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Chapter 09

Insurance

QuestionAnswer
Insurance def Financial protection against possible loss
Insurance policy def Sets out details of types of losses covered and amount of compensation paid
Compensation def Financial payment made to insured person if they suffer an insured loss
Premium def Amount paid by insured person
5 principles of insurance Insurable interest Utmost good faith Indemnity Subrogation Contribution
Third party motor insurance covers… Injury to another person or damage to their property, not policy holder or their vehicle
Third party, fire and theft motor insurance covers… Same as third party plus compensation for insured person if vehicle is stolen or catches fire
Comprehensive motor insurance covers… Benefits all parties and vehicles
No claims bonus def Discount on insurance premium for making no claims on policy
Loading def Extra amount to basic premium to cover increased risk
3 types of insurance (not motor) Home insurance (buildings cover) Home insurance (contents cover) Health insurance
3 types of life assurance Whole life policy: pays compensation on death of insured person Term policy: outstanding payments (eg mortgage) is paid off Endowment policy: pays fixed amount on specific date
Insurance broker def Helps people get insurance best suited for their needs and budget
Agent def Sells policies on behalf of one insurance company
Actuary def Employed by insurance company to decide on a premium that should be charged
Loss adjuster def Investigates claim for compensation and decides if claim is covered by insurance policy
Proposal form def Application form for insurance
Policy excess def Amount insured person must pay for loss/damage to insured item
Exclusions def Specific items not insured
Average clause def Applies in case of under insurance or partial loss
Underinsurance def Insured item is not fully insured
Renewal notice def Notice sent by insurers to renew policy
Uninsurable def Ineligible for insurance
2 benefits of insurance Protect income Replace/repair damaged items
Created by: TomDel123
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