by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is Life Insurance?Life insurance provides financial benefits in the event a covered individual passes away. The beneficiaries of the policy are generally third parties rather than the insured or the insureds estate. An insured must provide permission or consent...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is insurance?Insurance is a risk management and mitigation relationship between an insurer and the insured party. What is the Insurer – Insured Relationship?The primary participants and characteristics of the relationship are as follows:Insured – The...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What are the primary obligations of the insurer?The primary duties of an insurer in an insurance contract are as follows: Payment for Losses An insured is responsible for indemnifying the policyholder or paying for the losses suffered by the insured or a third party...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What are the primary obligations of the insured?The primary duties of an insured in an insurance contract are as follows: Duty to Disclose Information The insured must inform the insurer of any events relevant to the contingent risk transferred to the insurer. This...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
What is the structure of an insurance contract?The general structure of an insurance contract is as follows: Declarations The declarations section of an insurance contract identifies the parties to the contract and dictates that the following provisions constitute an...
by TheBusinessProfessor | Feb 23, 2025 | Insurance & Risk Management
Overview of Insurance LawInsurance is a method of mitigating the risk associated with a particular situation or transaction. This chapter introduces the concept of insurance and its importance to individuals and businesses. It explains the mechanics for establishing...
