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Insurance
Question | Answer |
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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 |