Instructions: Explain/Define the Following Terms

question 49

Essay

Instructions: Explain/Define the following terms.
Hinduism

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Definitions:

Warranty

A promise, statement, or other representation that an item has certain qualities; also, an insured’s promise to abide by restrictions, especially those written into an insurance policy. Also, an obligation imposed by law that an item will have certain qualities. Warranties made by means of a statement or other affirmation of fact are called express warranties; those imposed by law are implied warranties.

Insured

A party that is protected by an insurer against losses caused by the risks specified in an insurance policy.

Insurance Company

A financial institution that provides a range of insurance policies to protect individuals and businesses against the risk of financial losses in return for premium payments.

Economic Loss

Financial damage suffered by a person or entity, often due to breach of contract, negligence, or external market factors.