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