Why can’t an insured assign his policy to someone else?
Why can’t an insured assign his policy to someone else?
Homework Answers
An insured can’t assign his policy to someone else because of the anti-assignment clause put by many companies, which prohibits the named insured from transferring any of its rights or obligations under the policy to someone else without the insurer's permission. Though there is an exception in it i.e if the named insured is an individual in case of sole proprietorship, and he or she dies.
The insured is sued for an event that is covered under his Homeowners policy. The insured...
The insured is sued for an event that is covered under his Homeowners policy. The insured has a $100,000 limit under Section II. The insured didn’t think that he was at fault and the case went to trial. The court awarded $250,000 in damages to the plaintiff and it cost $500,000 to defend the case ($475,000 attorneys fees and $25,000 for other litigation costs). The insurer will pay a total of which one of the following amounts under the insured’s...
A local dentist is capable of mowing his lawn but he should hire someone else to...
A local dentist is capable of mowing his lawn but he should hire someone else to do it instead. Using economic concepts explain w this is true. Format Font family ▼ Font size ▼HSn Zk0畇74 Path
A user logs into his online banking account. Suddenly he finds that someone else has transferred...
A user logs into his online banking account. Suddenly he finds that someone else has transferred money from his account when he is online. What could be the possible attack that might have taken place?
An insured 25 year old purchased a $50,000, 20-year endowment policy with quarterly premiums. Ten years later he needed the maximum loan available on the policy. How much more had the insured paid in...
An insured 25 year old purchased a $50,000, 20-year endowment policy with quarterly premiums. Ten years later he needed the maximum loan available on the policy. How much more had the insured paid in premiums than he could borrow on the policy?
Explain the difference among the insured, the owner and the beneficiary of a life insurance policy....
Explain the difference among the insured, the owner and the beneficiary of a life insurance policy. Give a specific example in which each party might be a different person.
A convertibility option added to a term policy gives the insured the option of Select one:...
A convertibility option added to a term policy gives the insured the option of Select one: A. converting the term policy into cash. B. converting the term policy to a whole life policy. C. converting the term insurance to common stock of the insurance company. D. canceling the policy at any time. Duration is a measure of Select one: A. the bond's reinvestment risk. B. a bond's price. C. a bond's contractual maturity. D. bond price volatility.
Consider an insurance policy that reimburses annual hospital charges for an insured individual. The probability of...
Consider an insurance policy that reimburses annual hospital charges for an insured individual. The probability of any individual being hospitalized in a year is 15%. Once an individual is hospitalized, the charge X has the pdf given by f(x)= 0.1 e 0.1% for x > 0. Determine the expected value of hospital charges for an insured individual. O A. 1.5 OB. 10 OC. 30 O D.5.27 O E. 35.1
Santiago Morgan is insured under a major medical expense insurance policy that includes a $200 calendar...
Santiago Morgan is insured under a major medical expense insurance policy that includes a $200 calendar year deductible and a 20 percent coinsurance requirement from the insured. During the last year, Mr. Morgan incurred $1,000 in allowable medical expenses. Of this amount, Mr. Morgan is responsible for paying $640.00 $200.00 $160.00 $360.00
In automobile collision insurance and health insurance, the policy usually has a provision calling for a deductible according to which the portion of any insured loss up to some fixed limit is pa...
In automobile collision insurance and health insurance, the policy usually has a provision calling for a deductible according to which the portion of any insured loss up to some fixed limit is payed for by the insured person; only the excess is paid by the insurance company. In addition, health insurance policies often provide for co-payments by the insured so that even after the deductible is met, the insured pays some fraction or fixed amount of the medical costs until...
Explain the difference among the insured, the owner and the beneficiary of a life insurance policy. Give a specific exam...
Explain the difference among the insured, the owner and the beneficiary of a life insurance policy. Give a specific example in which each party might be a different person.
A local dentist is capable of mowing his lawn but he should hire someone else to do it instead. Using economic concepts explain w this is true. Format Font family ▼ Font size ▼HSn Zk0畇74 Path
Consider an insurance policy that reimburses annual hospital charges for an insured individual. The probability of any individual being hospitalized in a year is 15%. Once an individual is hospitalized, the charge X has the pdf given by f(x)= 0.1 e 0.1% for x > 0. Determine the expected value of hospital charges for an insured individual. O A. 1.5 OB. 10 OC. 30 O D.5.27 O E. 35.1
In automobile collision insurance and health insurance, the policy usually has a provision calling for a deductible according to which the portion of any insured loss up to some fixed limit is payed for by the insured person; only the excess is paid by the insurance company. In addition, health insurance policies often provide for co-payments by the insured so that even after the deductible is met, the insured pays some fraction or fixed amount of the medical costs until...
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