Note: From time to time, throughout the course, study tips are provided above the questions. Some tips are designed to improve your study habits, others address learning methods, while still others are written to provide you with a mental break from which you can resume your studies with increased energy and effectiveness.

 

2. What is meant by an "Insurance Policy"? (p.13)

 

a. 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.

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

 

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