A bailee is a person who possesses property that belongs to someone else. Although bailor/bailee relationships are typically...
The downside to these policies is that they only provide coverage if you, acting as the bailee, are at fault. So, if you run a dry cleaning business and you use the wrong chemicals to clean a customer’s suit, a warehouseman’s policy would cover you because the damage to the property...
Overall, the purpose of transfer credit is to provide students with flexibility, cost savings, and the opportunity to tailor their educational journey. It helps students make the most of their previous academic experiences and ensures a smooth transition as they continue their educational pursuits at...
Since inland marine insurance is a very specific type of insurance, you probably won’t be able to find any savings or discounts on the actual policies themselves. Part of the reason for this is that inland marine policies are typically a component of a larger policy. On personal inland ma...
To better understand how coinsurance in property insurance works, let’s look at an example. Let’s say you have an 80% coinsurance declared in your property policy with $5,000 deductible. The replacement cost of your property is one and a half million. ...
A contractual relationship is a promise or bond made between two or more individuals who agree on the same terms and conditions. It is a relationship formed through written or oral agreement, also known as an implied agreement.Answer and Explanation: ...
Free on board (FOB) is a term used in shipping to define the party responsible for the goods during transit. “Free on board destination” means the seller is responsible for the goods while they are being shipped, up until they reach the destination. On the other hand, “Free on board...