first part of each and every loss that is the responsibility of the customer.
excess/deductible
a feature of a risk that presents a poorer or better hazard
discrimination factor
the existence of a number of risks with similar profiles or characteristics, E.g. in terms of frequency and severity patterns.
Homogenous risk
Main or dominant cause of the loss or the cause that is most powerful in its effect.
proximate cause
what is a factor that will extend the principle of indemnity.
New for old
when large multinational companies insure themselves
captive insurance company
terms that are assumed to be part of an insurance policy even though they may not have been written into the policy.
implied conditions
a desire on the part of an individual or company to minimise the risks to which they are exposed either through risk management or insurance.
risk-adverse
a risk where there is a possibility of a loss, break-even or a gain E.g. playing the lotto, gambling etc.
speculative risk
definition of fortuitous
accidental and unexpected
the right of an insurer, following payment of a claim, to take over the rights of the insured to recover payment from a third party responsible for the loss.
Subrogation
event or occurrence that gives rise to a loss or liability
Peril
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