BU413 Lecture Notes - Lecture 6: Insurable Interest, Personal Injury, Parachuting
Document Summary
Personal risk management: risk, possibility of harm, injury, loss, damage, or destruction. Hazards: 3 types of hazards, physical, results from some physical property, location, chemical composition, moral, results from the lack of integrity or dishonesty of individuals, shifting attitudes, morale, general attitudes and habits of some individuals. Indemnity contract: amount paid depends on the individual"s actual loss. If loss or damage to an insured entity would result in an actual financial loss: financial interest, ownership, non-ownership cases, non-financial relationships, when must insurable interest exist, property and liability insurance. Insuring agreements: what the insurer agrees to do, exclusions, what the insurer will not do, conditions, those acts that are required if the policyholder is to receive coverage, endorsements, amendments to the original policy contract. Individual: family members, unemployment, property risk, theft, damage, destruction, direct/indirect. Liability risks: punitive damages through legal system from carelessness or negligence, personal injury, property damage, failure of others to perform.
