richasmith6314 richasmith6314

19-12-2022
Business

Answered

(T/F) legal expenses incurred by an insurance company when defending you against a lawsuit are deducted from the limits of your liability coverage.

Answer :

Tutorconsortium419 Tutorconsortium419

29-12-2022

True, The limits of your liability coverage are reduced by any legal fees an insurance company pays to defend you in court.

Why insurance is important?

We live in an uncertain and dangerous world. Different kinds and degrees of hazards are there for people, families, enterprises, buildings, and assets. These include the possibility of losing one's life, one's health, one's possessions, and other things. Even while it is not always feasible to stop unfavorable events from happening, the financial industry has created products that shield people and businesses from such losses by making up for them with money. A financial instrument known as insurance lowers or completely eliminates the cost or impact of losses brought on by various risks. In addition to shielding people and businesses from a variety of potential hazards, the insurance industry makes a significant contribution to the country's overall economic expansion.

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