Insurance

• What is insurable interest?

  The owner of the item must own the item insured, benefit from its existance and suffer from its loss
• What is utmost good faith?

  The insured must be truthful about all material facts. In case this is broken, the insurance is void
• What is indemnity?

  The insured cannot make a profit from the insurance
• What is underinsurance?

  The insured does not have adequate insurance cover. i.e. they have insured the item for less than its actual value
• What is overinsurance?

  Insuring an item for more than its worth
• What is contribution?

  If one item is insured by two or more companies, they must share the compensation contribution.
• What is sobrogation?

  Once an insurance settlement is accepted by the insured, the right to sue the responsible is with the insurance company along with the ownership of the damaged asset
• Who is the actuary?a person emplou
• Who is the assessor?

  Investigates the claim on behalf of the insurance company, inspecting damage and determining the compensation
• Who is the actuary?

  a person employed by the insurance company to calculate premiums based on the information provided by the customer and risks
• Public liability?

  protects the business against claims by members of the public relating to injuries on the premises of the business eg. slipping or resulting from the actions of the business
• Product liability?

  Protects the business against claims relating to products sold