Purpose of insurance and the term liability and the way individual is benefited from insurance.

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Answer 1

Question

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.

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Answer 2

Question

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.

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Answer 3

Question

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.

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Answer 4

Question

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.

Answer 6

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.

Answer 7

Chapter 11, Problem 1RQ

Summary Introduction

To discuss: Purpose of insurance and the term liability and the way individual is benefited from insurance.

Answer 8

Expert Solution & Answer

Explanation of Solution

Insurance protects people as a result of unexpected events from potential financial damages or liability. Insurance’s primary function is to maintain the existing wealth level, insurance will guarantee that an individual family’s life style continues, medical bills are covered, any damage to home and car is covered and person’s personal assets are protected from any liability.

The word “liability” means that a person may have to pay other people for harm that he caused to them or their property. Once people seek insurance benefits, they receive benefit from knowing that their personal assets are covered.