This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: What is the difference between an insurance broker and an insurance company? What will be an ... (Read 27 times)

Sportsfan2111

  • Hero Member
  • *****
  • Posts: 585
on: Jul 26, 2018
What is the difference between an insurance broker and an insurance company?
 
  What will be an ideal response?

Question 2

How does a construction company transfer some of its risk by purchasing insurance policies?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

jsm54321

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jul 26, 2018
Answer to Question 1

An insurance broker is an agent who advises a construction company on the development of a comprehensive insurance program and procures needed insurance policies. An insurance company issues insurance policies and establishes premium rates.

Answer to Question 2

The construction company executes a contract with an insurance company by purchasing an insurance policy. The policy is a two-party contract under which the insurance company promises, for a fee, to assume financial liability for specific losses or liabilities of the construction company for a specified period of time.


Sportsfan2111

  • Member
  • Posts: 585
Reply 2 on: Jul 26, 2018
Great answer, keep it coming :)

mcarey591

  • Member
  • Posts: 365
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

Anesthesia awareness is a potentially disturbing adverse effect wherein patients who have been paralyzed with muscle relaxants may awaken. They may be aware of their surroundings but unable to communicate or move. Neurologic monitoring equipment that helps to more closely check the patient's anesthesia stages is now available to avoid the occurrence of anesthesia awareness.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Difference between Functional and Cross-Functional team Difference between Functional and Cross-Functional team
Difference Between a Sidereal Month and a Synodic Month Difference Between a Sidereal Month and a Synodic Month
Resting Membrane Potential: Voltage Difference Resting Membrane Potential: Voltage Difference
Helgeson Company has identified the following items for possible inclusion when taking a ... Helgeson Company has identified the following items for possible inclusion when taking a ...
A company spends $117 500 today and has positive cash inflows of $34 000 for each of the next 6 ... A company spends $117 500 today and has positive cash inflows of $34 000 for each of the next 6 ...
Jia's Fashions recently paid a $2 annual dividend. The company is projecting that its ... Jia's Fashions recently paid a $2 annual dividend. The company is projecting that its ...
Video: Skin Cancer

For a complete list of videos, visit our video library