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An Insurance Company Evaluates Many Numerical Variables About a Person

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Short Answer

An insurance company evaluates many numerical variables about a person before deciding on an appropriate rate for automobile insurance.A person's age is an example of a numerical variable.


Definitions:

Ownership

The state or fact of exclusive rights and control over property, which can be an object, land/real estate, intellectual property, or another asset.

Express Bailment

A bailment agreement formed by explicit agreement between the bailor and bailee regarding the possession and care of an item.

Implied Bailment

A bailment relationship formed without explicit agreement, based on the circumstances implying that the possessor of personal property is expected to return it to the owner.

Liability

The state of being responsible for something, especially in terms of legal or financial obligations.

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