Insurance 0.0 / 5 ? Business StudiesBusiness studies OtherNone Created by: monafrsCreated on: 15-04-23 00:17 342165 Across 1. amount insured divided by current market value X the loss = the compensation the person can get (underinsured (7, 6, 7) 5. The person can not make any profit off the item they’re insuring (9) 6. the person seeking insurance must provide all relevant details and be truthful (6, 4, 5) Down 2. E.g if the insured person’s car is stolen and the insurance company pays the compensation, and later the car is found, it belongs to the insurance company (11) 3. You can’t insure an item in two insurance companies (12) 4. The person must gain from the item’s existence and suffer from its loss (9, 8)
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