ACSC 533 Lecture Notes - Lecture 9: Property Insurance, Pet Insurance, Life Insurance
20 Mar 2018
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A contractual relationship exists between the policyholder and the insurance company to pay a benefit or claim to offset an economic loss. The insurance policy or contract describes what is covered under what circumstances benefits will be paid and to whom the benefits will be paid. Eg. with life insurance a death benefit is paid to the beneficiary when the insured dies. An automotive insurance policy typically covers liability, medical collision, and other than collision. Benefits can include death, disability, annuity income, medical expenses, automobile, homeowners, renters. The premium is specified in the contract. Policy owner (who may or may not be the party insured or the beneficiary) A service contract or warranty on a product is another form of financial security system. Who is responsible for paying the benefit. The fee is set in the contract. The first pet insurance policy was written in 1890 by claes virgin.
