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10 Cards in this Set
- Front
- Back
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INSURANCE |
is a way of sharing the losses of a few people among the many |
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CONSIDERATION |
is a requirement of all contract in the common law provinces. It is what one party gives or promises to give in exchange for the act or promise of the other party to the contract |
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INDEMNITY |
is a principle of insurance by which insureds, up to the limit of the policy, are fully compensated for the actual cash value of what they have lost, so that they neither gain nor lose as a result of the loss |
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ACTUAL CASH VALUE |
is the current cost of replacing an article with a similar one in the same condition |
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FORTUITOUS EVENT |
an accidental event that must not occur as a result of or through means involving the will, co-operation, design or intent of the person whose future need is to be met. |
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RISK |
chance of loss |
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SPECULATIVE RISK |
exists where there is neither a chance of loss or a chance of profit |
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PURE RISK |
is a chance of loss but no chance of profit |
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INSURABLE RISK |
insurance is only concerned with PURE RISK. * Is there a chance of loss? * Is there a chance of profit? |
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PERIL |
is an event which may cause a loss to occur |
