Terry places a bet on the outcome of a basketball game.
Margaret's dog is temperamental. She's afraid that it will bite a neighbor someday and she will be held responsible.
Sam transfers all of his retirement funds into a stock that he expects to rise in value.
Cindy, along with 32 others, puts $100 into an Indy 500 race pool at work. The person holding the name of the winning driver will win the entire $3,300.
LaTonya's son, who would like to inherit the home some day
First City Bank
Both parties are required to provide services for the other.
One party draws up the contract provisions, and the other party adheres to the terms.
The contract can be revoked by any party at any time for any reason.
A contract that is formed without any consideration by either party.
After a loss, an insured should be restored to approximately the same condition that existed before the loss.
Every insured will receive full compensation for all losses in all cases.
When property is damaged or destroyed, the insurance company must pay the full replacement cost.
In the case of bodily injuries, liability coverage must be available without regard to any policy exclusions.
Stated benefits and the dates on which they are to be paid
A promise to pay for certain losses if they occur
A promise to be conscientious about the customer's situation
Utmost good faith
Is managed by an attorney-in-fact.
Pays dividends to its stockholders.
Is owned by its insureds.
Is a voluntary association of individuals that shares in writing insurance contracts for a variety of risks.
Represents a single insurance company.
Works for a direct writer.
Is an independent businessperson.
Does not collect commissions.
Issue or countersign policies.
Sign an application.
State insurance department
Interstate Commerce Commission
Insurance Services Office
Failure of fiduciary responsibility.
The insurance industry is regulated exclusively by the federal government.
The insurance industry is very loosely regulated.
The state insurance department is responsible for controlling insurance matters within the state.
The state insurance department serves only the interests of the insurance industry.
Making appropriate coverage recommendations to prospective customers
Writing the provisions of a customer's policy
Helping prospective customers complete the application
Assuring that customers understand the coverage they are purchasing