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Topic 23: Legal Aspects of Insurance - 67 (4) Estoppel prevents one from denying a fact if the fact was admitted to be true by previous actions If one party to a contract waives its right to enforce a part of the contract, and the other party relies on that waiver, the rst party is prevented (estopped) from enforcing it later (5) Rescission An insurance policy may be rescinded if one party can prove that the other party misrepresented material information in the preparation or negotiation of the insurance contract (6) Reformation is the changing of an existing contract, not the creation of a new one It is done when both parties agree to change the new contract from what was originally intended (7) Conditional The insurance company is obligated to pay a claim on the condition that a covered loss is sustained C Categories for analyzing insurance contracts (1) Declarations are factual statements identifying the speci c person, property, or activity being insured and the parties to the insurance transaction (2) The de nitions section of the policy is an explanation of the key policy terms (3) The insuring agreement is the heart of the insurance policy This agreement(s) spells out the basic premise of the insurance company An example is an agreement to pay the face amount of the policy in the event of the insured s death (4) Exclusions are items that the insurer does not intend to cover A practical result of exclusions is to hold down the premium cost of coverage for policy owners (5) Conditions The insuring agreement is a quali ed promise that is enforceable only if the policy owner ful lls the conditions that are spelled out in the policy An example of these conditions is timely payment of premiums (6) Policy continuation One of the most important miscellaneous provisions of a policy relates to the right of the owner to continue coverage These policy renewal provisions fall into ve categories: (a) Noncancelable This gives the policy owner the right to renew the coverage at each policy anniversary date, and future rates in the coverage are guaranteed in the contract itself (b) Guaranteed renewable Like a noncancelable policy, a guaranteed renewable policy gives the policy owner the right to renew the coverage at each policy anniversary date, but the insurer does not guarantee future rates for the coverage (c) Nonrenewable for stated reasons only These policies often qualify as guaranteed renewable, but allow the insurer to refuse to renew the policy for conditions speci cally listed in the policy (d) Optional renewable This gives the insurer the unilateral right to refuse to renew a policy at the end of any period for which premiums have been paid (e) Cancelable A few property and liability policies are cancelable during the period for which premiums have been paid (7) Valuation of losses Another type of miscellaneous provision concerns a required sharing in the amount of the loss by the insured For example, deductibles are common in homeowners insurance, auto insurance, and medical expense insurance (8) Endorsements and riders An endorsement or, in life insurance, a rider is a provision added to the policy, generally for an extra premium charge As a general legal principle, whenever the wording in an endorsement or rider con icts with the terms of the policy to which it is attached, the endorsement or rider takes precedence.



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byte getByte(int columnIndex); short getShort(int columnIndex); int getInt(int columnIndex); long getLong(int columnIndex); float getFloat(int columnIndex); double getDouble(int columnIndex); java.math.BigDecimal getBigDecimal(int columnIndex, int scale); byte[] getBytes(int columnIndex); java.sql.Date getDate(int columnIndex); java.sql.Time getTime(int columnIndex); java.sql.Timestamp getTimestamp(int columnIndex); java.io.InputStream getAsciiStream(int columnIndex); java.io.InputStream getUnicodeStream(int columnIndex); java.io.InputStream getBinaryStream(int columnIndex); Object getObject(int columnIndex); return_type getXXX(int columnIndex); All these methods return the column value in the current row. Column indexes are integers. This example shows how to execute a SQL statement and retrieve the results using column indexes. Note that the rows are always read from left-to-right and that columns are only read once. Listing 5-17 shows the statement using column indexes. Listing 5-17. Using column indexes. ... java.sql.Statement myStatement = myConnection.createStatement(); ResultSet rs = myStatement.executeQuery( SELECT name, title, salary FROM employees ); while (rs.next()) { // print the columns of the row that was retrieved String empName = rs.getString(1); String empTitle = rs.getString(2); long empSalary = rs.getLong(3); System.out.println( Employee + empName + is + empTitle + and earns $ + empSalary); } ... ...





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Our example for this chapter will focus on the simple task of building a system that communicates product price updates to several resellers or divisional units As our example company, we'll use Red Planet Electronics, which produces thousands of electronic parts that are priced individually All products and prices are kept in a corporate database, and Red Planet needs to update the prices to several resellers located throughout the country These updates are done per item, whenever the Red Planet manufacturing price changes The flow of data between Red Planet and its resellers is shown in Figure 9-1 Figure 9-1 Relationships of Red planet and its resellers

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The purpose of this guide is to supplement all the existing nancial planning texts that instructors, students, educators, and practitioners use as part of the local college or university CFP Board registered educational program It should be purchased at the very beginning of the program and used as the singular reference guide during each of the remaining classes You should develop your own spreadsheet to accompany this guide as a study reference Organize it per line as follows: CFP Board Topic No Identify the topic Identify the exposure or risk to the client Identify solutions to address the exposure Use this format for all 101 topics When writing your synopsis, follow each topic number with a one- or two-sentence description If you can summarize each of the 101 topics in this clear and concise format, then you truly do understand the topic and you are well on your way to being prepared and successful when taking the CFP Certi cation Examination After you have reviewed each topic with the instructor during class, then proceed to complete this spreadsheet for all your classes

Resellers process the updates in two steps First they use the Red Planet product ID to look up their own internal product ID, which may or may not be the same as the Red Planet product ID (keep in mind that resellers often deal with many manufacturers), as well as the markup associated

Choose to do a quick format (Format) or a slow format that includes bad block checking (Check). Or you can select No to not format the partition.

with that product Then they update their internal price list accordingly, using their internal product IDs The basic flow of these processes is diagrammed in Figure 9-2 Figure 9-2 Reseller price update flowchart

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Ethical standards and their incorporation into law frequently trail technological innovation. E-commerce is taking new forms and enabling new business practices that may bring numerous risks particularly for individual consumers along with their advantages. Before we present some speci c issues, we discuss the topic of market practices and consumer/seller protections.

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