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Business

Business(Insurance)

QuestionAnswer
What is insurance? An agreement between an individual who is afraid of incurring a loss and an insurance company that in return for a fee will make good the loss suffered
Who is the insurer? The insurance company who sells the insurance/assurance
Who is the insured? The person purchasing insurance/assurance
What is premium? The fee paid by the insured to the insurer to purchase insurance/assurance
What are insurable risks? Risks that can be insured against
What is the insurable interest principal? It states that the insured must gain from the existence of something and suffer from its loss before it can be insured
What are uninsurable risks? Risks that cannot be insured agaisnt
What are the types of insurance? Personal,property,life and motor vehicle
What is life assurance? An agreement between the insured and the insurer with regard to a risk that is certain to occur, i.e people will die or reach a certain age
What is whole life assurance? When the insurer agrees to pay an agreed sum of money when the insured dies
What is term assurance(term insurance)? When the insurer agrees to pay an agreed sum of money if the insured dies before reaching a certain age
What is endowment assurance? When the insurer agrees to pay an agreed sum of money on the death of the insured or when the insured reaches a certain age, whichever comes first
What is third party insurance? A type of car insurance,required by law,which offers protection done to others if the insured causes an accident
What is fire and theft insurance? A type of car insurance which compensates the insured in case of the car being stolen or going on fire
What is comprehensive insurance? A type of car insurance which compensates the insured in case pf accidental damage as well as the car being stolen or going on fire
What is Utmost Good Faith? (uberrimae fidei) A principal,which applies when completing an insurance proposal form, it states that the it insured must answer all questions truthfully and provide all relevant information to the insurer
Created by: Chimozukee
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