pls in the study of insurance, i came across the statement, "insurance is an act of God" and i want to know how true the statement it? thanks
Total Comments: 2
Posted: Tue Sep 11, 2012 12:03 pm Post Subject:
Historically, many liability insurance carriers would claim that a loss arose from an act of god, rather than from their own policyholders actions. For example, high wind damages could cause a tree to fall on the neighbors car. The question is, who's is at fault? Unless there is evidence of neglect by the tree owner it would be attributed to an act of god.
Posted: Wed Sep 12, 2012 10:12 am Post Subject:
insurance is an act of God
Whoever wrote that is a fool. Or you misquoted what you read. Some insurance contracts include exclusionary language that avoids payment for "acts of God" . . . which is the insurance company's scapegoat for things it cannot explain and doesn't want to pay for, such as catastrophic weather-related events.
Posted: Tue Sep 11, 2012 12:03 pm Post Subject:
Historically, many liability insurance carriers would claim that a loss arose from an act of god, rather than from their own policyholders actions. For example, high wind damages could cause a tree to fall on the neighbors car. The question is, who's is at fault? Unless there is evidence of neglect by the tree owner it would be attributed to an act of god.
Posted: Wed Sep 12, 2012 10:12 am Post Subject:
insurance is an act of God
Whoever wrote that is a fool. Or you misquoted what you read. Some insurance contracts include exclusionary language that avoids payment for "acts of God" . . . which is the insurance company's scapegoat for things it cannot explain and doesn't want to pay for, such as catastrophic weather-related events.
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