EXPLAIN THOROUGHLY THE FOLLOWING ELEMENTS OF INSURANCE CONTRACT…
Question Answered step-by-step EXPLAIN THOROUGHLY THE FOLLOWING ELEMENTS OF INSURANCE CONTRACT… EXPLAIN THOROUGHLY THE FOLLOWING ELEMENTS OF INSURANCE CONTRACT BELOW:1. The insured possesses an insurable interest susceptible of pecuniary estimation;2. The insured is subject to a risk of loss through the destruction or impairment of that interest by the happening of designated perils;3. The insurer assumes that risk of loss;4. Such assumption is part of a general scheme to distribute actual losses among a large group or substantial number of persons bearing somewhat similar risks; and5. The insured makes a ratable contribution (premium) to a general insurance fund Social Science Law LAW 112 Share QuestionEmailCopy link Comments (0)


