Asked by Sabrina Laricy on Jul 25, 2024
Verified
A recent innovation in the insurance industry is ________ where several types of liability are bundled together, allowing the insured higher limits of coverage for a more economical premium.
A) liability insurance
B) business interruption insurance
C) term insurance
D) umbrella liability
E) bundled liability insurance
Umbrella Liability
A package of several kinds of insurance.
Liability Insurance
A type of insurance that provides protection against claims resulting from injuries and damage to people or property.
Economical Premium
A cost-effective payment or fee, usually for insurance, that provides value or savings over time.
- Absorb the policies that dictate the structure of insurance contracts, the garnering of claims, and the interpretation of ambiguous provisions in favor of the policyholder.
Verified Answer
ED
Executive Director Of SSTJul 28, 2024
Final Answer :
D
Explanation :
Umbrella liability insurance is a policy that provides additional coverage beyond the limits of the insured's home, auto, or watercraft insurance. It covers a wide range of potential risks and liabilities, offering broader protection than standard policies.
Learning Objectives
- Absorb the policies that dictate the structure of insurance contracts, the garnering of claims, and the interpretation of ambiguous provisions in favor of the policyholder.