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2026/2027
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Terms in this set (15)
Distinguishing Characteristics of 1. The principle of indemnity
Insurance Contracts 2. Utmost good faith
3. Fortuitous losses
4. Contract of adhesion
5. Exchange of unequal amounts
6. Conditional
7. Nontransferable
Two concepts reduce the moral 1. Insurance should not over indemnify
hazards associated with 2. Insured's should only be indemnified once per
indemnification loss
Methods by which insurers achieve 1. Insurance rating plans
an equitable distribution of risk cost 2. Coinsurance in property insurance
3. Subrogation
Forces that work against actuarial 1. Insurance regulations
equity 2. Social equity
3. No-fault insurance laws