Examlex

Solved

Identify and Explain the Five Requisite Functions

question 6

Essay

Identify and explain the five requisite functions.


Definitions:

Insurance Contracts

Legal agreements between an insurer and the insured, in which the insurer agrees to compensate the insured for loss of property, life, or health, under specified conditions.

Wagering

The act of betting or gambling money on an outcome that is largely subject to chance.

Profit

The financial gain obtained when the amount earned from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Pecuniary Interest

A financial interest, or the prospect of financial gain or loss, that may influence an individual's decisions or actions.

Related Questions