ey Bpm - OneNote O Search Story Review View Help Ne Physics Gick Notes Introductory of Financ... Econ 202 English 1121 Principles of Marketing *** 1. All are requirements of a legal contract except: Legal purpose Signature of both parties Offer and Acceptance Exchange of Consideration - - 2. One thing insurance can do is to indemnify you which is: To repair and improve your situation after the loss To return you to how you were before the loss To subrogate or reclaim from the person at fault To use as a transfer technique to help avoid severe losses 3. Actual cash value is Cash to cover your loss after the claim Money to replace your items back to as you were before the loss Money to replaces items based on current value The value to sell you items after the loss 4. An insurable interest in a property and casualty policy must be shown At the time of loss At the purchase of the policy During the first 60 days After the policy renews 5. Subrogation can occur when After you purchase a policy and you get a return of premium During a claim to help subrogate funds you need to live While you are in the claim and your coverage has lapsed the company can will still pay Your insurance company pays you then collects from someone else