BFN203
is when the cause of loss must be
covered under the insuring agreement of the policy, and the dominant cause must not be excluded.
Answer: proximate
implies that all classes of risks
insured with an insurance company are shared between insurers or insurance companies.
Answer: co-insurance
implies that the insured and the
insurer are bound by a good faith, bond of honesty and fairness.
Answer: uberima fides
is when the insurance company
acquires legal rights to pursue recoveries on behalf of the insured
Answer: subrogation
Value investment involves buying undervalued securities while selling overvalued ones out of the investment portfolio in the market.
Answer: investment
is when an insurance company
compensates, the insured in the case of certain losses only up to the insuredYs interest.
Answer: indemnity
AÂ emergency fund allows you to
save for emergencies occasioned by events such as loss of job and major natural disaster like an earthquake or fire.Â
Answer: long-term
Derivative is a personalized contract between two parties in which payment takes place at a specific date at todayVss called
Answer: forwards
accounts are associated with
commission on turnover on the basis of the number of transactions on the account in a given period of time
Answer: current
implies that risks having two or
more policies with same coverage would not pay separately
Answer: dual insurance
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