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insurance
| Term | Definition |
|---|---|
| principle of indemnity | states that the insured cannot gain from making an insurance gain |
| the principle of contribution | if a risk is insured by 2 or more insurance companies any7 compenstaition payable will be shared between the companies |
| the principle of suborgation | passes the legal right of the insured to recover any suffered over to the insurere |
| actuary | the insurance perosn who calculates the premium to be paid |
| policy document | an insurance document thats gives full detail of the cover being given |
| assesor | the person who calculates the compensation to be paid |
| underinsurance | if something is not insured for its full market value then the compensation paid in the event of a partial loaa is scaled down accordingly e.g if a house valued at €200,000 is insured for €100,000is only insured for half its value |
| excess clause | where the insured in return for a reduction in the prenium agrees to pay the first part of any loss |
Created by:
saoirse13
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