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38.1 Law for Business, 15e by Ashcroft Chapter 38: Types of Insurance Law for Business, 15e, by Ashcroft, © 2005 West Legal Studies in Business, a Division of Thomson Learning
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38.2 Chapter 38 Objectives Explain the nature of life insurance and its normal limitation. Define property insurance. Identify the types of coverage afforded by automobile insurance.
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38.3 Types of Life Insurance Term life Renewable, level term Decreasing term Endowment Decreasing term plus a savings account Whole life Continues until death or age 100. Combinations of any of the above
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38.4 Limitations on Life Insurance Two limitations upon risk covered by life insurance are suicide and war activity The usual grace period for paying life insurance premiums is 30 days A policyholder can elect to change beneficiaries at any time
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38.5 Property Insurance Terminology 4. Blanket 5. Floating 6. Homeowner’s 1. Open 2. Valued 3. Specific
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38.6 Auto Insurance Provisions Theft - conversion or robbery. Fire - not only covers the car itself, but any conveyance upon which the car is being transported.
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38.7 Auto Insurance Provisions Collision - covers damage when a car strikes an object or object strikes a car. Comprehensive - covers windstorm, earthquake, flood, strikes, malicious mischief, submersion in water, riot, hail, falling aircraft.
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38.8 Public Liability Insurance Bodily injury insurance Property damage insurance Uninsured motorists insurance Medical payments
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38.9 That’s all! Make sure you understand this chapter before proceeding to the next one.
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