Question

In: Economics

Every insurance contract has a set of declarations. The declarations of a typical insurance policy include...

Every insurance contract has a set of declarations. The declarations of a typical insurance policy include all of the following information EXCEPT

A. exclusions

B. name of the insured

C.name of the insurer

D. effective date

Solutions

Expert Solution

Declaration of typical insurance policy consists of following data:

Who is insured i.e “named insured” (and at what address)

When the policy starts and stops (“effective” and “expiry” dates)

What’s being covered, and for how much

Your premium

Any discounts you may be eligible for

Your deductibles

Endorsements and notices

How to contact your insurer


Related Solutions

To be enforceable, every contract must include an offer and an acceptance. Consider a typical online...
To be enforceable, every contract must include an offer and an acceptance. Consider a typical online retail transaction in which an item is ordered and paid for online by a purchaser and shipped by the seller. In two paragraphs. identify specifically and describe the actions that constitute the offer and the acceptance
To be enforceable, every contract must include an offer and an acceptance. Consider a typical online...
To be enforceable, every contract must include an offer and an acceptance. Consider a typical online retail transaction in which an item is ordered and paid for online by a purchaser and shipped by the seller. In two or three paragraphs, identify specifically and describe the actions that constitute the offer and the acceptance. In the United States, Great Britain, and many other countries, contracts of certain types must comply with the Statute of Frauds to be enforceable. In about...
Liabilities of insurance companies may include all but which of the following? Policy claims. Contract loans....
Liabilities of insurance companies may include all but which of the following? Policy claims. Contract loans. Net policy reserves. Deposit-type contracts. Separate account business. Which of the following is not considered Liabilities and Equity on a typical insurance company balance sheet? Net Policy Reserves Policy Claims Customer Deposits   Separate account Business Securities Owned
You buy an insurance policy on your car. The contract represents that, if the car has...
You buy an insurance policy on your car. The contract represents that, if the car has incurs more than $500 worth of damage, the insurance company will pay for the amount of the bill in excess of that amount. Which statement below is most accurate? A. You are the issuer of a put option, and the insurance company is the purchaser of that put option. B. You are the buyer of a call option, and the insurance company is the...
Fiscal Policy Typical problems with using fiscal policy to manipulate economic growth include all but which...
Fiscal Policy Typical problems with using fiscal policy to manipulate economic growth include all but which one of the following? a)Poor means to fine tune an economy and can turn out to be inflationary b)It is often implemented too slowly due to political process c) Is necessarily designed to benefit large firms rather than small firms d)Government inefficiency and waste lead to low effectiveness Cyclical and Defensive Industries At the peak of an economic cycle you can expect a ________...
please fix code #include <stdio.h> #include <stdlib.h> #include <string.h> // function declarations int getValidJerseyNumber(); int getValidRating();...
please fix code #include <stdio.h> #include <stdlib.h> #include <string.h> // function declarations int getValidJerseyNumber(); int getValidRating(); int main() { // declaring variables int size = 5; int jerseyNo[size]; int rating[size]; int i = 0, jno, rate; char option; /* Getting the inputs entered by the user * and populate the values into arrays */ for (i = 0; i < size; i++) { printf("Enter player %d's jersey number:", i + 1); jerseyNo[i] = getValidJerseyNumber(); printf("Enter player %d's rating:\n", i +...
A life insurance policy is an example of an intended beneficiary contract. True or False
A life insurance policy is an example of an intended beneficiary contract. True or False
my code is not printing the output #include <stdio.h> #include<stdbool.h> int main(){ // variable declarations   bool...
my code is not printing the output #include <stdio.h> #include<stdbool.h> int main(){ // variable declarations   bool binary[12] = {false,false, false, false,false,false,false,false,false,false,false, false};   int powerTwo[12] = {2048.1028,576, 256, 128, 64, 32, 16, 8 , 4, 2, 1};   int oneZero[9]= {0,0,0,0,0,0,0,0,0};   int tempVal = 0;   double decimal = 0;   int i = 0;   int j = 0;   // Intialization   printf("Starting the CPSC 1011 Decimal to Binary Converter!\n");   printf("Please enter a positive whole number (or EOF to quit): \n");   scanf("%lf", &decimal);   printf("%lf", decimal);...
Consider a typical individual who owns the following financial instruments: A life insurance policy for $340,000;...
Consider a typical individual who owns the following financial instruments: A life insurance policy for $340,000; a certificate of deposit for $85,000; homeowner's and auto insurance policies; $14,000 in a mutual fund, and $230,000 in her pension fund at work. Which of these are instruments used primarily as stores of value and which are being used to transfer risk?
The Personal Auto Policy (PAP) contains several coverages that meet the insurance needs of typical insureds.
The Personal Auto Policy (PAP) contains several coverages that meet the insurance needs of typical insureds. Chuck has a PAP; for each of the following coverages, give a specific descriptive example of a loss (accident) involving Chuck that would result in a claim covered by Chuck’s PAP:Part A: Liability Coverage:  Part B: Medical Payments Coverage:     Part C: Uninsured Motorists Coverage:                        Part D: Coverage for Damage to Your Auto:                      
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT