Edexcel IGCSE (9-1) Commerce Paper 1 – Definitions| Exam Questions and Answers 100%
Solved| Latest Update Graded A+
contribution an insurance principle that states that the insurer has a right to collect money
from other insurers to meet the cost of the claim and if it has taken more than one policy
subrogation an insurance principle that states once compensation has been paid to a
claimant any property recovered resulting from a loss belongs to the insurer
claimant person who makes a claim
insurable interest a principle of insurance that stops individuals from taking out insurance
cover against a loss incurred by other parties
utmost good faith both parties in an insurance contract should be honest when giving the
other information
forecast to say what is likely to happen in the future based on current information
historical data information from the past
claim form a document that is used to claim compensation when a loss is incurred by the
insured
loss adjuster a person employed to ensure that the value of a claim is fair
actuary a person employed by an insurance company to calculate their insurance risks and
premiums by compiling and analysing statistics
,computer modeling using computer stimulation to produce accurate business forecast
assessor person appointed by a insured to negotiate an insurance claim with an insurer
non-insurable cannot be insured
third party legal term for an individual who does not have a direct connection with the legal
transaction
comprehensive insurance covers accidental damage including fire damage to the insured's
vehicle in addition to the claims made by the third party
marine insurance specialist insurance cover for losses relating to a ship's infrastructure
consequential loss insurance covers the loss of business income when business is unable to
trade for a period of time
employer's liability insurance insurance cover which is required by law to provide
compensation from employees injured at work
public liability insurance insurance cover for the cost of legal action and compensation
claims made against a business by a third party
negligence failure to take proper care
product liability insurance insurance cover the cost of damages resulting from a faulty
product sold by business
, fidelity guarantee a specialist insurance policy designed to compensate employers for the
loss of money or property sustained as a result of fraud etc
bad debt the loss of money when a customer fails to pay for goods
credit insurance insurance cover for the non-payment of goods purchased (bad debts)
proposal form application form for insurance cover
proposer those who want to buy insurance cover
cover note insurance cover for the non-payment of goods purchased (bad debts)
certificate of insurance a document required by law to show that insurance for a specified
risk exists
insurance policy long document which makes clear all the terms and conditions of the
insurance contract between the insured and the insurer
insurance endorsement a change made to an insurance policy
renewal date when insurance covered lapses
exclusion clauses statement that makes it clear that the insured cannot claim for certain
specific events
life assurance where an insurance company pays out money in event of death of the insured
Solved| Latest Update Graded A+
contribution an insurance principle that states that the insurer has a right to collect money
from other insurers to meet the cost of the claim and if it has taken more than one policy
subrogation an insurance principle that states once compensation has been paid to a
claimant any property recovered resulting from a loss belongs to the insurer
claimant person who makes a claim
insurable interest a principle of insurance that stops individuals from taking out insurance
cover against a loss incurred by other parties
utmost good faith both parties in an insurance contract should be honest when giving the
other information
forecast to say what is likely to happen in the future based on current information
historical data information from the past
claim form a document that is used to claim compensation when a loss is incurred by the
insured
loss adjuster a person employed to ensure that the value of a claim is fair
actuary a person employed by an insurance company to calculate their insurance risks and
premiums by compiling and analysing statistics
,computer modeling using computer stimulation to produce accurate business forecast
assessor person appointed by a insured to negotiate an insurance claim with an insurer
non-insurable cannot be insured
third party legal term for an individual who does not have a direct connection with the legal
transaction
comprehensive insurance covers accidental damage including fire damage to the insured's
vehicle in addition to the claims made by the third party
marine insurance specialist insurance cover for losses relating to a ship's infrastructure
consequential loss insurance covers the loss of business income when business is unable to
trade for a period of time
employer's liability insurance insurance cover which is required by law to provide
compensation from employees injured at work
public liability insurance insurance cover for the cost of legal action and compensation
claims made against a business by a third party
negligence failure to take proper care
product liability insurance insurance cover the cost of damages resulting from a faulty
product sold by business
, fidelity guarantee a specialist insurance policy designed to compensate employers for the
loss of money or property sustained as a result of fraud etc
bad debt the loss of money when a customer fails to pay for goods
credit insurance insurance cover for the non-payment of goods purchased (bad debts)
proposal form application form for insurance cover
proposer those who want to buy insurance cover
cover note insurance cover for the non-payment of goods purchased (bad debts)
certificate of insurance a document required by law to show that insurance for a specified
risk exists
insurance policy long document which makes clear all the terms and conditions of the
insurance contract between the insured and the insurer
insurance endorsement a change made to an insurance policy
renewal date when insurance covered lapses
exclusion clauses statement that makes it clear that the insured cannot claim for certain
specific events
life assurance where an insurance company pays out money in event of death of the insured
