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Risk Management and Insurance_Session 4 Exam 2

Risk Management and Insurance_Session 4 Exam 2

Q 1. Explain the types and characteristics of term life insurance.2. Explain a situation that would justify term life versus ordinary life insurance.3. Describe the defenses that can be used by defendants accused of negligence.4. Explain the reasons for medical malpractice problems in the U.S.5. Briefly explain each of the coverage's under Section I of Homeowners policies and give an example of a loss that would be covered under each coverage.

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There are precisely five types of term life insurance, which are – a) guaranteed level, which means yearly premiums that do not increase, b) annual renewable, which can be renewed every year, c) return of premium, which guarantees to provide when the terms period ends by assuming that the person who has insures is still living. The fourth type is the decreasing term, which is designed in a way to pay lower claims according to the policy ages and the last one is the modified term that utilizes alternative payment structure towards a standard plan of life insurance.