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Insurance

TermDefinition
Insurance offers financial protection against possible loss
insurable interest to insure some thing you must benefit by its existence an suffer (financially ) from its loss
utmost good faith when applying for insurance, you must disclose all facts relating to the policy (be honest)
indemnity a profit cannot be made from insurance
subrogation once the insurance company company has paid compensation for any insured item, the right of ownership passes to the company
contribution where the same risk is insured with more than one insurer they will divide the cost of the claim
premium amount charged by an insurer in return for providing insurance e cover
compensation financial payment made to the insured if they suffer an insured loss
material fact anything that is likely to alter the decision to grant insurance or to affect the level of premium charged
assurance protection against CERTAIN future loss
term policy this is for a fixed time period and usually covers the duration of a loan or mortgage so that if the insured person dies while paying out a loan, any outstanding amount is paid off
endowment pays a guaranteed amount on a specified date
whole life policy pays compensation on the death of the insured
first party person who takes out insurance
second party the insurance company the first party is insured with
third party any person or item that suffers loss caused by the first party
no claims bonus discount on an insurance premium. it rewards the insured party for not making claims
loading an extra amount added to the basic premium to cover increased risk
exclusions risks that are not covered by insurance
policy excess the amount of money you have have to pay for loss of any item. insurance pays the balance
insurance broker helps you find the best policy and price for insurance
actuary decides what premium should be charged based on various circumstances
agent sells policies for insurance company
loss adjuster investigates compensations claims and decides whether the claim is covered
Created by: NMaticha
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