File Name: list and explain 4 non-compulsory insurable risks .zip
Insurance is a means of protection from financial loss. It is a form of risk management , primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.
Auto insurance protects you from financial losses such as vehicle repairs, medical bills, and legal services that could result from an auto accident. To get the best value for your money, you must take responsibility for your auto insurance purchase. On February 23, , Mississippi Gov. Ronnie Musgrove signed House Bill , establishing a compulsory automobile liability insurance system for Mississippi. Beginning January 1, , Mississippi law requires that all drivers maintain liability insurance and carry a card in their vehicles at all times showing that you have liability insurance.
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Liability insurance also called third-party insurance is a part of the general insurance system of risk financing to protect the purchaser the "insured" from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common peril formed a group and created a self-help fund out of which to pay compensation should any member incur loss in other words, a mutual insurance arrangement. The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third-party insurance claims, i. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made,  the insurance carrier has the duty and right to defend the insured. The legal costs of a defence normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defence costs tend to soar when cases go to trial.
Glossary Of Insurance Terms And Definitions
Never miss a great news story! Get instant notifications from Economic Times Allow Not now. Accidental death benefit and dismemberment is an additional benefit paid to the policyholder in the event of his death due to an accident. Dismemberment benefit is paid if the insured dies or loses his limbs or sight in the accident. Description: In an event of death, the insured person gets the additional amount mentioned under these benefits in the insurance policy.
Policies cover the personal liability of company directors but also the reimbursement of the insured company in case it has paid the claim of a third party on behalf of its managers in order to protect them. Coverage is usually for current, future and past directors and officers of a company and its subsidiaries. This means that claims are only covered if they are made while the policy is in effect or within a contractually agreed extended reporting period, which can extend up to another 72 months or even longer in some countries. Coverage does not include fraudulent, criminal or intentional non-compliant acts or cases where directors obtained illegal remuneration, or acted for personal profit. What and who is covered — and not covered? What does the typical program look like?
This paper applies the economic analysis of law through the question of under what conditions should insurance be made compulsory. A distinction is made between first-party victim insurance and third-party liability insurance. It is argued that under some circumstances compulsory victim insurance may be indicated, for example, when information problems or externalities arise. The major argument in favour of compulsory liability insurance is insolvency of the potential injurer. His insolvency may lead to underdeterrence.
Explain/Elaborate on the meaning of non-compulsory insurance. • Explain/Elaborate on Outline/Mention/Give examples of insurable and non-insurable risks INVESTMENT INSURANCE. CHAPTER 7. 4. TERMS AND DEFINITIONS. Term.
Risks, Perils, and Hazards
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