Question: Identify the basic parts of an insurance contract
Identify the basic parts of an insurance contract.
Relevant Questionsa. Define the term "conditions."b. Does the insurer have to pay an otherwise covered loss if the insured fails to comply with the policy conditions? Explain your answer.a. Describe the following types of deductibles:1. Straight deductible2. Calendar-year deductible3. Aggregate deductibleb. Explain the purposes of deductibles in property insurance contracts.Kelly, age 35, is a single parent and has a one-year-old son. She earns $45,000 annually as a marketing analyst. Her employer provides group life insurance in the amount of twice the employee’s salary. Kelly also ...a. Briefly explain the basic characteristics of term insurance.b. Identify the major types of term insurance sold today.c. Explain the situations that justify the purchase of term insurance.d. What are the major limitations ...Additional riders and benefits often can be added to a life insurance policy to provide greater protection to the insured. Describe each of the following riders and options:a. Waiver-of-premium provisionb. Guaranteed ...
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