Main Insurence Concepts
What are two main branches of insurance?
Life insurance and General insurance
insurance that covers car accidents, indemnifying the victims of it
Motor civil liability insurance/ Motor insurance
what is liability insurance?
insurance that pays for damage to third parties
Minimum percentage for RIUL in general insurance
10%
Natural disaster causing ground shaking
An earthquake
Insurance that covers risks except death
General Insurance
Insurance where compensation is sought to be provided to any liability occuring on account of a ship crashing or colliding, and any other induced attacks.
Marine insurance
insurance that helps pay loans if you cannot
Credit insurance
What are Insurance reserves?
Funds formed by the insurer from insurance premiums paid by the insured both in soums and in foreign currency and accounted for assets on the balance sheet of the insurer, necessary to fulfill financial obligations for insurance payments, for the costs of setting losses and financing preventive measures
The economic term for a general rise in prices
Inflation
Insurance where money is paid to heirs after death
Life insurance
Liability insurance that insures aircraft owners for damage that their aircraft does to people and their property in an event where a drone malfunctions in mid-flight and crashes into someone's house, car, farm crops, airport facilities, or other aircraft.
Aviation Insurance
insurance of engines, wagons, and passenger carriages, covering damage caused by a train accident, collision or derailment, fire or explosion on a railway vehicle and etc.
Railway Hull insurance
What is RRL?
Reserve for reported but unpaid claims
The scientist who developed the theory of relativity
Albert Einstein
How many classes are there in each branch of insurance?
General insurance-18 classes; Life insurance-7 classes
insurance that covers common risks associated with the transport of goods like damage, delay, loss or theft
Cargo insurance
Guarantee insurance
Ensures the payment of insurance coverage when the insured suffers damage as a result of the obligation of the insured to fulfill the guarantee given to him
What can we find by the following formula: Bp*(P-M)/P
Unearned premiun
Which organ pumps blood throughout the human body?
Heart
Count the components of Life insurance
Death insurance, Survival insurance, Personal insurance
the total number of types of insurance that ensure payment of insurance coverage when the insured suffers losses as a result of costs incurred in connection with court proceedings.
Legal protection insurance
Define 9th class of general insurance
Insurance of property against loss, theft, and damage by third parties
What is UPR
Part of the accrued insurance premium under an insurance (reinsurance) agreement relating to the period of validity of the agreement that goes beyond the reporting period/ Part of premium for future periods
The organization that regulates International trade rules globally
World Trade Organization (WTO