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Business: Insurance
Incuranec terms
Question | Answer |
---|---|
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 |