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Chapter 11 insurance

Insurance Written agreement between the insured person and the insurer. The insurer will pay money to the insured if that person suffers a loss
Proposal form The application form you fill out to apply for insurance.
Premium The fee paid by the insured to the insurer
Insurance policy The contract between the insured and insurer contains insurance details
Certificate of insurance Proves that an insurance policy exists between insurer and insured
Surrender value
Material facts
Risk How likely it is that the event being insured against will happen
Actuary Person who assesses the risk and calculates the premium for the insurance company
No claims bonus
Average clause
Discount received for not making a claim On car insurance deducted from premium.
Amount payable to a person who surrenders from their life insurance
Important or significant facts when deciding whether to engage in a particular transaction
an increase in an insurance premium due to a factor increasing the risk involved.
state or assert that something is the case, typically without providing evidence or proof.
Person who evaluates a person or thing
Money awarded to someone in recognition of loss or injury
Policy to restrict the amount payable to a sum and not to exceed the value of the property destroyed
Created by: JDKelly



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