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Business
Business(Insurance)
| Question | Answer |
|---|---|
| What is insurance? | An agreement between an individual who is afraid of incurring a loss and an insurance company that in return for a fee will make good the loss suffered |
| Who is the insurer? | The insurance company who sells the insurance/assurance |
| Who is the insured? | The person purchasing insurance/assurance |
| What is premium? | The fee paid by the insured to the insurer to purchase insurance/assurance |
| What are insurable risks? | Risks that can be insured against |
| What is the insurable interest principal? | It states that the insured must gain from the existence of something and suffer from its loss before it can be insured |
| What are uninsurable risks? | Risks that cannot be insured agaisnt |
| What are the types of insurance? | Personal,property,life and motor vehicle |
| What is life assurance? | An agreement between the insured and the insurer with regard to a risk that is certain to occur, i.e people will die or reach a certain age |
| What is whole life assurance? | When the insurer agrees to pay an agreed sum of money when the insured dies |
| What is term assurance(term insurance)? | When the insurer agrees to pay an agreed sum of money if the insured dies before reaching a certain age |
| What is endowment assurance? | When the insurer agrees to pay an agreed sum of money on the death of the insured or when the insured reaches a certain age, whichever comes first |
| What is third party insurance? | A type of car insurance,required by law,which offers protection done to others if the insured causes an accident |
| What is fire and theft insurance? | A type of car insurance which compensates the insured in case of the car being stolen or going on fire |
| What is comprehensive insurance? | A type of car insurance which compensates the insured in case pf accidental damage as well as the car being stolen or going on fire |
| What is Utmost Good Faith? | (uberrimae fidei) A principal,which applies when completing an insurance proposal form, it states that the it insured must answer all questions truthfully and provide all relevant information to the insurer |
Created by:
Chimozukee
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