List the Five (5) distinct legal characteristics on insurance contracts. b) A 7-Elevent store incurred the...

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List the Five (5) distinct legal characteristics on insurance contracts. b) A 7-Elevent store incurred the following covered losses, in order given during the policy year in Table 1. Loss 1 Loss 1 2 2 3 3 Table 1 1. How much would the insurer pay for each loss if the policy contained a straight deductible of RM1000 in Table 2? Table 2 (5 marks) Loss Amount (RM) 4500 5000 10,000 Loss Amount (RM) 4500 5000 10000 Claim Amount Payable (RM) (6 marks) ii. Ziana Zain has an individual medical expense policy with a deductible of RM1,000. She is required to pay 20% of covered expenses in excess of deductible. The insurer will pay 80% of expenses in excess of deductible. If Ziana Zain has eligible medical expenses of RM26,000, how much will be paid by her insurer? (6 marks) List the Five (5) distinct legal characteristics on insurance contracts. b) A 7-Elevent store incurred the following covered losses, in order given during the policy year in Table 1. Loss 1 Loss 1 2 2 3 3 Table 1 1. How much would the insurer pay for each loss if the policy contained a straight deductible of RM1000 in Table 2? Table 2 (5 marks) Loss Amount (RM) 4500 5000 10,000 Loss Amount (RM) 4500 5000 10000 Claim Amount Payable (RM) (6 marks) ii. Ziana Zain has an individual medical expense policy with a deductible of RM1,000. She is required to pay 20% of covered expenses in excess of deductible. The insurer will pay 80% of expenses in excess of deductible. If Ziana Zain has eligible medical expenses of RM26,000, how much will be paid by her insurer? (6 marks)

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a The five distinct legal characteristics of insurance contracts are Utmost good faith Both the insu... View the full answer