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Ch.10 HH & bus mgmnt
Insurance and Taxation
Term | Definition |
---|---|
Insurance | Cover against potential loss. |
Risks | Things that have the potential to cause serious loss. |
Premium | A quote for the amount that must be paid to cover the risk(s)in the proposal. |
Claim | The compenation request by the insured if the risk actully happens. |
Proposal Form | The application form for insurance. |
Loading | An extra charge which may be added to the premium where the risk is higher than normal. |
No Claims Bonus | A reduction from the price of insurance if the insured has made no claims. |
Policy | Contract of insurance. |
Utmost Good Faith | You must tell the truth. |
Indemnity | You cannot gain from Insurance. |