Insurance Flashcards
Insurance
Form of risk management primarily used to hedge against the risk of a contingent, uncertain loss
List the Principles of Insurance
Insurable Interest
Utmost good faith
Contribution
Subrogation
List the four main types of Marine Insurance
Hull insurance
Cargo
Ship owners
Freight
List the two main types of Motor Insurance
Comprehensive insurance
Third party risks
What is the role of Insurance in trade
Provides a source of capital for business investors
Hull Insurance
Covers damage to the ship as well as any other vessel
Cargo
Compensates the owner of the cargo if there is damage
Ship Owners Lability
Covers loss or damage to third parties; crew, passengers and port facilities
Freight
Provides coverage to the ship owners in the event the cost of delivering the cargo is not paid
Comprehensive Insurance
This covers the owner, the vehicle and any third party
Define third party risks
Minimum by law, damages to third parties
Aviation Insurance
This covers the plane against damage by accident and the operators against injury claimd or death of passengers or crew
Property Accident Insurance
This provides coverage of risks related to property such as, accidental damage to machinery and vehicles.
Personal Accident Insurance
Coverage and compensation are provided for loss suffered due to total or partial disability caused by accidents
Fidelity Guarantee
Insurance that provides coverage to employers for financial losses sustained as a result of theft and dishonestt by employees
