Demo INS002FL Pass Prep: Property and Liability Concepts: 1-47: Question 1

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Demo INS002FL Pass Prep: Property and Liability Concepts: 1-47: Question 1 | OLT

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Property and Liability Concepts: 1-47

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Attempt: 3

What is a "Risk" in Property and Casualty Insurance?

Insurance may be placed into effect, or "bound" prior to the actual issuance of the policy contract.

An insurance contract is a written agreement between an insurer and insured where the insurer agrees to indemnified the insured on the happening of a loss covered by the contract.

The chance of financial loss which could impact the insured or business in a large way without insurance.

Property insurance is any insurance wherein payment by the insurer will be directly to the insured. Liability insurance means payment will be made on the behalf of the insured to another based upon the insured's liability.

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