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Keywords

Insurance

TermDefinition
Insurable Interest A policy holder must benefit by the continued existence of the object & suffer by its loss. Egveryone has an insurable interest in their own personal possessions e.g. house, but you do not have an insurable interest in your next door neighbours house. 
Utmost Good Faith The person seeking insurance must provide all the information the insurance company needs and must disclose all material facts. E.g. of material facts Medical conditions when seeking life assurance.
Indemnity The policy holder cannot make a profit out of insurance. The contract is for the reinstatement of the actual property insured, i.e. putting the claimant in the same position, as far as is possible, as was the case prior to the accident or loss.
Subrogation The insurance company, having paid compensation, it entitled to the take legal action against any third party responsible for the loss.
Contribution If the same item is insured against the same risk with more than one insurer the insurers will share compensation relation to the amount of risk covered.
Market Value If an item is over-insured the maximum compensation payable is the
Average Clause applies in the case of a partial loss, where the insurance cover is for less than the market value of the item lost, i.e. the person is underinsured.
Risk management involves identifying and assessing all the risks facing a business.
Insurance protection against a RISK that MIGHT happen. E.g. fire insurance, accident insurance. If the risk insured does not happen, no compensation is paid.
Assurance provides protection against a RISJ that is CERTAIN to happen. E.g. death of the insured person. The insurance company will pay compensation when that person dies.
Consequential Loss Policy This policy covers the business against loans of income or profit if it is forced to cease trading temporarily because of accident or fire.
Goods in Transit insurance protects the business against stock lost, damaged or stolen while being transported.
Public Liability This covers employers against claims made by members of the public as a result of accidents or injuries received while on the business premises.
Employers Liability Insurance This covers employers against claims made by employees who suffer injuries as a result of accidents at work.
Product Liability Insurance This covers business against claims made by members of the public for loss, damage, or injury suffered as a result of the sale of faulty or defective products.
Fidelity Guarantee Insurance This covers the employer for any financial loss suffered as a result of theft, fraud or dishonesty of employees.
Actuary The person who calculates the risk involved and the premium payable is called the
Assessor person who assess the amount of the loss suffered by the insured and calculates the amount of compensation to be paid.
Whole Life Assurance The insured pays premiums for the rest of his/her life. Compensation is paid to dependents on the death of the insured.
Endowment Life Assurance The insured pays premiums up to a certain age. The lump sum is paid when the insured reaches this age, or on their death, whichever comes first.
Term Life Assurance A policy is taken out for a specific period of time, e.g. 10 years. If the insured dies within ten years his/her dependents will received the lump sum. If the insured lives past the ten years no payment is made.
Third party Insurance In the event of a claim being made, the insurance company will pay compensation to all injured third parties except the insured.
Third party, fire and theft Insurance extends the indemnity to third parties, and to loss arising from theft or damage caused by fire to the insured motor vehicle.
Comprehensive Insurance covers third parties and their vehicles, damage to the policy holder’s own vehicle, fire and theft, and also the policy holders medical expenses which may arise as a result of an accident
Created by: bccns business