1. How Does A Deductible Affect Insurance?
1. What is a deductible? How does a deductible affect insurance? C
A deductible is the amount of money that the policyholder will pay before the insurance company will pay on the insured loss. A deductible affects insurance because you are responsible for paying a certain amount before the insurance company will pay the rest of the insured amount to fix what ever you need fixed.
2. What is risk classification? C
A risk classification is the assessment and categorization of the characteristics that influence a person's risk of loss.
3. What are riders? How do they affect insurance? C
Riders are supplemental insurance for items or situations that are excluded or limited under the regular policy. Riders affect insurance by if you are not insured. …show more content…
That means that they are accidental or unintentional. Liability risks are caused by negligence that then result in personal or property damage. Personal risks are the ones involving illness, injury, or death to a person of the loss of income due to disability, illness, death. Property risks are damage to or loss of property due to fire, floods, robbery, or other such as earthquakes and hurricanes.
4. Why is estate planning important? C
Estate planning involves creating a plan for the distribution of one's possession after they have died and to provide care for any dependents. The reason why it is important is because it makes sure that your possessions go where you want them to go after you have died. Without a plan family and friends may fight over your possessions. Another reasons is that it created a plan for dependent family members in case of a parent or guardian's death. It can also reduce the costs of settling the estate.
5. What is the principle of indemnity? Why is this principle important?
The principle of indemnity means that you can never recover more than the loss is worth, regardless of the amount of insurance that you have. This principle is important because what you buy is worth less after you bought
A deductible is the amount of money that the policyholder will pay before the insurance company will pay on the insured loss. A deductible affects insurance because you are responsible for paying a certain amount before the insurance company will pay the rest of the insured amount to fix what ever you need fixed.
2. What is risk classification? C
A risk classification is the assessment and categorization of the characteristics that influence a person's risk of loss.
3. What are riders? How do they affect insurance? C
Riders are supplemental insurance for items or situations that are excluded or limited under the regular policy. Riders affect insurance by if you are not insured. …show more content…
That means that they are accidental or unintentional. Liability risks are caused by negligence that then result in personal or property damage. Personal risks are the ones involving illness, injury, or death to a person of the loss of income due to disability, illness, death. Property risks are damage to or loss of property due to fire, floods, robbery, or other such as earthquakes and hurricanes.
4. Why is estate planning important? C
Estate planning involves creating a plan for the distribution of one's possession after they have died and to provide care for any dependents. The reason why it is important is because it makes sure that your possessions go where you want them to go after you have died. Without a plan family and friends may fight over your possessions. Another reasons is that it created a plan for dependent family members in case of a parent or guardian's death. It can also reduce the costs of settling the estate.
5. What is the principle of indemnity? Why is this principle important?
The principle of indemnity means that you can never recover more than the loss is worth, regardless of the amount of insurance that you have. This principle is important because what you buy is worth less after you bought