by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is an Abandonment Clause?An abandonment clause is a clause in an insurance contract which permits the insured party or the property owner the right to abandon a damaged or lost property and still get the full payment from the insurance. This is possible when the...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is the Childrens Health Insurance Program?The Childrens Health Insurance Program is a medical program which provides health care to persons under the age of 19 years. This cover is meant for families whose earnings qualify them for Medicaid, however, cannot cover...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is Risk Management?When used in finance, risk management refers to a set of processes tailored towards the reduction of risks, threats, uncertainties, and unfavorable events that can impede performance. It also examines how risks can be avoided or tolerated. The...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Subrogation of Rights?Subrogation is a legal right held by insurance companies that enables them to make claims against a third party that has caused an insurance loss to an insured. When an insurance company pays for damages and loss that an insured...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is Uninsured Motorist Coverage?An Uninsured motorist (UM) coverage is an insurance policy that covers a driver without insurance when at fault in an accident. An uninsured motorist has no insurance or coverage whatsoever. If such an uninsured driver is at fault...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is a Contingency?A contingency is an event which is unplanned for but is liable to happen in the future. This event is often negative and has the potential to cause problems in the future. Generally, contingencies cannot be predicted with certainty, examples of...
