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In the context of property insurance, "monetary loss" refers to the destruction or the reduction in value of the object insured. It can also refer, for example, in the context of collision or comprehensive coverage in an auto policy, to the cost of repair. In the context of health insurance, it can refer to the cost incurred in providing medical care (for which the insured would otherwise be liable-this, incurring a monetary loss). In the context of life insurance, it refers to the loss of the financial interest that a beneficiary has in the continued life of an insured.
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How do you define exposure to loss?
An exposure to loss is the combination of the following: A person or property that has experienced an event that will result in a quantifiable monetary loss. In an insurance claim an exposure is a party that has monetary damages under a covered peril or occurrence under a policy.
What is the anwer for the amount payable by an insurance company for a monetary loss to an indiviual insured by that company under each coverage?
holder
What are the differences between insurance and assurance?
Insurance indemnifies you if you suffer an insurable loss meaning that your asset is replaced or you are compensated to replace your asset with the basic objective of putting you back to the same financial position that you were in before you incurred the loss/damage. For example you buy insurance for your car, house, computer, etc. Assurance on the other hand aims to provide financial compensation when you suffer a loss that cannot be indemnified, that is, loss of life. For example if your spouse dies they cannot be replaced so you just get monetary compensation for your loss, which unlike in insurance, you cannot use to replace them as you would your lost laptop for instance.
What was the south's greatest monetary loss stemmed from?
The loss of its slaves
What is an adjuster?
An insurance claims adjuster is a person who decides how much money their company is going to give you for your loss.AnswerAn insurance claims adjuster is a person who coordinates damage reports, loss and damage repair estimates to assist the insurance company in determining the monetary value or repair cost of your loss.
What is the meaning of insurance in simple words?
Protection from unexpected ( accidental ) loss of an asset.
Why is liability insurance so large?
Everyone that owns a house/car/business runs the risk of hurting someone. (ie: slipping on a sidewalk) This injury may cause the homeowner/business owner monetary damage. Liability insurance will cover this loss.
Monetary award to an injured person to compensate for loss?
Damages
What do you understand by insurance?
Insurance is an agreement between Insured and Insurer on utmost good faith for covering financial/montary loss arising out of any eventuality of the former,to be compensated by the latter.There is no profit or extra monetary gain factor as a matter of fact,as insurance is not a lottery or investing in share market for lump sum gain.
What is a loss payee?
Loss payee is a party to whom an insurance loss payment or insurance sattlement may be directly paid.
What does life insurance units mean?
An insurance policy that pays a monetary benefit to the insured person's survivors after death.
What is the insurance policy?
Insurance policy is a contract providing for payment of a sum of money to the person assured or, failing him, to the person entitled to receive the same, on the happening of certain event. It's in fact not for any monetary gain but to be treated as a compensation for financial loss incurred. This theory is applicable to both life and general insurance segment.
