1. Continental Insurance is drafting a new type of insurance policy. In drafting it, Continental must...

1.

Continental Insurance is drafting a new type of insurance policy. In drafting it, Continental must meet which of the following?

federal statutory requirements for tort law

common law requirements for contracts

common law requirements for tort law

state statutory requirements for tort law

2.

Do creditors have an insurable interest in someone who owes them money?

Yes.

Depends on the amount owed.

No.

Depends on whether the person is worth more dead than alive.

Expert Solution

1) Solution: common law requirements for contracts
Explanation: In drafting new type of insurance policy, Continental Insurance needs to meet common law requirements for a contract.
2) Solution: Yes
Explanation: Creditors have a legitimate interest in the debtor's life (the person who owes him money). In certain states, the normal standard for an insurable interest depends on whether an individual is worth more to you alive than dead

Rahul Sunny answered 2 years ago

You have been appointed as the person-in-charge in drafting a brand new 5 years’ term insurance...

You have been appointed as the person-in-charge in drafting a brand new 5 years’ term insurance policy for males and females at the age of 30 onwards for five years. Age at Beginning Number Living at Number of dying Present value of RM1 @ 5% of the year Beginning of year during the year Year Factor 30 9,800,822 11,137 1 0.9524 31 9,789,650 11,062 2 0.9070 32 9,778,587 11,050 3 0.8638 33 9,767,537 11,233 4 0.8227 34 9,756,305 11,512...

Actuaries at an insurance company must determine a premium for the type of insurance. A random...

Actuaries at an insurance company must determine a premium for the type of insurance. A random sample of 40 potential purchasers of this type of insurance were foundto have suffered the following values of losses (in dollars) during the past year. These losses would have been covered by the insurance if it were not available. 100 32 0 0 470 50 0 14589 212 93 0 0 1127 421 0 87 135 420 0 250 12 0 309 0 177...

which one of these is covered by a specific type of insurance policy?

Question 6 of 10 Homeowners insurance gives you both property and liability protection. True FalseQuestion 7 of 10 Which of these is the best description of the "special" (HO-3) homeowners insurance policy? It offers extensive coverage for your home and also includes personal property and liability protection It's the most comprehensive policy available, covering even flood damage Continue Screenshot savedQuestion 8 of 10Liability protection covers both personal liability and the medical expenses of anyone accidentally injured on your property. True FalseQuestion 9 of 10 Which area is...

An insurance company offers a $180,000 catastrophic fire insurance policy to homeowners of a certain type...

An insurance company offers a $180,000 catastrophic fire insurance policy to homeowners of a certain type of house. The policy provides protection in the event that such a house is totally destroyed by fire in a one-year period. The company has determined that the probability of such an event is 0.002. If the annual policy premium is $379, find the expected gain per policy for the company.

An insurance company is offering a new policy to its customers.Typically the policy is bought...

An insurance company is offering a new policy to its customers. Typically the policy is bought by a parent or grandparent for a child at the child’s birth. For this policy, the purchaser, say, the parent, makes the following six payments to the insurance company: First birthday $ 800 Second birthday $ 800 Third birthday $ 900 Fourth birthday $ 850 Fifth birthday $ 1,000 Sixth birthday $ 950 After the child’s sixth birthday, no more payments are made. When...

An insurance company is offering a new policy to its customers.Typically the policy is bought...

An insurance company is offering a new policy to its customers. Typically the policy is bought by a parent or a grandparent for a child at the child's birth. The details of the policy are as follows: The purchaser(say, the parent) makes the following six payments to the insurance company: First birthday: $400 Second birthday: $500 Third birthday: $600 Fourth birthday: $700 Fifth birthday: $800 Sixth birthday: $900 After the child's sixth birthday, no more payments are made. When the...

Assume that you are in charge of drafting the Employer's e-mail policy that intends to permit...

Assume that you are in charge of drafting the Employer's e-mail policy that intends to permit Employer monitoring of e-mail. What points would you address in the policy?

Erinn must decide whether to add the cost of towing insurance to her car insurance policy....

Erinn must decide whether to add the cost of towing insurance to her car insurance policy. The additional cost is $50 annually. She has an older car that is not super reliable. She decides to analyze her expected annual towing costs and then she will decide whether it is cost effective for her to buy the towing insurance or not. She estimates the probability that her car will break down and need to be towed once during the year is...

Insurance companies charge premiums for each type of insurance policy they issue. Underwriters assess risk for...

Insurance companies charge premiums for each type of insurance policy they issue. Underwriters assess risk for specific types of policies. Premiums are calculated and then charged to the insured. Discuss the adverse selection and moral hazard problems insurance companies face.please do not plagiarize

An insurance company is offering a new policy to its customers. Typically, the policy is bought...

An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the child’s birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following six payments to the insurance company: First birthday: $ 870 Second birthday: $ 870 Third birthday: $ 970 Fourth birthday: $ 970 Fifth birthday: $ 1,070 Sixth birthday: $ 1,070 ...

Question

1. Continental Insurance is drafting a new type of insurance policy. In drafting it, Continental must...

Solutions

Expert Solution

Related Solutions

You have been appointed as the person-in-charge in drafting a brand new 5 years’ term insurance...

Actuaries at an insurance company must determine a premium for the type of insurance. A random...

which one of these is covered by a specific type of insurance policy?

An insurance company offers a $180,000 catastrophic fire insurance policy to homeowners of a certain type...

An insurance company is offering a new policy to its customers.Typically the policy is bought...

An insurance company is offering a new policy to its customers.Typically the policy is bought...

Assume that you are in charge of drafting the Employer's e-mail policy that intends to permit...

Erinn must decide whether to add the cost of towing insurance to her car insurance policy....

Insurance companies charge premiums for each type of insurance policy they issue. Underwriters assess risk for...

An insurance company is offering a new policy to its customers. Typically, the policy is bought...