Note: Upon completetion of this 4th and final demonstration question, you have traveled through 20 screens of questions and answers, all with positive responses of drill and practice.

 

4. What is Property and Liability Insurance?(p.14)

 

a. The chance of financial loss which could impact the insured or business in a large way without insurance.

b. An Insurance Policy means a written contract of, or written agreement for, or affecting insurance

c. Insurance may be placed into effect, or "bound" prior to the actual issuance of the policy contract.

d. Property insurance is any insurance wherein payment by the insurer will be directly to the insured. Liability insurance means payment will be made on the behalf of the insured to another based upon the insured's liability.

 

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