Understanding Insurance Terms: Business Bingo and Definitions

Dive into the world of insurance with a fun Business Bingo game featuring key terms like Policy, Insurer, Premium, and more. Explore definitions such as insurable interest, indemnity, and the role of an actuary in calculating premiums. Learn about different aspects of insurance contracts and the importance of utmost good faith when filling out proposal forms. Discover the roles of agents, brokers, assessors, and insurers in the insurance industry.

• Insurance terms
• Business Bingo
• Definitions
• Policy
• Premium

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Uploaded on Sep 17, 2024 | 0 Views

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1. BUSINESS BINGO Insurance By: debshoganteaching

2. Draw a Table with 9 Cells Pick 9 terms from the Table Below The 1stone to cross off all nine terms WINS!! Policy Insurable interest Agent Insurer Claim form Indemnity Risk Actuary Proposal form Assessor Subrogation Premium Contribution Utmost good faith Excess clause Life Assurance Insurance Broker Under Insurance Insured Comprehensive Term life assurance Whole life assurance Endowment Assurance

3. DEFINITIONS The contract for insurance You must benefit from an items existence and suffer by its loss Calculates the amount of compensation due if you have a claim The application form to be filled out before you get insurance Works for one insurance company only Works for him/herself and shops around many companies to get the best deal You cannot make a profit out of insurance

4. The person who calculates the amount of the premium This rule states that after compensation has been paid, any property still remaining becomes the property of the insurance company The insurance company You need to fill out this if you have an accident or loss

5. The amount of the premium is based on this You must tell the truth when filling out a proposal form If your house is insured with two companies and you make a claim, you will only receive a portion from each The fee for insurance Protection against possible loss The person who pays for insurance

6. ANSWERS Policy Insurable interest Assessor Proposal form Agent Broker Indemnity Actuary Subrogation Insurer

7. Claim form Risk Utmost good faith Contribution Premium Insurance Insured