BUS 393 Lecture Notes - Lecture 10: Disability Insurance, Liability Insurance, Latten

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Robin Elliott

Document Summary

Someone pays premium to insurer in exchange for premium insurer promises indemnifies the insurer for certain types of loses that can happen (contract) Consumer protection: statutory conditions, regulate insurance companies. Property insurance: inventory, equipment, cars, houses. Liability insurance: important for operation business, protects business from liabilities, if someone injured by your business the insurance will pay the claimant indemnifies, will hire a lawyer to defend you as well. Health and disability insurance: employee benefits, disability short term (6 months to year) and long term (unable to do any job) Auto insurance combines above together basically: icbc, can buy collision insurance means protect your car (your property, can get disability insurance as well say you got injured and stuff in an accident. The moral hazard likelihood that the insurance policy is almost expiring and the house hasn"t burnt down, so you might want to help burn it down to get that insurance money.