Loma 281 stuvia 2024 - Study guides, Class notes & Summaries

Insurance policy - ANSWER A legally enforceable contract between a policyowner who applies for and owns the policy and the insurer that issues the policy Unilateral contract - ANSWER A contract in which only one of the parties makes a legally enforceable promise when entering into the contract. (life insurance) Bilateral contract - ANSWER A contract in which both parties make legally enforceable promises when they enter into the contract

Risk - ANSWER the possibility of an unexpected loss speculative risk - ANSWER can result in a gain, a loss four risk management techniques - ANSWER avoid the risk control the risk

property - ANSWER A bundle of rights a person has with respect to something. real property - ANSWER Land and whatever is growing on or attached to the land. rights of a life policyowner - ANSWER name the beneficiary, change the beneficiary, transfer ownership to someone else