Question

Difference between over insurance and under insurance

Answer 1

Answer:

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I hope it will help you

and PLEAZE....MARK IT AS THE BRAINLIEST ANSWER!? ?

 

Explanation:

Through under insurance you are insured for less than market value whereas with over insured you are insuring for an amount above market value. ... With over insurance you are at risk of paying too much in premiums from the moment that the market value of insured property is less than the amount insured.

Answer 2

Difference between over insurance and under insurance:

Explanation:

OVER INSURANCE

• You are protected by premiums at less than market value, and you are covered by over paid for a amount over market value.

• Underinsurance refers to a policyholder whose insurance coverage is insufficient. In the case of a lawsuit, underinsurance may result in economic damages to the policyholder, as the premium will surpass the maximum value that the insurance policy would compensate.

UNDER INSURANCE

• You run the risk of spending too much in premiums for over-insurance from the moment the market value of the insured property is smaller than the insured number.

• Excess coverage is a legal obligation for an insurance company because the insurer could be forced to make a false claim to profit from a mistake.

Learn more about insurance:

Vehicle insurance is an ___________ Insurance.

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