Insurance

Question 1

Contribution

Answer 1

If you insure an item with more than 1 insurance company you spit compensation

Question 2

Subgrogation

Answer 2

Once you have received compensation the item belongs to the insurance company and they can carry on any claims in your name

Question 3

Insurable interest

Answer 3

You can only insure something that has value to you EG you own

Question 4

Upmost good faith

Answer 4

You must reveal all information on proposal form

Question 5

Average clause

Answer 5

• Is used in the case of under insurance

- You get the same percentage of compensation as the the same percentage you insured it for

Question 6

Loading

Answer 6

An extra charge added on to insurance to cover a higher risk

Question 7

Insurance premium

Answer 7

Money you pay for insurance

Question 8

Insurances used by business

Answer 8

Fidelity guaranteed insurance 
Public liability insurance 
Product liability insurance 
Employer liability 
Motor insurance

Question 9

Fidelity guarantee insurance

Answer 9

Protects against losses from employees EG theft

Question 10

Public liability insurance

Answer 10

Protect business if member of the public gets injured

Question 11

Product liability insurance

Answer 11

If product injures people

Question 12

Employer liability insurance

Answer 12

If employees get injured

Question 13

Motor insurance

Answer 13

Third party’s fire and theft (covers other person in accident)
Comprehensive (fully covered)

Question 14

Indemnity

Answer 14

You cannot profit from insurance