What is an Insurance Contract or Policy?

What is an Insurance Contract or Policy?

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Business, Social Studies, Health Sciences, Biology

University

Hard

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The video tutorial explains the components and processes involved in insurance contracts. It begins with an overview of the legal document that defines the relationship between the insured and the insurer. The process of requesting coverage involves providing detailed information about the risk to be covered. Actuarial science is used to determine coverage and premium rates. Once a policy is issued, it has an effective date, and the terms can vary widely. Full disclosure is crucial, as failure to disclose relevant information can invalidate the contract.

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OPEN ENDED QUESTION

3 mins • 1 pt

What new insight or understanding did you gain from this video?

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