Insurance

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.

An actuary is employed by the insurance company to decide on the premium that should be charged.

To insure something, you must benefit from its existence and suffer (financially) from its loss.

Once an insurance company has paid compensation for any insured item, the right of ownership of that item passes to the insurance company.

Health insurance, Life Insurance, House Insurance

If you insure an asset with a number of insurance companies, you will not receive compensation from each.

When applying for insurance the applicant must disclose all material facts.

An agent sells policies on behalf of only one insurance company.

Protection against something that might happen

A broker helps households and individuals to get the insurance that best fits their needs and their budget.

The money paid for insurance - to cover the risk

Protection against financial loss caused by something that might happen.

Payment made to an insured person who has suffered a loss.

You cannot make a profit from an insurance claim