Explain the meaning of:
Answer to relevant Questionsa. Explain the meaning of an insurable interest.b. Why is an insurable interest required in every insurance contract?Michael owns a small plane that he flies on weekends.His insurance agent informs him that aircraft are excluded as personal property under his homeowners policy. As an insured, he feels that his plane should be covered just ...Identify the basic parts of an insurance contract.What is the purpose of other-insurance provisions?a. Explain the meaning of premature death.b. Identify the costs associated with premature death.c. Explain the economic justification for the purchase of life insurance.
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