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Insurance, Linked to indemnity (can't make a profit). Give all legal…
Insurance
Principles of insurance
Indemnity
Cannot make a profit . Average Clause applies if you under insure. If you over insure an item, you will only receive the value of the damage.
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Contribution
If more than one insurance company insures an item, compensation is split between them based on the percentage of the item insured with the company.
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Types of insurance
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Both
Motor Insurance
Third Party, Fire and Theft
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Risk Management:
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A planned approach to the handling of risks that an individual or business may be exposed to. Must identify risks and then calculate cost to protect from loss.
Insurance: Insurance is a contract whereby a person (the insured) pays a fee (a premium) to an insurance company (the insurer) in return for a promise to compensate the insured in the event of a financial loss occurring.
Linked to indemnity (can't make a profit). Give all legal right to the insurance company to make any further claims against the party at fault. They also now own the damaged item e.g. car
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