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Insurance
Revision
| Term | Definition |
|---|---|
| Assessor | Person who works for the insurance company and calculates the amount of compensation when loss or damage occurs. |
| Actuary | Person who works for an insurance company and calculates the amount of the premium. |
| Premium | The amount the insured pays to the insurance company in return for being protected against the risk of loss or damage. |
| Insurance Policy | Is the legal contract between the insured and the insurance company. It sets out who is insured, what is insured, any conditions and how long the insurance is for. |
| Principles 0f Insurance | The rules of Insurance |
| Utmost good faith | Must always tell the truth when dealing with the insurance company. |
| Indemnity | The insured cannot make a profit from an insurance compensation claim. |
| Insurable interest | The insured must have a legal interest in the item being insured. They must benefit financially for its continued existence and suffer from it loss. |
| Subrogation | When the insured receives compensation, the item lost, damaged or stolen becomes the property of the insured company. |
| Contribution | If a person insures the same item with a number of companies and seeks compensation, they will only receive a portion of money from each company. |
| Pooling of Risk | An insurance company needs to have a large amount of people wanting to insure the same type of risk. |
Created by:
Mary Mc
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