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INSURANCE (PRINCIPLES OF INSURANCE: (INSURABLE INTEREST:
benefit from its…
INSURANCE
PRINCIPLES OF INSURANCE:
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UTMOST GOOD FAITH:
all material facts relating to the policy must be disclosed to the insurance company
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SUBROGATION::
once an insurance company has paid compensation for any insured item the right f ownership of that item passes to the insurance company
CONTRIBUTION:
where the same risk is insured with more than one insurer they will divide the cost of the claim between them
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a PREMIUM is the amount charged by an insurer in return for providing insurance cover for a particular risk
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offers financial protection against possible loss and ensures to put the person back in the financial position they were in before the loss
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MAKING A CLAIM: 1=talk to the insurance company
2=complete a claim form(details of how the loss occurred and the amount being claimed
AVERAGE CLAUSE: applies in the case of underinsurance(when the insured person fails to insure their assets for their full replacement value)
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INSURANCE JOBS=
insurance broker=insurer that gives you the best possible deal
-agent
-actuary=calculate the premium
-loss adjuster=access the compensation