Asked by Angela Pantoja on Jul 20, 2024
Verified
Insurance policies differ in relation to the interests that they protect because the types of losses that are expected vary with the nature of an activity.
Types of Losses
Various categories of detriment or disadvantage experienced, such as financial, operational, or reputational loss.
Nature of Activity
A descriptor of the fundamental actions, purpose, or operations of an individual, organization, or process.
- Identify the categorization of insurance according to the nature of risk and the impact of state legislation on insurance agreements.
- Identify the types of coverage and exclusions in insurance policies, including liability and comprehensive general liability insurance.
Verified Answer
AM
Allie MoralesJul 26, 2024
Final Answer :
True
Explanation :
Different activities and assets have varying levels of risk and potential for loss, so insurance policies are tailored to cover the specific risks and interests associated with each unique situation.
Learning Objectives
- Identify the categorization of insurance according to the nature of risk and the impact of state legislation on insurance agreements.
- Identify the types of coverage and exclusions in insurance policies, including liability and comprehensive general liability insurance.