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C12 - Insurance on Property - 112 Questions with 100% Correct Answers | Updated | Download to score A+
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Defining Property Insurance - ️️-Protection against loss/damage to property -First party insurance -Premium exchanged for protection -Fortuitous losses (sudden and accidental) -Insurable interest -Intangible product Real vs Personal Property - ️️R: buildings or land (can't be moved) P: office desk or machinery (can be transported) Promise that Property Insurance is based on - ️️-Insured promise to pay a premium -Insurers promise to protect and indemnify Five elements of an Insurance Contract - ️️1. Agreement (offer and acceptance) 2. Capacity to contract 3. Consideration 4. Genuine intent 5. Legality Additional Features of Insurance Contract - ️️1. Insurable interest 2. Indemnity 3. Principle of utmost good faith
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