In all types of insurance one party must have such an insurable before a contract of...

In all types of insurance one party must have such an insurable before a contract of insurance can be purchased on or for another party.

		agent
		interest
		indemnity
		risk

Which of the following can be treated by the risk management process?

		static risks
		dynamic risks
		static risks and dynamic risks
		Enterprise risk

Which of the following deals with Tort Law and the concept of Negligence?

		property insurance
		business insurance
		liability insurance
		life insurance

Expert Solution

Answer 1 : Agent

Note : In case of risk, indemnity, interest insurance can be purchased before hand due to chances of financial loss while the person is not subject to financial loss hence a insurance cannot be purchased before a contract.

Answer 2 : Static risks and dynamic risks

Note : In the risk management most of the risks are static while other are dynamic as risks here are somewhat predictable, insurable while other occurs suddenly.

Answer 3 : Liability insurance

Note : As negligence is related to the failure of action taken by a person which can be dangerous or harmful for others hence it is covered by liability insurance in tort law.

keosha answered 3 years ago

If, before either party to a contract has a duty to perform,one of the parties refuses...

If, before either party to a contract has a duty to perform,one of the parties refuses to perform a.the non-breaching party must remain ready to perform for a reasonable time. b.the non-breaching party must perform to the extent commercially reasonable. c.both parties are excused from performing the contract. d.the refusal to perform can be treated as a present breach of contract and damages can be immediately sued for by the non-breaching pa When time is stated to be “of the...

When must an insurable interest exist in life insurance? both at the time of death and...

When must an insurable interest exist in life insurance? both at the time of death and at the inception of the policy only at the inception of the policy only at the time the beneficiary is paid only at the time of death

________________ by one party to a contract entitles the other party to sue immediately for damages...

________________ by one party to a contract entitles the other party to sue immediately for damages or other remedies. a. Request for specific performance b. Denial of a request for restitution c. Demand of assurance of performance d. Anticipatory repudiation If an employer is charged with violating anti-discrimination laws, the employer could defend itself by claiming its action was based on a. bona fide occupational qualification b. business necessity c. all of the choices are possible employer defenses. d. seniority...

Describe the purpose of a third party beneficiary contract and explain two common types. You have...

Describe the purpose of a third party beneficiary contract and explain two common types. You have just won a contract with the federal government. You are the prime contractor and plan on using subcontractors. Explain the Privity of Contract Rule for this government contract. What is breach of contract? Summarize the remedies available for breach of contract and damages. Describe a liquidated damages clause and specify when this type of clause may be used in a business contract.

what must a party prove to recover under the theory of quasi-contract?

1. All of the following are insurable risks to an underwriterexcept which one?A.A...

1. All of the following are insurable risks to an underwriter except which one?A.A risk shared by manyB.A risk which is not catastrophicC.A risk that is catastrophicD.A fortuitous risk2. The definition of retention is the external funds used to pay losses.TrueFalse3. Insurance is a transfer of risk.TrueFalse

Explain who the counter-party is to a risk management derivatives contract that an insurance company would...

Explain who the counter-party is to a risk management derivatives contract that an insurance company would engage in and what his or her motives are to engage in the derivatives contract. What are the main considerations in determining the proper mix of retention and transfer in handling potential loss exposures? Explain the concept of self-insurance. Why is all self-insurance assumption, but not all assumption self-insurance? How do deductibles affect moral hazard?

are groups of health care providers that contract with employers, insurance companies, or third-party payers to...

are groups of health care providers that contract with employers, insurance companies, or third-party payers to provide medical care services at a reduced fee. A. PPOs B. ADDs C. HMOs D. DMOs q2. Employees at R&R Carpet and Tile are allowed to take one-hour lunch breaks.Tomas's assistant, Gabriella, took a two-hour lunch break today without prior approval. Gabriella has never broken any other rules since being employed by the company. R&R has a nonpunitive discipline policy. Which one of the...

Part I. Choose true or false? Explain why? 1. In non-life insurance, insurable interest must exist...

Part I. Choose true or false? Explain why? 1. In non-life insurance, insurable interest must exist when risks occur. True or False? Explain and give an example? 2. Third party liability insurance belongs to non-life insurance. True or False? Explain and give an example? 3. Subrogation will be applying if insured losses are caused by the third party? True or False? Explain and give an example? 4. Principle of ulmost good faith only applies to the insured. True or False?...

Today (t= 0) one party goes short a futures contract and another sells a forward contract...

Today (t= 0) one party goes short a futures contract and another sells a forward contract on the same commodity. The prices at t = 0, 1, 2, 3 where 3 = T = maturity are: 0F3 = 100 1F3 = 140 2F3 = 110 0F3 = 100 Assume that both contracts are held till maturity. Assume the commodity delivered at T = 3 is taken from previously held inventory. Assume that initial margin is met with T-Bills. Consider any appropriate daily marking-to-the-market...

Question