This topic contains a solution. Click here to go to the answer

Author Question: What is the difference between an insurance broker and an insurance company? What will be an ... (Read 66 times)

Sportsfan2111

  • Hero Member
  • *****
  • Posts: 585
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
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
Gracias!


gcook

  • Member
  • Posts: 343
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

Did you know?

It is widely believed that giving a daily oral dose of aspirin to heart attack patients improves their chances of survival because the aspirin blocks the formation of new blood clots.

Did you know?

Tobacco depletes the body of vitamins A, C, and E, which can result in any of the following: dry hair, dry skin, dry eyes, poor growth, night blindness, abscesses, insomnia, fatigue, reproductive system problems, sinusitis, pneumonia, frequent respiratory problems, skin disorders, weight loss, rickets, osteomalacia, nervousness, muscle spasms, leg cramps, extremity numbness, bone malformations, decayed teeth, difficulty in walking, irritability, restlessness, profuse sweating, increased uric acid (gout), joint damage, damaged red blood cells, destruction of nerves, infertility, miscarriage, and many types of cancer.

Did you know?

Most strokes are caused when blood clots move to a blood vessel in the brain and block blood flow to that area. Thrombolytic therapy can be used to dissolve the clot quickly. If given within 3 hours of the first stroke symptoms, this therapy can help limit stroke damage and disability.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

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.

For a complete list of videos, visit our video library