Insurance

Insurance

1. to protect you against something that might happen.

   • assurance
     • protection against something that will happen.

2. Principles

   • insurable intrest
     • This means you must benefit from the items insured ,and suffer finaically from its loss
   • Indemnity
     • you are not to make a profit out of insurance compensation
       • Contribution
         • This happens when a item is insured with to insurance companies,you cannot make a profit so the companies agree to pay half each
     • subrogation
       • when you are fully compensated for an item the item no longer belongs to you, it belongs to the insurance company
   • utmost good faith
     • you must always tell the truth and disclose all materials facts that might affect your insurance when filling out your proposal form

3. people

   • actuary
     • the person who calculates the premium
   • assessor
     • the person who works out much compensation should be paid.

4. types

   • life
   • personal
   • house
     • house
       • house and contents
   • motor
     • 3rd party
       • 3rd party(fire and theft)
         • fully comperhensive

5. adequate insurance

   • insurance should cover all risks and so be fro the actual value

6. buying insurance

   • insurance broker
     • a agent who sells insurance on behalf of multiple companies
   • insurance agent
     • an agent hired by a insurance company to sell insurance n behalf of them
   • insurance company
     • you can buy insurance directly from the insurance company

7. policy

   • the written contract of insurance it shows what is insured, against what risks and for how much
     • exclusion clauses
       • hjings that an insurance company will not compensate you for eg, life assurance, your life is assured but if you do a dangerous sport like parachuting and you get injured the insurance ompany will not compensate you because it is a dangerous sport

8. compensation

   • money that we get from the insurance company when we make a clam on our insurance

9. forms

   • proposal form
     • application form for insurance
   • claims form
     • when you make a claim, you must fill out a form

10. no claims insurance

11. the higher the risk the higher the premium