GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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____ is the liability arising from contractual agreements in which it is stated that some losses, if they occur, are to be borne by specific parties.
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Convertible
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Contingent Liability
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Contractual Liability
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Contingent Beneficiary
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Explanation:
Detailed explanation-1: -Contractual liability involves the financial consequences emanating from liability, not the assumption of the indemnitee’s liability itself. A common phrase found in contracts states that one party agrees to hold another party harmless for any injuries, accidents, or losses that occur while the contact is in effect.
Detailed explanation-2: -Contractual liability insurance helps cover claims related to contract issues. It covers liability that a business owner assumes from a contract. Contractual liability coverage is important for businesses that regularly deal with contracts, such as contractors.
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