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 11 insurance
| Term | Definition |
|---|---|
| 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 |
| Loading | |
| No claims bonus | |
| Claims | |
| Assessor | |
| Compensation | |
| 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
Popular Business sets