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insurance
| Term | Definition |
|---|---|
| principle of indemnity | states that the insured cannot gain from making an insurance claim |
| principle of contribution | if a risk is insured by two or more imsurance companies, any compensation payable will be shared between the companies |
| principle of subrogation | passes the legal right of the insured to recover any loss suffered over to the insurer |
| actuary | the insurance person who calculates the premium to be paid |
| policy document | an insurance document that 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 loss is scaled down accordingly, e.g. if a house valued at 200,000 is insured for 100,000 is only insured for half its value |
| excess clause | where the insured, in return for a reduction in the |
Created by:
renee19
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