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Unit 4 Topic 3- Insurance, Formulas - Coggle Diagram
Unit 4 Topic 3-
Insurance
Risk Management
Planned approach to minimise risk
Install/Tighten Security
Health+Safety Officer
Health+Safety Training
Insurance Cover
Principles
1.Utmost Good Faith
2.Insurable Interest
3.Indemnity
4.Subrogation
5.Contribution
Sub principle of indemnity
If insured with more than one company, they split the compensation
Once you receive compensation that is all you can get
Insurance company now owns the item
No point over/under insuring an asset
Avg. Clause applies to under insured
Must benefit from items existence
Disclose all Material facts
Types of Business Insurance
Public Liability
Employers Liability
Product Liability
Fidelity Guarantee
Plate Glass Insurance
Motor Insurance
Consequential Loss
Cash in Transit
1 more item...
Key Terms
Proposal Form
Claim Form
Policy
Renewal Notice
Cover Note
Insured
Insurer
Premium
1 more item...
Formulas
Avg Clause
Contribution
Premiums