910 V2 assignment ..Answering questions
look at the attached document below
1.
Please answer the following questions:
·
Explain the principle of indemnity.
· How is actual cash value calculated?
· How does the concept of actual cash value support the principle of indemnity?
2. Please answer the following questions:
·
· Explain the meaning of an insurable interest.
· Why is an insurable interest required in every insurance contract?
3. Please answer the following questions:
·
· Explain the principle of subrogation.
· Why is subrogation used?
4. Explain the following legal doctrines:
·
· Misrepresentation
· Concealment
· Warranty
5. List the four requirements that must be met to form a valid insurance contract.
6. Insurance contracts have certain legal characteristics that distinguish them from other contracts. Explain the following legal characteristics of insurance contracts.
·
· Aleatory contract
· Unilateral contract
· Conditional contract
· Personal contract
· Contract of adhesion
7. Explain the general rules of agency that govern the actions of agents and their relationship to insureds Identify the basic parts of an insurance contract.
8. What is the meaning of “named insured”?
9. What is an endorsement or rider?
10. Please answer the following questions:
a. Describe the following types of deductibles:
i. straight deductible
ii. calendar-year deductible
iii. aggregate deductible
11. Please answer the following questions:
a. Explain how a coinsurance clause in property insurance works.
b. What is the fundamental purpose of a coinsurance clause?
12. Explain how a coinsurance clause functions in an individual or group medical expense insurance policy.