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Business:insurance

QuestionAnswer
What is Insurance Financial protection from future losses.
What is a claim When you ask for money when you face a loss.
Policy An agreement between you and your insurance company
Insurable interest To make a claim, you must benefit by its existence and suffer financially from its loss.
Utmost good faith Answer every question truthfully with reliable information.
Indemnity You must not profit from the insurance
Subrogation Once an insurance company paid compensation, ownership passes to the insurance company.
Contribution When the same risk is insured with more than one insurer, cost will divide between them.
What is motor insurance? Motor insurance is legally(in ireland) required insurance for vehicles. It protects against theft, accidents and damage.
What is life assurance?
What are the two types of property insurance?
What is salary insurance?
Created by: O15iny
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