This chapter reviews basic principles that provide a foundation
for the insurance industry. They range from the concept of risk, to the idea
that individuals and businesses can minimize losses by transferring and sharing...
Questions: 6 | Attempts: 9576 | Last updated: Jan 27, 2016
LaTonya purchases a house from John. She borrows $75,000 from
First City Bank that, along with her $25,000 down payment, equals the $100,000
purchase price of the home. Who has an insurable interest in this home? Choose
all that apply.
A contract is a legal agreement
between two or more competent parties that promises a certain performance in
exchange for a certain consideration. When an insurance company agrees to pay
for an insured's losses in exchange...
Questions: 7 | Attempts: 7984 | Last updated: Dec 26, 2012
Which of the following is not a requirement for forming a valid contract?