Insurance Flashcards
1
Q
Characteristics of Insurable Risks
A
CHAD
- not Catastrophic
- Homogeneous exposure units
- Accidental
- measurable and Determinable
2
Q
Characteristics of Legal Contract
A
COALL
- Competent parties
- Offer and Acceptance
- Legal consideration
- Lawful purpose
3
Q
HSA age for catch-up contributions: higher or lower than IRA?
A
Age 55, higher
4
Q
“Named Perils” policies; and what happens?
A
Basic Coverage and Broad Coverage. If the peril is not named, then it’s not covered.
5
Q
Open Perils policy
A
“All risks” covered, except those specifically excluded.
6
Q
Covered losses must…
A
Result from something that is “sudden and accidental.” Losses from neglect and intentional acts are not covered.
