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6 Cards in this Set
- Front
- Back
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Range of insurance cover for:
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Theft and Fraud,
Damage to property, Fire and flood, Marine, aviation and motor transit, Public liability, Product liabilty, Employer's liabiiity |
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Benefits of insurance:
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Reduces financial impact of risk event,
Aids recovery, May satisfy customers, suppliers and other key stakeholders, May be required by the contract of purchase or sale, May be required by law |
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Key Legal principes of insurance:
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Contract,
Indemnity, Insurable interest, Proximate Clause, Mtitgation, Subrogation, Utmost good faith |
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Underwriting process
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A procss by which one party agrees to accept some of the risk of another party, in exchange for a premium
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Underwriting involves the following procedures:
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Evaluating the risk exposure of the potential client,
Deciding whether to accept the risk and how much coverage the client will receive, Determining a premium, Protecting the insurance company's portfolio of risk, |
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Types of insurance
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Casualty insurance,
Property or indemnity insurance, Liability insurance including: Public liability, Employer's liability' Professional indemnity and product liability, Credit insurance and, Business interruption insurance |
