CHAPTer one

Limits of Liability

what determines an insurers responsibility for payment, as stated in an insurance policy

insurance

what do individuals use to transfer their risk of loss to a larger group

Subrogation

what provision found in property policies prevents an insured from collecting twice for the same loss: once from insurer and again from a third party

Strict Liability

if a manufacturered product is unsafe, what type of liability applies to the manufacturer

to encourage insureds to insure property close to its value

in property insurance, what is the purpose if a coinsurance clause

at the time of loss

in property insurance, when must insurable interest exist?