Study

Insurance

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  • This means that you can only insure against a risk that directly affects you.
    Insurable interest
  • The legal duty of all parties entering a contract to act honestly and not mislead or withhold critical information from one another.
    Utmost good faith
  • Money paid to the government that is based on your income or the cost of goods or services you have bought.
    Tax
  • An asset or item acquired with the goal of generating income.
    Investment
  • All the people employed by a particular organization.
    Staff
  • Items of ownership convertible into cash; the items detailed on a balance sheet, especially in relation to liabilities and capital.
    Assets
  • The amount of money an individual or business pays for an insurance policy.
    Premium
  • Insurance compensation for damages or loss.
    Indemnity
  • The substitution of one person or group by another in respect of a debt or insurance claim, accompanied by the transfer of any associated rights and duties.
    Subrogation
  • A regular income paid by a government or a financial organization to someone who no longer works, usually because of their age or health.
    Pension