Insurance is a system under which individuals, businesses and other organizations or entities, in exchange for payment of a sum of money (a premium), are guaranteed compensation for losses resulting from certain perils under specified conditions.
- Define the principles and key terms associated with automotive insurance.
- Explain and describe the use of insurance policies in the United States.
- Explain and describe the use of insurance policies in Canada.
- Understand and demonstrate the use of an insurance cost/benefit analysis.
- Explain the term subrogation and how it applies in recovering costs in the case of vehicle crashes.