Figure 1.1
Identify the levels of organization in the figure above.
-Label B: ______________________________
Definitions:
Coverage
Coverage denotes the extent of protection provided under an insurance policy, detailing what losses are covered and to what extent.
Insurable Interest
A stake in the value of an entity or event for which an insurance policy is purchased to mitigate risk of loss.
Policy Of Insurance
A contract between an insurer and an insured, outlining the terms, coverage, premiums, and conditions under which the insurer agrees to compensate the insured for specific losses.
Garage Liability Insurance
Insurance coverage that protects auto dealerships, mechanic shops, and garage operators from liability claims resulting from their operations, including customer injuries and damage to customer vehicles.