When an insured suffers a loss or damage covered by the policy, the insured may recover the proceeds of the policy by submitting a right or claim for coverage to the insurance company. The company then decides whether or not to pay the debt. The beneficiary of the proceeds of the policy is designated as the beneficiary. The beneficiary may be the insured person or other persons designated by the insured. Many other types of insurance are also issued. Group health insurance is usually offered by employers to their employees. A person may take out supplementary insurance to cover losses exceeding a specified amount or going beyond the coverage of a given insurance policy. Air travel insurance provides life insurance benefits to a designated beneficiary when the insured is dying as a result of the indicated flight. Flood insurance is not included in most homeowners` policies, but can be purchased separately. TRIA limits the exposure of insurance organizations to future foreign terrorist acts, so the federal government must reimburse the insurance company for excess losses of up to a maximum of $100 billion per year. Under TRIA, the Ministry of Finance covers 90 per cent of terrorism claims if an insurer`s risk exceeds 7 per cent of its commercial premiums in 2003, 10 per cent of premiums in 2004 and 15 per cent in 2005. Art/Exhibitions: Any loan or loan agreement for works of art, special collections, archives or exhibitions is subject to a written contract.
We are often asked whether or not to include workplace guidelines in employment contracts. In the past, employment contracts contained clauses dealing with an employer`s expectations of corporate behavior and procedures, but there has been a abandonment of this practice, as employers prefer to have more control over the content of directives without contractually binding. . . .