What is insurance the transfer of?
What is insurance the transfer of?
The transfer of risk is an essential tenant of insurance contracts. When you purchase an insurance policy, the insurance company will agree to indemnify you for a certain amount of loss in exchange for your payment of a set premium. Jun 5, 2017
What is the purpose of financial responsibility laws quizlet?
What is the purpose of financial responsibility laws? It requires drivers to prove their ability to cover the cost of damages or injuries caused by an automobile accident.
Which of the following services do savings and loans offer?
Savings and loan institutions–also referred to as S&Ls, thrift banks, savings banks, or savings institutions–provide many of the same services to customers as commercial banks, including deposits, loans, mortgages, checks, and debit cards.
When studying finance or economics the cost of a decision is also known as a N?
When studying finance or economic, the cost of a decision is also known as a(n) opportunity cost.
What is insurance accounting?
Insurance is a contractual agreement under which the insured party promises to pay the insurer a periodic amount in exchange for a payout in the event of a future loss. May 13, 2017
What is a servicing agent in insurance?
Servicing Agent means the person, appointed by the Policyholder, who informs the Company on behalf of the Policyholder of the personal details of the Policyholder in relation to this Policy and to whom the Company will.
What is insurance for a business?
Business insurance coverage protects businesses from losses due to events that may occur during the normal course of business. There are many types of insurance for businesses including coverage for property damage, legal liability and employee-related risks.
What type of insurance policy would someone get to protect others only?
Aug 23, 2021 — The type of insurance that some would get to protect others only is LIFE INSURANCE.
What is the definition of premium Brainly?
Definition: Premium is an amount paid periodically to the insurer by the insured for covering his risk. Description: In an insurance contract, the risk is transferred from the insured to the insurer. For taking this risk, the insurer charges an amount called the premium. Aug 5, 2020
What term is used to describe an individuals money and personal property?
What term is used to describe an individual’s money and personal property? assets.
What constitutes financial planning?
Financial planning involves looking at a client’s entire financial picture and advising them on how to achieve their short- and long-term financial goals.
What are financial planning skills?
Financial planning skills refer to the ability to determine the most appropriate financing and investing activities for a firm after evaluating all available options. Utilization of these skills mean aspiring to figure out how the achievement the strategic goals and objectives of a business will be afforded.
What is financial management in your own definition and understanding?
Financial Management is a vital activity in any organization. It is the process of planning, organizing, controlling and monitoring financial resources with a view to achieve organizational goals and objectives.
How does insurance company make money?
There are two basic ways that an insurance company can make money. They can earn by underwriting income, investment income, or both. The majority of an insurer’s assets are financial investments, typically government bonds, corporate bonds, listed shares and commercial property. Feb 3, 2017
What is insurance underwriting?
What is underwriting in insurance? Underwriting is the process insurers use to determine the risks of insuring your small business. It involves the insurance company determining whether your firm poses an acceptable risk and, if it does, calculating a fair price for your coverage.
