MCS 3040 Chapter Notes - Chapter 28: Vehicle Insurance, Subrogation, Disability Insurance
8 Dec 2012
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Document Summary
Insurance isn"t a panacea for all risks as insurance can be costly and isn"t always available. Insurance doesn"t prevent loss from occurring or prevent potential adverse publicity associated with loss. Mandating the terms that must be found in insurance contracts. Putting in place a system of monitoring insurance companies. Will the exception of life insurance contracts, insurance policies can be written so that insured pays a deductible. Insured is responsible for the 1st part of the loss and insurer pays the balance. Duty to disclose: the obligation of the insured to provide to the insurer all info that relates to the risk being insured. If the insured fails to do so the insurer may choose not to honor the policy. An insurance company can deny coverage for non disclosure even when the loss has nothing to do with the matter that it was left undisclosed.
