Question: Explain the meaning of primary insurance and excess insurance
Explain the meaning of primary insurance and excess insurance.
Relevant Questionsa. Describe the major types of exclusions typically found in insurance contracts.b. Why are exclusions used by insurers?Sharon, age 28, is a single parent who earns $30,000 annually as a secretary at a local university. She is the sole support of her son, age 3. Sharon is concerned about the financial well-being of her son if she should die. ...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.a. Describe the basic features of current assumption whole life insurance.b. What is a preferred risk policy?Explain the following beneficiary designations.a. Primary and contingent beneficiaryb. Revocable and irrevocable beneficiaryc. Specific and class beneficiary
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