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INSURANCE (RULES OF INSURANCE (insurable interest- you can only insure…
INSURANCE
- a written promise by the insurance company to pay money to a person that has suffered a loss
STEPS INVOLVED IN TAKING OUT INSURANCE 1) calculate value of item that needs o be insured
2)contact an insurance company or broker
3)complete proposal form
4)pay premium in full
5)after a few weeks you will receive certificate of insurance
TYPES OF INSURANCE
life assurance- insurance that pays your family a sum of money after you die to help pay bills (surrender value is when you cash the value of your life assurance before you die)
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personal insurance
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prsi , personal accidents,salary protection insurance
RULES OF INSURANCE
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utmost good faith- you cannot lie while applying for insurance. Must be 100% truthfull when filling in proposal form
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contribution- if you have ie a car insured with two companys they will pay half the cost each and therefore you wont make a profit
subrogation- if your car is stolen and you receive money for it then your car is found, the insurance company owns the car unless you give back the money you received for it
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