List the four requirements that must be met to form a valid insurance contract.
Answer to relevant QuestionsIdentify three sources of authority that enable an agent to bind the principal.Assume that a $300,000 liability claim is covered under two liability insurance contracts. Policy A has a $500,000 limit of liability for the claim, while Policy B has a $125,000 limit of liability. Both contracts provide ...Describe a typical coinsurance clause in an individual or group medical expense insurance policy.Richard, age 45, is married with two children in high school. He estimates that his average annual earnings over the next 20 years will be $60,000. He estimates that one-third of his average annual earnings will be used to ...a. The needs approach is widely used for determining the amount of life insurance to purchase. Describe the following needs for a typical family head:1. Cash needs2. Income needs3. Special needsb. Explain the capital ...
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