Insurance is a written
agreement between an
individual and an
insurance company. The
insurance company will
pay money to individual
if they suffer a loss.
A proposal form is an
application form for
insurance.The applicant
must answer the
questions about
themselves and the
item they wish to
insure.
Home Insurance, policies cover a range of
losses such as fires,theft and flooding.
All risks insurance cover the loss or
damage to a person's belongings when
they are outside the house.
Life Assurance
policies pay a sum of money to the policy
holders family in the event of their death
Term Assurance is taken out for a
certain'term'. It pays out a lump
sum of money if the person dies
during agreed period
Car Insurance covers
any damage to cars
Third Party Insurance
only covers damage to the
other drivers car in the
event of an accident.
Personal Insurance cover for the
insured person in the event that they
become sick or suffer an injury
Income Protection Insurance provides a
replacement income if the person is unable
to work due to illness
Principles Of Insurance are Insurable
interest, Idemnity,Utmost Good
Faith,Subrogation and Contribution.
An actuary is the person who
asses risk and calculates the
premium for insurance company