📝 One-liners · 66 cards
Insurance Products
What is insurance?
Insurance is a contract where one party agrees to indemnify or make good the financial loss suffered by the other on the happening of a specified event.
What is the technical term for the consideration (payment) received by an insurer under an insurance contract?
Premium
What are the two broad categories of insurance products?
Insurance products are broadly categorized into Life Insurance and General (Non-life) Insurance.
Under which insurance principle must a proposer voluntarily disclose all material facts about the risk, even without being specifically asked?
Principle of utmost good faith (uberrimae fidei)
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