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insurance (insurance terms (the first party (is the person who takes out…

- - - - material factis anything this is likely to alter the decision to grant insurance or to affect the level of premium charged
  - - - an insurancewrite off means that the cost of replacing the damaged item is grater then the item's replacement value
- - - - 1) term policy
        
        this is for a fixed time period and usually covers the duration of a loan or mortgage, so that if the insured person dies during the term of the loan or mortgage, any outstanding amount is paid off.
      - 2) whole-life policy
        
        this pays compensation on the death of the insured person
      - 3) endowment policy
        
        this pays a guaranteed amount on a specified date or if it occurs sooner, on the death of the insured person
  - - - 1) third party
        
        injury to another person or damage to another personas car or property caused by the insured driver. it does not cover the policyholder or their vehicle
      - 2) third party, fire and theft
        
        as for third party, plus the insured person for their car catching on fire or being stolen
    - - all parties and vehicles that suffers loss in an incident, including the insured person and their car