What is the purpose of an insurance contract?

What is the purpose of an insurance contract?

Expert Solution

The primary purpose or objective of an insurance contract is to ensure that even if there is an incident that caused damage, the individual should be in the same position even after the damage us incurred. The objective of the insurance contract is to ensure that it will help managing the damages and financially help the individual to recover.

keosha answered 2 years ago

what is the purpose of risk insurance

What is the purpose of insurance and If Insurance is necessary,why do people resent paying...

What is the purpose of insurance and If Insurance is necessary, why do people resent paying for it so much?

Describe, in words, what the actuarial value of an insurance contract is

What do you think is the purpose of a deductible in property insurance?

What do you think is the purpose of a deductible in property insurance? Please be specific in your response to this question and provide an example.

what is the purpose of medical insurance?Research one insurance remember to include eligibility, type, and services...

what is the purpose of medical insurance?Research one insurance remember to include eligibility, type, and services covered

Suppose an insurance company offers a contract with an annual premium that is equal to what...

Suppose an insurance company offers a contract with an annual premium that is equal to what the company expects to pay out to their customers for the year. This type of contract is called: Question 16 options: full insurance partial insurance actuarially fair actuarially unfair

Explain the purpose of the co-insurance clause that is applied to building structures. What is an...

Explain the purpose of the co-insurance clause that is applied to building structures. What is an example of how it works?

1-What are the different parts of a standard liability insurance policy? 2-What is the purpose of...

1-What are the different parts of a standard liability insurance policy? 2-What is the purpose of the Rehabilitation Act of 1973?

The purpose of the right to disaffirm a contract is to: a) recognize the legitimate interests...

The purpose of the right to disaffirm a contract is to: a) recognize the legitimate interests of those who contract with minors b) protect minors c) restore persons to positions they held before contracting d) ratify a contract and make it enforceable

What is the purpose of including deductible and coinsurance provisions in group medical insurance policies?

Question