Mark cpcu 500 ch 8 - Study guides, Class notes & Summaries

Insurable Interest - An interest in the subject of an insurance policy that is not unduly remote and that would cause the interested party to suffer financial loss if an insured event occurred. Factual expectancy - A situation in which a party experiences an economic advantage if an insured event does not occur or, conversely, economic harm if the event does occur. Agent - In the agency relationship, the party that is authorized by the principal to act on the principal's behalf. Trus...