Passes the legal right of the insured to the insurer to claim from a third party who caused the loss. E.g., Whirlpool oven causes the house to go on fire. Insurance company pays compensation to the insured and the seeks compensation from Whirlpool company
Assessor
Is a person sent by the insurance company to inspect the damage and calculate the amount of compensation that should be paid to the insured person.
Utmost Good Faith
You must tell all relevant information when filling out the proposal form. (You must be truthful) E.g., If you have an illness you must tell the insurance company as they may want to charge you a higher premium or not insure you at all.
Employers Liability Insurance
Compensation is paid if an employee is injured or killed.
Fidelity Guarantee Insurance
This covers the business against loss of income due to fraud or dishonesty by an employee.
Certificate of Insurance
A brief written summary of the main points of the insurance policy.
Renewal Notice
A written reminder from the insurance company that the next premium is due.
Non-Insurable Risk
This refers to any risk which no Insurance company will insure.
Public Liability Insurance
This covers the business against any compensation that must be paid to a member of the public if someone is injured or killed in the premises.
Insurance Company
Provides insurance for both households and businesses.
