What principle seeks to share the burden of the loss fairly among all insurers who cover the loss
contribution
1 of 10
What is the proportion called which is the share of any claim that an insurer pays when two or more insurers cover the same risk.
rateable
2 of 10
What method of assessing contribution is used for property policies which are not subject to average and which have identical subject-matter
sumsinsured
3 of 10
What type of clause may be included in a policy which would mean the policy would not contribute if there was another insurance policy in force this is not favoured by courts
noncontribution
4 of 10
What is the right of an insurer, following payment of a claim, to take over the insured's rights to recover payment from a third party responsible for the loss.
subrogation
5 of 10
Under what principle are insurers not entitled to recover more than they have paid out
indemnity
6 of 10
How many days of the event do most insurers require that claims for riot, civil commotion and malicious damage be notfied within
seven
7 of 10
What is the term for the residual value left in something that has been insured that is beyond economic repair
salvage
8 of 10
What type of fellow employees have insurers generally agreed not to pursue recovery rights against
negligent
9 of 10
What type of polices is there no right of recovery if a person negligently causes an accident in which the insured is injured
benefit
10 of 10
Other cards in this set
Card 2
Front
What is the proportion called which is the share of any claim that an insurer pays when two or more insurers cover the same risk.
Back
rateable
Card 3
Front
What method of assessing contribution is used for property policies which are not subject to average and which have identical subject-matter
Back
Card 4
Front
What type of clause may be included in a policy which would mean the policy would not contribute if there was another insurance policy in force this is not favoured by courts
Back
Card 5
Front
What is the right of an insurer, following payment of a claim, to take over the insured's rights to recover payment from a third party responsible for the loss.
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