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insurance

TermDefinition
principle of indemnity states that the insured cannot gain from making an insurance gain
the principle of contribution if a risk is insured by 2 or more insurance companies any7 compenstaition payable will be shared between the companies
the principle of suborgation passes the legal right of the insured to recover any suffered over to the insurere
actuary the insurance perosn who calculates the premium to be paid
policy document an insurance document thats gives full detail of the cover being given
assesor the person who calculates the compensation to be paid
underinsurance if something is not insured for its full market value then the compensation paid in the event of a partial loaa is scaled down accordingly e.g if a house valued at €200,000 is insured for €100,000is only insured for half its value
excess clause where the insured in return for a reduction in the prenium agrees to pay the first part of any loss
Created by: saoirse13
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