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 57 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 :)

Chelseyj.hasty

  • Member
  • Posts: 319
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

Asthma-like symptoms were first recorded about 3,500 years ago in Egypt. The first manuscript specifically written about asthma was in the year 1190, describing a condition characterized by sudden breathlessness. The treatments listed in this manuscript include chicken soup, herbs, and sexual abstinence.

Did you know?

Drying your hands with a paper towel will reduce the bacterial count on your hands by 45–60%.

Did you know?

Approximately 25% of all reported medication errors result from some kind of name confusion.

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Difference between chromosomes, chromatids, and chromatins Difference between chromosomes, chromatids, and chromatins
There Is a Difference between Natural and Added Sugars There Is a Difference between Natural and Added Sugars
Difference Between a Sidereal Month and a Synodic Month Difference Between a Sidereal Month and a Synodic Month
What's the Difference Between England, Great Britain, and United Kingdom? What's the Difference Between England, Great Britain, and United Kingdom?
An electron is accelerated from rest through a potential difference of 3750 V. It enters a ... An electron is accelerated from rest through a potential difference of 3750 V. It enters a ...
Solve Diophantus’s Problem B–8: To find two numbers such that their difference a Solve Diophantus’s Problem B–8: To find two numbers such that their difference a
Video: Role of the respiratory system - effect of altered ventilation rates

For a complete list of videos, visit our video library