Answer to Question #155692 in Management for Prabhdeep

Question

Discuss the various liabilities of insurer?( please answer is 100 to 150 words)

Answer 1

Various risks exist within the business sector, home, and other places in the society. It is the main reason that people and property are insured against any loss or damage. The process of signing a contract to compensate in cases of any loss is undertaken between the insurer and the insured. In case of any damage, loss, and accident, the insurer has various types of liabilities to undertake. In product liability, the insurer compensate all the people injured by faulty products in the businesses insured under the contract signed employer’s liability is the cover to the employees where the insurer compensate employees who become ill or injured while at the workplace. Public liability is the compensation undertaken by the insurer to the members of the public due to incidents that occur in the business insured in the contract.