unit 2 defenitions Flashcards
(28 cards)
insured
the business or individual seeking insurance
insurer
the organisations providing insurance
insurance premiums
payment for insurance cover
indemnity
protection against a possible loss or financial burden
contribution
if the insurer has taken insurance claims from more than one company, this principle states that companies can collect money from each other to pay off claims
subrogation
an insurance principle where if a good, which has had compensation paid to it before, was recovered it belongs to the insurer until compensation is paid off
insurable interest
an insurance policy which states that a party cant make a claim based on another party’s loss
utmost good faith
an insurance principle which states that both parties need to be honest and clear with each other when passing information
loss adjuster
person employed by the insurer to ensure that the value of a claim is fair
actuary
person employed by insurer to analyze insurance risks and calculate total loss value
assessor
person who works for the claimant who analyzes insurance risks and calculates true loss value
third party
a legal term for someone who doesn’t have a direct connection with the transaction (karen much??), but who may be affected by it
comprehensive insurance
motor insurance covering third part claims, injuries to the owner, fire and theft loss
employers liability insurance
cover which is required by law to provide compensation to an employee injured at work
public liability insurance
insurance cover which helps against third party claims
product liability insurance
insurance cover for the cost of damages caused by a faulty good
fidelity garuntee insurance
an insurance cover which provides compensation against business loss caused by acts of fraud, theft or dishonesty by an employee
cover note
a document which provides temporary insurance cover while cert of insurance is being made
cert of insurance
document required by law stating that the insurance for a specified risk exists
warranty
a written document which company promises to repair/replace goods under a specific period of time
protectionism
approach used by gov to protect domestic producers
dumping
when a foreign firm sells a large quantity of goods below cost in domestic market
infant industries
industries that aren’t yet established
trade war
where 2 or more countries try to damage each other’s international trade by imposing trade barriers between them
