Chapter 06 student

Chapter 06 student - Chapter Objectives Define insurance...

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Chapter Objectives Define insurance and explain how it differs from other methods of risk transfer Identify situations that give rise to insurable interest and explain how this principle supports the principle of indemnity State how the subrogation process works and how it is useful Determine what makes a risk insurable List the legal requirements of a contract and describe the distinguishing legal characteristics of insurance contracts Differentiate between insurance agents and brokers and describe the sources for their authority Define social insurance and explain the basic principles that underline most social insurance programs Describe the central costs and values of insurance to society 1
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The Nature of Insurance Insurance involves not only risk transfer but also: 2
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The Nature of Pooling Arrangements 3
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The Nature of Insurance Insurance is usually implemented through legal contracts, or policies Several very important principles surrounding insurance policies… 4
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Principle of Indemnity Indemnify 5
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Principle of Insurable Interest Insurable Interest 6
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Chapter 06 student - Chapter Objectives Define insurance...

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