146) Once it has paid out on the loss, an insurance company can step into the shoes of the insured and pursue a claim against the person who caused the loss.
147) An insurance company’s right to subrogation refers to its right to refuse to pay where the insured is responsible for his or her own loss.
148) Joe was a customer in Sam’s store when he carelessly dropped a very expensive vase, but he was relieved when he found that Sam had insurance to cover the loss. Explain Joe’s legal position in these circumstances.
149) Business interruption insurance is designed to cover which of the following situations?
a. A person owns a restaurant business and the restaurant is destroyed by fire. The insurance coverage pays for the repair of the building.
b. A person is an employee at a restaurant business and gets ill. The insurance coverage pays him his wages while he is off work sick.
c. A person owns a restaurant business and the restaurant is destroyed by fire. The insurance covers the losses caused by the business being closed down for several months.
d. A person operates a restaurant business and some customers suffer injury due to food poisoning. The insurance coverage provides for payment to cover any losses incurred because of claims by the restaurant arising from damages paid to these customers.
e. A person has a partner in his restaurant business and that partner catches a disease and dies. The insurance provides for coverage of the death of the partner.
150) Describe three different types of insurance that a business person might obtain in relationship to his or her business.
151) Explain what is meant by bonding.
152) Which of the following statements is correct with respect to bonding?
a. Bonding provides protection against losses incurred because of fluctuations in the financial markets.
b. Bonding provides protection to the victim injured by the wrongful conduct of the person bonded.
c. Bonding is a government certification system whereby the government guarantees that a person so bonded or certified will do the job he is hired to do as set out in the bonding certificate.
d. If a person is bonded and that person commits some wrongful act such as stealing a client’s money, the bonding company is bound to compensate him for any losses he suffers from being caught.
e. Bonding is another term for insurance. The two terms, bonding and insurance, are interchangeable.
153) A fidelity bond provides compensation for the wrongful conduct of employees.
154) A fidelity bond is when the employee pays the employer a fee to cover himself while he is on the job.
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