Final test 1

Insurance claim.

Business. Essentially, P&C insurance covers everything that a general insurance broker would sell for insurers

In the normal course of their business. Exceptions are crop hail, travel, accident and sickness and life

Insurance.

Them. These include a Proof of Loss which describes how the loss occurred and what property was lost or

Damaged. It is the first form the insured will complete when notifying the insurance company that they have had a loss.

The only claim reserves an insurance company needs to set aside are those required to pay for losses that

Have been reported to it.

Insured by the policy, all risks policies provide two lists of exclusions to indicate what is not insured (i.e., a list

For perils excluded and another one for property excluded). If the loss is not excluded, it is covered.

Threatens and harms public safety and welfare. In simple terms, anyone who commits a criminal act commits a wrong against society as a whole. Criminal acts fall into two categories only: crimes against the state, and

Crimes against the person.

The most important tort in the study of liability insurance is the tort of negligence.

Arising out of certain activities does not mean that they can't establish a defense to dispute their liability. In

Fact, the defendant does have the right to try to avoid liability by showing that they used due diligence to

Prevent the offence from occurring. Due diligence refers to the measure of care that would be expected from and ordinarily exercised by a reasonable and prudent person under the particular circumstances.

Rescinding a contract, as can certain other factors such as: duress, menace, deception, undue influence, lack of

Capacity to enter into contracts, failure of consideration, or because the contract is illegal or unconscionable.

Reflect the amount that the court believes to have accrued directly as a result of the wrong. The amount of

The special damages awarded by the court cannot be precisely quantified in monetary terms. To do that

Would be impossible.

The plaintiff for extra costs for hospital care, specialized medical or dental services, medication, prosthetics,

Medical travel costs, additional living expenses, etc. related to the injury.

Injury coverage is limited to payment only for injury or death caused to the plaintiff.

Insureds with the broadest liability insurance coverage they could possibly get: they are covered for bodily

Injury and property damage that they have caused accidentally or which has manifested itself gradually over a longer period of time.