Across
- 2. Equitable transfer of the risk of a loss from one person or organization to an insurance company in exchange for a payment
- 7. Amount payable by the party that takes out the insurance cover
- 8. This means businesses and individuals wishing to insure themselves must be in a position to suffer the possible loss which they are insuring against
- 9. This principle prevents businesses or individuals from insuring against the same loss with more than one insurance company and then claim full compensation from each company for the same loss
- 10. This means that both parties in the insurance contract must act with honesty towards one another during the negotiations before an insurance contract is agreed, and in the handling of claims afterwards.
Down
- 1. This principle prevents businesses or individuals claiming ownership of an asset and also receiving insurance compensation for it.
- 3. Insurance company
- 4. The last step in the insurance process once a claim is made
- 5. This means that someone seeking to take out insurance should not be able to profit from a loss incurred
- 6. Party whose risk is covered by the insurance company