Key Term Flashcards
1
Q
Under insurance
A
means that the insured item has not been insured for its full replacement value. a result, the amount of compensation paid will not be enough to cover the loss.
2
Q
Exclusions
A
Specific items or risks that are not insured
3
Q
Insurance broker
A
Helps households shop around for the best needs and their budget
4
Q
Agent
A
On,y works for one company
5
Q
Life assurance
A
Policy pays out when the insured person dies
6
Q
Write off
A
When cost of repairing damaged item is greater than replacement value
