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Insurance

Insurance. Premium. Examples of Demographic Factors Considered in Premium calculation Life Insurance - Age Car Insurance – Gender Employee Insurance – Number of dependents How can insurance premiums be reduced? Reduce your risk Choose an excess Waiting Periods. Claims.

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Insurance

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  1. Insurance

  2. Premium • Examples of Demographic Factors Considered in Premium calculation • Life Insurance - Age • Car Insurance – Gender • Employee Insurance – Number of dependents • How can insurance premiums be reduced? • Reduce your risk • Choose an excess • Waiting Periods

  3. Claims • When is a claim rejected? • Premiums are not paid • Another insurance company may have already agreed to pay for the damages • Claim does not fall under covered conditions • E.g. If the accident or damage claim was caused by carelessness or an unavoidable "Act of God", the insurance company has the right to withhold payments.

  4. Pooling of Risks Large number of people To the people who claim because of death, accident or any other incident covered by Insurance Paying Premium

  5. Underwriter • Origin of the term - Lloyds of London • The term is used in a number of industries, for example; • an insurance company, • an investment bank, or • an individual sponsor of an event.

  6. Proposal form – Utmost Good Faith Interim Protection • The duty of utmost good faith implies that a proposer must disclose to the insurer all material facts in regard to the proposed insurance. • This duty applies not only to the material facts which he knows but also extends to material facts which he ought to know. Your Turn! Consider a home buildings policy which provides cover against Fire, Theft and Flood. What features of the building would be relevant to the insurance company and why?

  7. Division of non-life insurance policies Most non-life policies are divided into sections comprising: The recital clause, in which the names of the parties are given. The operative clauses, otherwise termed the insuring clauses, in which the scope of the cover is clearly defined and any exceptions set out. The attestation clause or signature clause, where the insurers alone (by one of their officials)sign the document. The schedule in which, for property insurance, the description of the property is set out; and The condition to which the insurance is subject.

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