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Business - Ch 11

Insurance

TermDefinition
Insurance A written agreement between an individual and an insurance company, stating that the insurer will pay money to the insured if they suffer a loss.
Proposal form The application form for insurance.
Premium The fee paid by the insured for insurance.
Insurance policy The contract between the insurer and the insured, contains details of agreement.
Certificate of insurance Proof of an insurance policy.
Surrender value The money received when an endowment policy is cashed in.
Material facts Information provided by an insurance applicant.
Risk How likely the event being insured will take place.
Actuary Person who assesses risk and calculates premiums.
Loading Amount added to basic premium due to risk.
No claims bonus A discount on car insurance for not amking a claim.
Claim A request to an insurance company for payment.
Assessor Inspects damage and calculates loss.
Compensation Money received from the insurer in the event of a loss.
Average clause Compensation in cases of underinsurance.
Principle of Insurable Interest The insured must have interest in the subject matter of the insurance.
Principle of Indemnity The insured must not make a profit from insurance.
Principle of Utmost Good Faith The insured must honestly provide information, otherwise the insurer may not pay out.
Principle of Subrogation The insurer can recover the amount paid to the insured.
Principle of Contribution If something is insured with more than one insurance company, the companies will each pay part of the loss.
Created by: leahddoherty
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