Insurance Terminology Flashcards
1
Q
Material fact
A
A fact an insurer would regard as likely to influence the assessment and the acceptance of a risk
2
Q
Peril
A
Is something that gives rise to a loss
3
Q
Hazard
A
Is something that influences a peril
4
Q
Contract certainty
A
Is the complete and timely issuance of an insurance contract
5
Q
Reinsurance
A
Is the risk mechanism for insurers who wish to protect themselves for lots of similar or one large loss
6
Q
Excess
A
A set of contribution paid towards a claim made under an insurance policy
7
Q
Insurance vs assurance
A
Insurance with when we protect ourselves from something that might happen
Assurance is protecting yourself from something that definitely with happen
