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insurance
| Term | Definition |
|---|---|
| principle of indemnity | states that the insured cannot gain from making an insurance |
| principle of contribution | if a risk is insured by two or more insurance companies, any compensation payable will be shared between the compamies |
| principle of subrogation | passes the legal right of the insurer to recover any loss suffered over to the imsure |
| actury | the insurance person who calculates the premium to be paid |
| policy document | an insurance document that gives full detail of the cover to be paid |
| assesor | the person who calculates |
| underinsurance | if something is not insured for its fullmarket |