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While driving, Ben was struck by another driver, Roxanne. Ben then filed a claim with Roxanne's insurer.
In
essence, what was Ben doing when he filed this
claim?
Alerting Roxanne's insurer of his intent to take the
case to court
Submitting a formal request to settle the damages
with Roxanne's insurer
Ordering Roxanne's insurer to pay for his damages
within 15 days
Admitting he was actually "at fault"
2. Mark incurred $8,000 damage to his car in an acciSubmitting a formal request to settle the damages
with Roxanne's insurer
the principle of indent. He received $8,000 from his insurance company demnity
and
$4,000 from the other driver. By receiving a profit from
the loss, Mark could be in violation of:
the principle of financial status.
the principle of financial restoration.
the principle of profit and loss.
the principle of indemnity.
3. What is a reserve, in insurance terms?
The amount of revenue that the insurer sets aside to
pay employee salaries
A group of policyholders who pay into the same pool
of premiums
A pool of collected premiums that the insurer sets
aside to pay claims
A set of rules governing how the insurance industry
should work
4. The purpose of the principle of indemnity is:
to prevent an insured from making a profit on a loss.
to transfer the risk of financial loss from one party to
another.
to transfer the right to collect a debt from one party
A pool of collected
premiums that the
insurer sets aside
to pay claims
to prevent an insured from making
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