The Concept of Indemnification

question 33

Multiple Choice

The concept of indemnification

• A)means that the benefit paid under a policy is always large enough to allow the insured to buy a new piece of property as replacement for the one that was damaged or lost.
• B)applies only if the premiums that the insured paid are equal to the value of the property that was lost or damaged.
• C)usually leaves the insured with a small profit.
• D)is important to the concept of an insurable interest.
• E)is relevant to third party coverage but not first party coverage.

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Definitions:

Product Type Field

A database or form field designated to categorize products according to their nature, characteristics, or function in a systematic fashion.

PivotTable

An interactive table in spreadsheet applications that enables the analysis, summarization, and organization of data to obtain useful insights.

Rows Area

The part of a spreadsheet or database application where data is organized horizontally in rows, each row often representing a record or unit of information.

PivotTable

A feature in spreadsheet programs that allows users to summarize, analyze, explore, and present data in visual summaries, tables, and charts.