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Score
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10
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What is meant by contribution?
If you insure an asset with a number of insurance companies, you will not receive compensation from each.
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5
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What is meant by compensation?
Payment made to an insured person who has suffered a loss.
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10
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What is meant by risk managment?
Risk management is the process to identify, reduce the risk and then insure the remaining risk.
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seesaw
Swap points!
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fairy
Take points!
5
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15
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25
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fairy
Take points!
5
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20
25
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baam
Lose 5 points!
Oops!
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baam
Lose 20 points!
Oops!
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gold
Win 50 points!
Okay!
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gift
Win 25 points!
Okay!
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baam
Lose 15 points!
Oops!
20
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Three types of insurance a family might buy
Health insurance, Life Insurance, House Insurance
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10
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Definition of insurance
Protection against financial loss caused by something that might happen.
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10
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What is the equation for Average Clause?
Insured amount ÷ Actual value x Damage
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15
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What does upmost good faith mean?
When applying for insurance the applicant must disclose all material facts.
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10
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What is meant by indemnity?
You cannot make a profit from an insurance claim
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trap
No points!
Oops!
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gold
Win 50 points!
Okay!
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shark
Other team loses 25 points!
Okay!
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lifesaver
Give 20 points!
Oops!
10
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What is meant by Average Claues?
This states that if something is insured for only a portion its value, the insurer is only liable for the same portion of the loss.
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trap
No points!
Oops!
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gold
Win 50 points!
Okay!
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fairy
Take points!
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25
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thief
Give points!
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10
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What is meant by premium?
The money paid for insurance - to cover the risk
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