Asked by Bunmi Olaniyi on May 28, 2024
Verified
A type of insurance in which the insured and the insurer share a risk of loss due to fire is:
A) co-insurance.
B) non-forfeiture insurance.
C) no-fault insurance.
D) reinsurance.
Co-Insurance
A type of insurance coverage in which the insurer and the insured share losses incurred according to a specified formula.
Insured
A person or entity covered by an insurance policy, receiving protection against specified risks or damages.
Risk Of Loss
In contractual terms, refers to which party bears the financial burden if the goods are damaged or lost before delivery is completed.
- Distinguish between different forms of insurance and comprehend the basic concepts that underpin coinsurance.
Verified Answer
Learning Objectives
- Distinguish between different forms of insurance and comprehend the basic concepts that underpin coinsurance.
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