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Insurance

TermDefinition
Insurance offers financial protection against possible loss and is designed to place the insured person back in the same financial position they were in before the act occurred
Insurance Policy sets out details of the types of losses covered and the amount of compensation to be payed
Premium is the amount charged by an issuer in in return for providing insurance cover for a particular risk
Compensation Is a financial payment made to an insured person if they suffer an insured loss
Material Fact is anything that is likely to alter the decision to grant insurance or affect the level of premium charged
Insurable Interest To insure something you must benefit from its existence and suffer financially from its loss
Utmost Good Faith Utmost Good Faith is how you must be honest with the insurer
Indemnity A profit cannot be made from insurance
Subrogation Once an insurance company has paid compensation for any insured item the right of ownership of that item passes to the insurance company
Write Off The cost of repairing the damaged item is greater than the items replacement value
Assurance The protection against a certain future loss
Created by: Ava White
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