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Business: Insurance

Incuranec terms

QuestionAnswer
Insurance is a written promise by an insurance company to pay money to a person who has suffered a loss
Proposal form is the application for insurance
Premium is the fee paid for insurance
Surrender value is the value of a life assurance policy when it is turned in
Broker A person who advises consumers on what insurance policy to take out. They work independently
Agent A person who advises consumers on what insurance policy to take out. They work for one particular insurance company
Principles - Contribution - Subrogation - Indemnity - Insurable interest - Utmost good faith
Created by: macariericaxx