Definitions

5. The principle of contribution applies where a risk is insured on more than one insurance policy, and the two insurers concerned share the cost of a claim
6. A person who assesses the risk of an insurance proposal and works out the premium and terms for the insurance
10. A person or organisation applying for insurance
11. The person whose risks are covered or in whose favour an insurance policy is issued
12. Latin phrase meaning from the beginning

1. A section of an insurance policy or other legal document
2. This is part of a contract that specifies that something must be done – and often when, where or how it must be done too
3. An inspection of a premises/risk by a trained surveyor
4. Where two or more parties share an insurance risk between them
7. In an insurance policy, this is a strict and tightly defined condition agreed by the policyholder
8. Money paid by an insurance company to a broker, intermediary or agent for selling the insurer's insurance policies
9. The first part of a claim payment that is deducted from a claim by the insurer. The effect of this is that the policyholder pays the first part of the claim themselves