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Flashcards in Insurance Deck (6)
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1
Q

Types of assurance

A
Life assurance 
Term assurance 
Endowment 
Retirement annuity 
Disability cover 
Trauma cover / dread disease  
Funeral cover
2
Q

Non-compulsory insurance ( insurable risks )

A
Fire 
Vehicle (3)
All weather, damage, theft 
Fidelity 
Insurance of money in transit 
Liability insurance 
Crop insurance 
Group life cover 
Loss of income insurance
3
Q

Non-insurance risks

A

Normal operations ( inflationary , trends , losses from bad debts )

War, nuclear , radiation

Illegal activities

4
Q

Compulsory insurance *

A

Unemployment insurance ( UIF )

Compensation for occupational injuries & disease Act ( COIDA )

Road Accident Fund ( RAF)

5
Q

Requirements for valid insurance contract *

A
Insurable interest 
Good faith/ absolute honesty 
Contractual capacity 
Additional:
- intention to bind 
- executable 
- obligation 
- legally binding ( legal , sueable ) 
- communication of intent
6
Q

Concepts relating to insurance

A
  • Risk,peril,hazard
  • indemnification
  • security
  • the average clause ( over/under )
  • excess
  • proximate clause ( extensions )
  • subrogation
  • cession or assignment