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- Study guides, Class notes & Summaries
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Exam (elaborations)
AINS 21 | 164
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23
April 2024
2023/2024
A+
What is insurance? - It's a transfer system, business, and contract.
What is a transfer system in insurance? - One party (the insured), transfers the risk of
financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to
someone else so that I can keep my financial standing.]
What are covered losses? - These are costs that insurers pay for and are in the contract that
both parties agree to in the beginning (wind damage, car accident, etc). The costs ...
What is insurance? - It's a transfer system, business, and contract.
What is a transfer system in insurance? - One party (the insured), transfers the risk of
financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to
someone else so that I can keep my financial standing.]
What are covered losses? - These are costs that insurers pay for and are in the contract that
both parties agree to in the beginning (wind damage, car accident, etc). The costs ...
What is insurance? - It's a transfer system, business, and contract.
What is a transfer system in insurance? - One party (the insured), transfers the risk of
financial loss to another party (the insurer). [Essentially, I'm giving the risk of financial loss to
someone else so that I can keep my financial standing.]
What are covered losses? - These are costs that insurers pay for and are in the contract that
both parties agree to in the beginning (wind damage, car accident, etc). The costs ...
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