Risk
Insurance Policy
Travel Insurance
Basic Principles of
Insurance
Claims Condition
100

-Avoidance 

-Retention

-Sharing

-Reduction

-Transfer

What are the five steps of Methods to Manage Risk?

100

Shows the full name and address of the insurance company underwriting the Property insurance policy

What is Heading

100

Covers capital sums for death, loss of eyes or limbs or permanent total disability, temporary total disability or tempory partial disability


What are Personal Accident benefits

100

The intention of the parties to the contract is that the insured, on the happening of an event insured against, would be placed by the insurer in the same financial position that he occupied immediately before the event, subject to any limitation, which may have been agreed and written into the contract

What is Indemnity?

100

operates in the event of underinsurance the insurers will only be liable to pay a proportion of his loss, which is in keeping with the underinsurance involved.

What is the Average Clause?

200

The type of exposure that has two possible outcomes; loss or no loss.

What is Pure Risk?

200

covers the following points - that a premium has or will be paid and that the proposal form is the basis of the contract, and that the Insurers will give cover as stated.

 

What is the Preamble

200

covers expenses reasonably incurred for additional hotel and travel expenses, including those of any relative or friend necessarily required on medical advice to remain with or to accompany the insured.

What are Medical and associated Expenses?

200

The insured must stand in some relation to the subject matter, recognised by law, by reason of which he will benefit by its continued safety or be prejudiced by its loss

What is insurable interest?

200

makes allowance for disputes between the customer and insurer as it relates to the amount payable for a claim or matters relating to liability

What is Arbitration?

300

The possibility of loss or condition of being unprotected.

What is Exposure?

300

details the types of events/perils that the property insurance policy provides covers against

What is the Operative Clause

300

provides for reimbursement of irrecoverable deposits and payments made

What is cancellation or curtailment

300

It is an implied condition in all contracts of insurance that both the proposer and the insurer shall make full and complete disclosure of all material facts relating to the risk to be insured

What is utmost Good Faith?

300

Individuals used by  the claims representative    such as a loss adjuster, solicitors, surveyors, etc. to arrive at an amicable settlement

What are Third Party Service Providers

400

The type of exposure that includes the loss and no loss outcomes of pure risk, but adds a third possible outcome, that may financially gain.

What is Speculative Risk?

400

the instrument evidencing a contract.  It states the exact terms and provisions of that contract, in other words, the agreement made between the insured and the insurer

What is a Policy?

400

This section of the travel insurance insures the customer against:

Legal liability to third parties for damages or claimants' costs and expenses in respect of:

accidental bodily injury to, or disease contracted by any person;

accidental loss of, or damage to, material property

What is Personal Liability

400

It is the right of the insurer who has granted an indemnity to receive, after payment of a loss, the advantage of every right of the insured in contract or in tort, which may diminish the insured’s loss

What is subrogation

400

These refer to duties written in the contract.  They are usually found as the conditions in the policy document

What are express duties?

500

Is to be read in conjunction with the policy

What is a schedule

500

It is a promise by the insured which form a part of the contract that they will or will not do something, or that a specific state of affairs will continue to exist for the duration of the policy

What is a Warranty?

500

covers a daily benefit while the insured is confined to the hospital. This is provided in addition to any payment under the medical and associated expenses section for the cost of treatment

What is hospital cash benefit?

500

is concerned solely with the apportionment of liability between insurers in the event of double insurance, whereby each will pay their rateable proportion of a claim.

What is contribution

500

These are unwritten duties that are imposed by law

What are implied duties?