Insurance

1. A financial payment made to an insured person if they suffer an insured loss.
7. Sells Policies on behalf of only one insurance company.
9. The insured person should not profit from insurance
10. specific items or risks that are not insured.
11. The cost of repairing the damaged item is greater than the items replacement value.

2. Once an insurance company has paid compensation for any insured item, the right of ownership of that item passes to the insurance company
3. Where the same risk is insured with more than one insurer
4. The amount the insured person must pay for any loss or damage to the insured item.
5. An extra amount added to the basic premium to cover increased risk
6. The amount paid by the insured person to an insurer in return for providing insurance cover for a particular risk.
8. How likely a person is to make a claim and how costly any claim is likely to be.