Writer’s Choice
Paper details:
I: Introduction
The midterm exam is comprised of 4 essay questions. Please answer to each question then in their entirety. Do not summary. You should answer it.
You should show you read the textbook and listen my lectures.
II. Essay Questions
1. Why is the role of regulation in the insurance marketplace so prevalent? explain the thought process and applications to the industry. What arguments could be made for continuing regulatory involvement of rates, solvency, contract certainty, etc. as opposed to allowing the industry to rely solely on the market itself?
2. Insurance policies are generally standardized contracts as they are unilateral in nature. Discuss the advantages and disadvantages of using standardized contracts. Also, comment on how the principle of indemnity, including subrogation and insurable interest, upholds the intent of the policy contract?
3. Discuss in details the components of commercial property coverage, including real property, personal property and business interruption. Also, regarding the commercial property form, describe the differences of what is covered in the various coverage forms: causes-of-loss; broad and; open perils.
