Turn 2 Learn
Social device used to transfer risk
When insurance is purchased, the possibility of financial loss is _________ to the insurer.
A condition or factor that promotes an insurable peril
Outcome depends on chance and consideration exchanged may not be equal
A dishohest applicant represents what type of hazard?
A small certain loss exchanged for a large uncertain loss
Insurable interest rules exist to enforce _______.
Principle of Indemnity