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Insurance

JC Learning outcome

TermDefinition
Insurance protection against something that might happen
Assurance protection against something that will happen
policy (certificate of insurance) states that your insurance now exists
premium fee for taking out insurance
actuary works on behalf of the insurance company to calculate the premium
compensation something you receive if you suffer a loss and claim on your insurance policy
Principle of Insurable Interest  This means that you must benefit form the existence and suffer from its  Loss.
Principle of Utmost Good Faith This means that when you are applying for insurance you must give all material facts to the company
Principle of Indemnity This means that you can’t make a profit from insurance.
Principle of Subrogation This means that once an insurance company has paid compensation the ownership of that item passes to the insurance company .
Principle of Contribution This means that if you insure the same risk with two insurance companies, they will divide the cost of the claim between them.
Term Policy  This is for a fixed term.
Whole Life Policy  This means compensation is paid when the insured person dies 
Created by: nmurphy1
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