Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
chapter 10
insurance and taxation
| Term | Definition |
|---|---|
| principles of insurance | insurable interest, utmost good faith, indemnity, contribution, subrogation, average clause |
| insurable interest | you must "gain by the existence and suffer by the loss of the item insure" |
| utmost good faith | you must tell the truth |
| indemnity | you can not gain from insurance |
| contribution | if you insure your house with 4 insurance companies and it burns down you get 1/4 compensation from each company |
| subrogation | insurance company owns the wreck they can take your rights and bring other party to court |
| average clause (under insurance) | this states that if something is insured for only a proportion of its value the insurer is only liable for a proportion of the loss |
| premium | the amount that must be paid to cover the risk(s) |
| no-claims bonus | if the driver has made no claim against the insurance company for some years this may reduce the premium |
| loading | an extra charge which may be added to the premium where the risk is higher than normal eg. a young male driver will have a higher premium for his car insurance |
Created by:
Jaegan26
Popular Business sets