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Answers needed for each part with step by step solution thanks :) An insurance company has decided to introduce consequential loss (business interruption) insurance as
Answers needed for each part with step by step solution thanks :)
An insurance company has decided to introduce consequential loss (business interruption) insurance as a package with their commercial property insurance business i.e. you can only buy this cover if you buy the company's commercial property insurance. a) State the most common measure of exposure for commercial property insurance (1 mark) b) State four rating factors that are commonly used for commercial property insurance (2 marks) c) Define consequential loss insurance |(1 mark) d) State the most common measure of exposure for consequential loss insurance. (1 mark) e) Discuss the reasons why the insurance company has decided to introduce consequential loss insurance Discuss the risks that the insurance company will be exposed to if they introduce this new cover (10 marks) i) A fellow student has been watching a lot of TV recently and during the commercial breaks he has seen adverts for insurance policies that he does not understand. These policies have: Discounts for people who buy both home and motor insurance from the same company Discounts for people who have dash-cams (where, according to Wikipedia, "a dash-cam is an on board camera that continuously records the view through a vehicle's font windscreen") Explain why insurance companies offer discounts for these policies and discuss any risks that the insurance company faces when introducing these discounts (10 marks)Step by Step Solution
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