Principles of Insurance
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Provide financial economic protection against losses that may be incurred due to a chance happening occurrence or event. An agreement policy or certificate whereby, for a set amount of money the premium , one party the insurer agrees to pay the other party the insured or his or her beneficiary a set sum the benefit upon occurrence of some event. A social device whereby individuals transfer the financial risk associated with death, illness, injury, or disability to a group of persons, and which involves accumulation of funds by the group from these individuals to meet the uncertainty of financial losses associated with death, illness, injury, or disability. To promise to substitute future financial or economic certainty for uncertainty and to replace the unknown with a sense of security. A contract whereby one undertakes indemnify another against loss, damage, or liability arising from a contingent or unknown event.
Mrs Chan suffers a theft at her house and she submits a claim to her insurers for the stolen items. Following an investigation, Mrs Chan's insurers reduce the.
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Recent Class Questions
Basic Insurance Concepts And Principles Before you learn about specific policy types and their provisions, you will need to understand some basic concepts and terms associated with the insurance industry. This chapter discusses concepts that make it easier for you to learn the rest of the material in this course, so it is important for you to master these ideas before moving on to the next chapter. Identify the definition of insurance CIC 22 ; 2. Recognize the definition of risk; 3. Differentiate between a pure risk and a speculative risk; 4. Identify a definition of peril; 5. Identify a definition of hazard; 6.