The Risk That an Insurer Faces Once It Has Accepted

question 10

True/False

The risk that an insurer faces once it has accepted the transfer of risk from insurance purchasers is called objective risk.

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Definitions:

Prenuptial Agreements

Legal agreements entered into before marriage, outlining the disposition of assets in the event of divorce or death.

Fully Integrated Contract

A legal document that represents the entire agreement between parties, disallowing any external documents or oral agreements to alter the contract terms.

Parol Evidence Rule

A principle in law that prevents parties to a written contract from presenting extrinsic evidence of terms of the contract that contradict, modify, or vary the written terms.

Final Statement

A comprehensive summary that concludes a discussion, document, or process, often giving a clear outcome or decision.