Solution-Explain the primary and contingent beneficiary

Explain the primary and contingent beneficiary designation

Reference no: EM133105065

Questions - Q1. Michael owns a small plane that he files on weekends. His insurance agent informs him that aircraft are excluded as personal property under his homeowner's policy. As an insured, he feels that his plane should be covered just like any other personal property he owns.

(a) Explain to Michael the rational for excluding certain types of property, such as aircraft, under the homeowner's policy.

(b) Explain some additional reasons why exclusions are present in insurance contracts.

Q2. Explain the following beneficiary designation.

(a) Primary and contingent beneficiary;

(b) Revocable and irrevocable beneficiary;

Reference no: EM133105065

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Explain the primary and contingent beneficiary designation

Reference no: EM133105065

Reference no: EM133105065

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