Define the Following Terms: Adam Smith

question 83

Short Answer

Define the following terms: Adam Smith

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Definitions:

Insurable Interest

A stake in the continued existence of the person or property insured, sufficient to qualify for purchasing insurance to protect against losses related to that interest.

Insurance Policy

A contract between an insurer and a policyholder that outlines the terms and conditions under which the insurer agrees to indemnify the insured.

Insurable Interest

A requirement indicating that a policyholder must stand to suffer a financial loss or certain types of loss from the damage or loss of the insured subject.

Unexpressed Restriction

An implicit limitation or condition that is not explicitly stated but affects the use or application of an agreement or law.