point that the purpose is both business and pleasure; what business you will conduct (leave details out until asked); what you will do for the pleasure part; and generally how long. You will likely be asked a few questions. Answer those, keeping them short.
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Insurance protects the business owner, home owner, professional, and more from financial loss when a claim occurs. Surety bonds protect the obligee who contracted with the principal to perform specific work on a project by reimbursing them when a claim occurs.