Examlex

Solved

An Insurance Company Evaluates Many Numerical Variables About a Person

question 62

Short Answer

An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.The number of claims a person has made in the last 3 years is an example of a numerical variable.


Definitions:

Contract Terms

The conditions and clauses that form the content of a contract, defining the obligations, rights, and duties of each party.

Real Intentions

The genuine purpose or motivation behind an action or decision, often considered in legal and interpersonal contexts.

Substantive Law

The body of law setting out rights and duties that affect how people behave in organized social life. See also procedural law.

Criminal Law

The body of law that pertains to crime and punishment, regulating social conduct and proscribing threatening, harming, or otherwise endangering the health, safety, and moral welfare of people.

Related Questions