Concept explainers
Life Insurance:
Life insurance is a contract between the person who is the insurance policy holder and an insurer in which the insurer is liable to pay a beneficiary of sum of money upon the death of the insured person in exchange for premium payments. These are generally underwritten using a person’s medical status at the time of applying.
Life Insurance Underwriting:
Life Insurance Underwriting is a process in which the insurance policy holder shares his or her medical data continually with the insurer and the insurer will price policy for continuously for participating customers.
Automobile Insurance:
Automobile Insurance is a contract between the person who is the insurance policy holder for his or her automobile and an insurer in which the insurer is liable to pay a beneficiary of sum of money in case of accident or theft of the automobile in exchange for premium payments.
Usage based Automobile Insurance:
Usage based automobile insurance is also known as pay as you drive in which the costs of the premium are dependent on type of vehicle, distance, accident records and measured against time.
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Introduction to Information Systems: Seventh Edition
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