risk management and insurance very easy 20 short answer question.

Anonymous
timer Asked: Dec 7th, 2017
account_balance_wallet $20

Question Description

  1. Whys is term life insurance cheaper than whole or universal life Insurance?
  2. What is the basic difference between whole and term life insurance?
  3. In the needs approach to determining how much life insurance to buy, name the needs.
  4. If I make incorrect statements on my life insurance application that are not determined until 2.5 years later, what happens? Why?
  5. What is a tort? What are the three categories of tort?
  6. What must be proven for there to be negligence?
  7. What is imputed negligence? Name and explain two types?
  8. Explain the difference between comparative and contributory negligence. Which is better for the defense.
  9. What does it men when we say that a lawyer accepts a lawsuit on a contingency basis?
  10. Define
  11. What are the 4 major parts of a personal auto policy? Explain what each covers?
  12. What are split liability limits? What are the values in Alabama? What does each number represent?
  13. What is the difference between primary and excess insurance?
  14. Name and explain several exclusions to the liability coverage in a PAP.
  15. Explain the difference between basic, broad and special coverage forms.
  16. What are the major coverages included in a homeowner’s policy?
  17. What is included in personal property?
  18. Name 8 types of property that have limits and list the $ limit.
  19. Name and explain 5 exclusions to coverage of the dwelling and other structurs in a Homeowner’s policy.
  20. Explain concurrent causation, its effect and the most common concurrent causations.

Strict liability (provide example)

Res ipsa loquitir (provide example)

Attractive nuisance (provide example)

You have to write on your own, no copy on any website.

Tutor Answer

SIMPLIFIED
School: UIUC

Attached.

OUTLINE

1. INTRODUCTION
2. BODY
3. CONCLUSION
4. REFERENCE


Running Head: BUSINESS MANAGEMENT

Risk management
Name
Instructor
Course Title
Date

BUSINESS MANAGEMENT

2

Risk management and Insurance

1. Whys is term life insurance cheaper than whole or universal life Insurance?

Term life insurance has one particular purpose that it brings forth to its consumers; it gives
insurance cover for the family alone, no investment incentives attached to it, this makes it much
cheaper when compared to whole or universal life insurance covers. The cost therefore for term
insurance is cheap as compared to whole life insurance making it a sure bet for family protection
even for low income earners.

2. What is the basic difference between whole and term life insurance?

As earlier mentioned, whole life is quite expensive given the investment feature attached to it,
unlike term insurance which is basically coverage for family members in case of untimely and
premature deaths of the sole bread winner.

3. In the needs approach to determining how much life insurance to buy, name the needs.

The needs are essential in determining the rate of premium pay, in most cases the needs that are
considered before purchase of life insurance include; the funeral expenses, mortgage expenses,
loan expenses and children expenses.

4. If I make incorrect statements on my life insurance applications that are not determined
until 2.5 years later, what happens? Why?

BUSINESS MANAGEMENT

3

Statements do not play a significant role in defining the termination of a contract, not unles...

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Anonymous
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