insurance terms Flashcards
(21 cards)
the cost of insurance is called
premium
proof that you have insurance
policy
the amount the insurer pays themselves when making a claim
excess
the money your recieve after making a claim on your insurance
compensation
when something is not covered in the insurance policy
exclusion clause
the person who calculated the amount of insurance
acessor
the person who calculates the amount of compensation
actuary
the clause that comes into affect when a person has under insured their item/property
average clause
principal of insurance you must tell the truth
utmos good faith
principal of insurance you cannot make a profit out from insurance
indemnity
principal of insurance you must own the item that you insure; benefit by its existance and suffer by its loss
insurable interest
principle of insurance once compensation has been paid out, property goes to company
subrogation
an extra charge onto your insurance policy
loading
taking out insurance when something is defineitly going to happen eg death
assurance
expert who sells other insurance companies policies to consumers
insurance broker
person who works for a prticular insurance company is called
agent
most expensve form of car insurance
comprehensive
cheapest form of car insurance
third party fire and theft
factors that would bring down a persons car insurance
-no claims made before
-low penalty points
- age
factors that would increase a persons car insurance
-lots of penalty points
-previously made claims
- expensive/powerful car
formula of average clause
damage occured x amount of item insured for/actual value of item
