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inSuRAncE
Term | Definition |
---|---|
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 |