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inSuRAncE

TermDefinition
Insurance Protection against something that might happen
Proposal form An application form for insurance
Premium The fee paid for insurance
Insurance policy Contains the details of the insurance agreement
Certificate of insurance Proves that an insurance policy exists between the insurer and the insured
Surrender value When you cash out your life assurance early
Material facts The information needed when applying for insurance
Risk How likely it is that the event the insurer has insured for happens
Actuary Someone who calculates risk and premiums
Loading The cost added to the premium because of risk
No claims bonus A discount on premiums because a driver hasn’t taken out a claim
Claim When the insured takes money out of their insurance
Assessor Someone who examines damage/loss when someone makes a claim
Compensation The money received from the insurer to cover costs of something
Average clause The formula to calculate compensation if something is under-insured
Created by: Keilo
Popular Insurance sets

 

 



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