Posted on July 20, 2013July 20, 2013
An attitude that increases the probability of loss from a peril. The attitude of, “It’s Insured, so why worry?” is an example of a moral hazard.
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A period of time (usually 10, 20 or 30 days) during which a policyholder may examine a newly issued individual policy of life or health insurance, and surrender it in exchange for a full refund of premium if not satisfied for any reason.