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For Business Law What is insurance? What four elements must be present to create a valid...

For Business Law

What is insurance?

What four elements must be present to create a valid trust?  

Solutions

Expert Solution

Insurance is defined as the equitable transfer of the risk of a loss from one entity to another in exchange for a premium. The risk bearing entity is the insurance company. The company assumes this liability once it accepts payment of a premium amount determined by the insurance company.

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The four elements that must be present to create a valid trust are

  • A settlor
  • A trustee
  • A beneficiary
  • Property

ekkarill92 answered 1 year ago
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