by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What are Health Insurance Plan Characteristics?Health insurance pays the medical expenses incurred by an individual pursuant to the treatment of covered health risks. Health plans may include medical, pharmaceutical, dental, and vision services by health providers. A...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is an insurance contract?An insurance contract, or insurance policy, establishes the legal relationship between the insurer and the insured. A potential insured makes an offer to the insurer to purchase the insurers services. In the application, the insurer will...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is an insurable interest?For a party to seek insurance against a potential loss, the insured must have some form of interest in the insured property or be subject to a particular loss from an occurrence or event affecting the insured property or individual. This...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What are Individual vs Group policies?Insurance policies may cover individuals or groups of individuals for identified risk(s).Example: Ralph purchases a life insurance policy to cover him individually. Sam purchases a group health policy to cover his entire...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What are the common types of Automobile Insurance coverage?Individuals may purchase insurance coverage for nearly any foreseeable risk. The following are common types of insurance policies. What is Automobile Insurance? Vehicle insurance covers damages suffered by...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is Disability Insurance?Disability insurance provides financial benefits to someone who becomes disabled and is unable to continue working in a given profession or function. Disability insurance coverage is generally divided into short-term and long-term...
