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Introduction to subject

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Insurance is an integral part of practically any business transaction: home or foreign trade, transportation, shipping, etc.

Insurance is provided as a kind of security to cover almost any kind of occurrence which may result in loss.

Its purpose is to make compensation available for those who suffer from loss or damage, in other words to restore to their original position a person who suffers loss.

Companies and individuals protect themselves against loss, damage, or injury by taking out insurance policies, which are contracts against possi­ble future risks.

A contract of insurance is taken out between two parties:

1. The insurer is the party who agrees to accept the risk.

2. The insured is the party who seeks protection from the risk. The usual process of insuring a business or oneself is as follows: a proposal form is completed by the firm or person who wants insurance cover. The proposal form contains questions which must be answered truthfully. The form tells the insurance company what is to be insured, how much the policy is worth, how long it is to run, and under what conditions insurance is to be effected, as the policy may not automatically cover the insured against all risks. Underwriters, who will pay compensation in the case of a claim, then work out the premium, i.e. the price of insurance. The premium is usually quoted (in the UK) in pence per cent, i.e. pence per hundred pounds, per annum. (This means that for every £ 100.00 of insurance you will have to pay X pence).

If the insurers are satisfied with the information given on the proposal form, they will issue a cover note. This is not the policy itself, but an agreement that the goods are covered until the policy is ready. Once the policy is sent it will tell the client that he is indemnified against loss, damage or injury under the conditions of the policy. Indemnification means that the insurance company will compensate the client to restore him to his original position before the loss or damage. Therefore, if you in­sured your car for £ 4,000.00 and three months later it was damaged, you would not receive £ 4,000.00 for the car, but its market price, which might have depreciated by 20% to £ 3,200.00. The insurance company will also have the right of subrogation, which means they can now claim the wrecked vehicle and sell it for any price they can get. The insurance company will not pay compensation if the claimant was negligent, or suffered the injury or loss outside the terms of the pol­icy or misled the insurers when obtaining insurance, e.g. overvalued the article; or insured the same thing twice; or gave false information on the proposal form.

Questions:

1. What makes insurance an integral part of any transaction? How can you get it?

2. What are the parties to the insurance contract?

3. Who are underwriters?

4. What is a premium? How is it calculated?

5. A cover note is the policy itself, is it not?

6. What does the policy tell the client?

7. In what case will the insurance company pay no compensation to the client?

 


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