An insurance contract is a document representing the agreement between an insurance company and the insured. Central to any insurance contract is the insuring agreement, which specifies the risks that are covered, the limits of the policy, and the term of the policy.
(i) It gives a sense of security and safety to the businessman, hence, enables him to receive compensation against actual loss.
(ii) An insured trader can enjoy a normal margin of profit all the time because he is protected from unexpected losses due to insurance.
(iii) Businessmen can concentrate on their business activities without spending more time on safeguarding their property.
(i) The Insurer: This is the party who assumes or accepts the risk of loss and undertakes for a consideration to indemnify the insured or to pay him a certain sum on the happening of a specified contingency or event. The business of insurance may be carried on by individuals just as much as by corporations and associations. The state itself may go into the insurance business.
(ii) The insured, or the second party to the contract: This is the person in whose favour, the contract is operative and who is indemnified against, or is to receive a certain sum upon the happening of a specified contingency or event. He is the person whose loss is the occasion for the payment of the insurance proceeds by the insurer.
Special Peril is property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as "all risks" coverage
(iv) Bush Fire
(v) Volcanic Eruption
(i) Fire: Damage caused to the insured property/goods due to fire is covered under a fire insurance policy.
(ii) Explosion: This policy protects against the loss caused due to explosion and implosion. A vessel can explode when its inside pressure reaches to or is more than the atmospheric pressure outside.
(iii) Aircraft Damage: It covers the loss or damage caused by Aircraft, other aerial or space devices.
(i) Property insurance
(ii) Liability insurance
(iii) Health insurance
(i) It is used in order to analyse the risk exposure of a person, asset or a company
(ii) It is used as a basis to ascertain the insurability of an individual.
(iii) Verification of details entered in the proposal form are necessary to enjoy benefits of policy
(i) Context: A context explains the nature of the organization andits overall strategic direction.
(ii) Purpose: It explains the objectives of the policy.
Paid-up Policy: This is a life insurance policy in which if all the premium payments are complete and the insured is free of all payment obligations, the policy stays intact until insured's death or termination of the policy is called paid-up policy.
No claim discount: No claims discount (NCD) or no claims bonus (NCB) This is a discount that a policyholder has accumulated over time can help lower the cost of car insurance. The amount saved is proportionate to the consecutive number of years that a person has held a policy in their name without making a claim.
Renewal notice: This is an official document that tells you that an agreement will soon end when you opt to continue an insurance policy, which tells one that an arrangement needs to be made if you want to continue it for an extra period of time.
Long term agreement: Long-Term Agreement means an agreement or contract having a term of more than five years but less than 50 years.
Risk transfer: Risk transfer is a risk management and control strategy that involves the contractual shifting of a pure risk from one party to another. One example is the purchase of an insurance policy, by which a specified risk of loss is passed from the policyholder to the insurer.
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