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Insurance

TermDefinition
Insurance 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 loss occurred.
Insurance Policy An insurance policy sets out details of the types of losses covered and the amount of compensation to be paid.
Premium A premium is the amount charged by an insurer in return for providing insurance cover for a particular loss.
Compensation Compensation is a financial payment made to an insured person if they suffer an insurance loss.
Material Fact A material fact is anything that is likely to change the decision to giant insurance affect the level of premium changed.
Indemnity A profit cannot be made from insurance.
Utmost Good Faith When applying for insurance, all material facts relating to the policy must be disclosed to the insurance company.
Insurable Interest To insure something, you must benefit by its existence and suffer (financially) from its loss.
Created by: Vakare
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