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Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. This legal contract sets out terms and conditions specifying the amount of coverage (pensation) to be rendered to the insured, by the insurer upon assumption of risk, in the event of a loss, and all the specific perils covered against (indemnified), for the term of the contract. Mercury insurance california. Property and liability insurance policies are said to be "conditional contracts" because the obligation of the insurer to perform is conditional upon an event happening. Like a mortgage broker, these panies are paid a fee by the customer to shop around for the best insurance policy amongst many panies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many panies. So long as an insurer maintains adequate funds set aside for anticipated losses, the remaining margin bees their profit. |
