a. Explain the meaning of an insurable interest. b. Why is an insurable interest required in every

Question:

a. Explain the meaning of an insurable interest.
b. Why is an insurable interest required in every insurance contract?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Risk Management and Insurance

ISBN: 978-0132992916

12th edition

Authors: George E. Rejda, Michael McNamara

See More Books

Question Posted: Jan 30, 2015 07:40 AM

See More Questions

Explain the meaning of (a) Differential revenue, (b) Differential cost, and (c) Differential income.
Explain the meaning of (a) Differential revenue, (b) Differential cost, and (c) Differential income. Discuss.
Explain the meaning of (a) Differential revenue, (b) Differential cost, and (c) Differential income.
Consider the following NLP problem: Maximize 2Xi + X2 - 2X3 + 3XiX2 + 1X subject to the constraints (a) Set up and solve the model by using Solver. Use a starting value of zero for each decision...
A car accessory is sold for $42.90. The stores markup based on cost is 50%. (a) What is the cost of the car accessory? (b) What is the rate of markup based on selling price?
Part 1 Three companies jointly buy a 15-oor ofce building. Each oor in the building has a separate legal title, which allows a oor to be sold separately. Each company takes title of ve of the oors,...
National Life Expectancies. We continue the analysis begun in Exercises 1.7and 2.22 Now fit a regression model on LIFEEXP using three explananatural logarithmic transform of PRIVATEHEALTH). a....
The employees of Black Cat Designs are paid on a semimonthly basis. Compute the FICA taxes for the employees for the November 30, 2015, payroll. All employees have been employed for the entire...
Standard Costing (Material and Labor Variances) ABC Company manufactures a chemical used for industrial maintenance. This chemical, which is sold by the drum. generally has a stable selling price....
Shorney Construction Company bids on projects assuming that the mean idle time per worker is 72 or fewer minutes per day. A sample of 30 construction workers will be used to test this assumption....
Explain the meaning of: a. Waiver b. Estoppel
a. Explain the principle of subrogation. b. Why is subrogation used?
Prove or give a counterexample: If U is the row echelon form of A, then img U = img A.
According to a labor attorney, the Fair Labor Standards Act (FLSA) does not define work . . . what is compensable worktime continues to be one of the most hotly debated issues in FLSA. For instance,...
You have been asked by a company to write a section in its employee handbook that specifically outlines the criteria that must be met before employees are eligible for overtime as required by law....
In early 2014, video game company Nintendo released its nine-month financial results. In the period ending December 31, 2013, its earnings and profits were down by 8.1 percent and 30 percent...
Consider the state diagram shown in Figure 17.18. Data in Figure 17.18. (a) Identify identical or nearly identical sequences of states in this FSM. (b) Draw the state diagram for a separate FSM that...
Why do you think there is such a massive difference in the wages paid to employees across the European Union? TheEU is a single marketplace, yet the minimum wages are different. Explain.
What would you do to help a manager taking on a new work team in preparing to do this?
The Heese Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Heeses purchased and used 101,000 pounds of potatoes at a price of $ 0.70 per...
Explain the functional roles of maternal-effect genes, gap genes, pair-rule genes, and segmentpolarity genes in Drosophila development.
Enterprise risk management programs differ from traditional risk management programs. What additional expertise, aside from knowledge of hazard risks, must a Chief Risk Officer possess?
a. What is self-insurance? b. What is a risk retention group?
a. What are the reasons for creating a captive insurer? b. What is the difference between a single parent captive and a group captive?
Large-scale industrial production - accompanied by massive technological change, expanding international communication networks, and pro-growth government policies-generated rapid economic...
How can this relate to individuals who have had a TBI and are currently homeless or marginally housed?
1. According to Marxian theory, are crises an economic process inherent to the accumulation dynamics of current capitalism? Justify your answer. 2. According to Marxian theory, what do you consider...

a. Explain the meaning of an insurable interest. b. Why is an insurable interest required in every

Question:

Step by Step Answer:

a The principle of insurable interest means that the insu...View the full answer

Principles of Risk Management and Insurance

Students also viewed these Corporate Finance questions