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Insurance Crossword
Definitions and Key Terms in Insurance
| Term | Definition |
|---|---|
| Risk | the possibility of danger, loss, injury or other adverse conditions |
| Pure Risk | insuring your house against fire – If there is a fire, a claim will be made, if there is never a fire, a claim will never be made |
| Speculative Risk | investing in shares, the value of the share investment may rise or fall, you cannot insure against this risk |
| Fundamental Risk | losses occurred by an act of God or by war, you cannot insure against these risks, You cannot claim for damage to property due to flooding. |
| insurer | AXA, Allianz, Liberty, Aviva |
| Insurable Interest | The insured must benefit from it’s existence and show that they would suffer from its loss. |
| Indemnity | The insurer will compensate the insured for any loss suffered but will not allow the insured to make a profit from the loss |
| Utmost good faith | the insured must make full disclosure of all material facts to the insurer |
| Subrogation | The insured is entitled to compensation from the insurer for any loss suffered which was properly insured |
| Contribution | If a risk is insured with two insurers in the event of a claim each insurer will pay compensation in proportion to the risk insured by them. |
| Average Clause | If a loss occurs and the market value of the loss suffered is greater than the amount for which it was insured, the insured will suffer from a partial loss. The insurer will not pay the full value of the loss suffered by the insured |
| Proximate Clause | An event which causes a loss is called a peril. When the insured makes a claim on a claim form for a loss suffered, the loss must be shown to have been caused by the insured peril |
| Insurable perils | insurance against fire, theft, etc. Theft is the insured risk under a theft policy. |
| Uninsurable perils | damage caused by war – you cannot insure against this |
| Proposal Form | Each applicant for insurance fills this out. The principle of Utmost Good Faith applies. |
| premium | must be enough to cover the risk involved for the insurer, expenses (e.g. salaries and advertising) and profit for the owners |
| Types of Insurance for a Business | Fire, Theft, Fidelity Guarantee, Motor, Cash in Transit, Public Liability, Plate Glass Window |
| Types of Insurance for a Household | Fire, Theft, Motor, Mortgage Protection, Health, Life Assurance. |
| Assurance | the insurer must pay money on the occurrence of some event which will definitely happen e.g. death or reaching a certain age. |
| Whole Life Assurance | The insured (assured) pays the premium for the rest of his/her life. The insurer then pays the sum assured to the departments of the assured person when he/she dies |
| Endowment Assurance | the total sum assured is payable in the event of a death or in the event of the assured reaching a specific age, whichever comes first |
Created by:
Shmeel
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