Basic Concepts
What is property insurance?
A type of insurance that covers property in different forms.
Give one example of an insured risk.
Fire.
What is the sum insured?
The amount of money the property is insured for.
Who is an adjuster?
A person who checks damage and decides how much money the insurance company should pay
When is compensation NOT paid?
If damage was intentional.
What can be insured?
Buildings, equipment, goods, transport, household property, etc.
Name natural disaster risks.
Earthquake, flood, storm, hail, lightning.
When is insurance considered full?
When sum insured = actual value.
What does an adjuster check?
Event validity, damage, causes, involvement.
What must the insured do?
Pay premium and report incidents.
What cannot be insured?
Documents, banknotes, plants, precious metals and stones.
Give an example of a technical accident.
Water pipe break or heating system failure.
What is insurance indemnity?
Payment made to compensate damage.
What must be confirmed before payment is made?
That an insured event actually happened.
What is the 24-hour rule?
Inform insurer within 24 hours.
What is an insured event?
An event specified in the contract that causes damage (fire, flood, etc.).
What is third-party damage?
Damage caused by another person.
What happens if sum insured is less than real value?
Compensation is paid proportionally.
What factors does an adjuster analyze?
Cause of damage, size of loss, and circumstances.
What is proportional liability?
Partial insurance → partial compensation.
Who can be the insured?
Owners or any individuals/entities responsible for property safety.
Name three insured risks.
Fire, theft, storm.
What does compensation depend on?
Damage amount and contract terms.
How is damage determined?
Based on actual value at time of event.
When can insurer refuse payment?
If obligations are not fulfilled.