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Insurance (Key Terms (Premium (Price paid for insurance based on ... (The…

- - - - The degree of risk involved
      - The potential sum of money involved
      - Administration costs
  - - - calculated by dividing the sum insured by the true value multiplying by the loss
- - - - the insured pays a sum of money at regular intervals, when they die a lump sum is given to the next of kin
    - - Lump sum of money is paid if a person dies on an agreed date
    - - Taken out for an agreed period of time, once that time is up the insured is given a lump sum. If the insured dies before that time period their next of kin is given the lump sum
  - - - Compulsory for all drivers to have