Question

What are three types of property and liability loss exposures facing families and businesses?

Answer 1

Liability Loss Exposure

This type of exposure refers to a claim arising due to a legal responsibility, which arises due to injury, accident, damage etc that is suffered by some other party. The same can be intentional or even unintentional

Property Loss Exposure

It type of an exposure is when there is a possibility that a property loss can arise. The property can be real property such as building, machinery furniture etc, or intangible property such as goodwill, trademarks, computer software etc

It can also be inform of personal property such as jewelry, commodities etc.

Personal Loss Exposure

This type of loss refers loss which arises due to various factors such as death of employees, resignation, retirement of employees etc. In any business people are one of the most important aspect, thus this is an actual exposure, which occurs. Eg: With the recent COVID 19 there have been immense Personal Loss Exposure due to the increase in infections and deaths.