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Insurance

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 - Utmost good faith Insurable interest
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- Indemnity security or protection against a loss or other financial burden
- Subrogation the substitution of one person or group by another in respect of a debt or insurance claim, accompanied by the transfer of any associated rights and duties
- Contribution a gift or payment to a common fund or collection
Created by: barthola
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