“Open-Perils Coverage” is a form that shows that commercial property insurance has exclusions to the insurance policy.  When the peril is open, the insurer proves that there is an exclusion, but if the peril is specific then the insured must prove and give evidence about loss coverage for proximate cause.  The picture illustrates this point by giving bullet points about property exclusions that include the idea of open perils and examples of what they would be in insurance company policies.

The Internal Revenue Code is one of two federal regulations that is supposed to make employee benefits have rules about qualification and nondiscrimination.  It involves rules like requiring things to be in writing and have rights be made legally enforceable.  The nondiscrimination laws try to protect lower-paid workers and not to show too much partiality to over-compensating certain groups as unfair favoritism.  So, when the government gives tax breaks, it makes regulations for the employee benefit plans with the help of the Internal Revenue Code (IRC).   

“Moral Hazard” is when actions happen to actually occur of the issues of personal behavior that could enlargen the frequency or severity of loss in the consumer field of health care.  The meme describes how corporate responsibility could affect individual behavior to incite moral hazard, which could occur in both private and public sectors.

Decreasing term life insurance is when the policy decreases the coverage protection benefits of the insurance amount for coverage but not premiums, which remain the same.  The cartoon shows that life insurance has a benefit for the beneficiary to those they leave behind, which is why they would want to buy term life insurance.

Primary Coverage is when two or more insurance policies could possibly respond to provide coverage to repay damage, the policy that pays first is the primary coverage.  In the cartoon, both cars have umbrellas that could represent insurance policies, but the one that is full could show that one is the primary coverage.

Replacement-Cost Insurance is about property insurance policies.  In this policy, the insured pays for property cost instead of its cash value with the requirement of repair or replacement of damaged property so then the insurer pays the amount equal to the full cost without deduction for depreciation.  The cartoon shows the cavemen discussing replacement-cost insurance in their cave about the property condition repair of rocks in their home.