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7 Cards in this Set
- Front
- Back
- 3rd side (hint)
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5 functions of insurance |
SPREAD risk, basis of CREDIT system, eliminates WORRY, LOSS prevention/reduction, source of EMPLOYMENT & INVESTMENT capital |
C.S. L.E.W.S |
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Define Insurance |
Undertaking by one person to indemnify another against loss/liability |
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Indemnify |
Compensate |
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5 points of insurance |
Shifting financial responsibility, payment in event of certain risk/peril, determing value immediately prior to loss, cover future/accidental loss, indemnity can be in the form of money, repair, replacement |
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Inclusion of property and casualty insurance |
Auto, property, liability (injury or damage to other) |
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Exclusion of property and casualty insurance |
Life, health |
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Types of insurance |
1. Private (majority) a) stock company, profit driven, b) mutual companies, owners are policyholders, profit refunded 2. Government BC, Sask, QC, Man provide compulsory auto insurance |
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