INSURANCE

A contract whereby, in return for the payment of premium by the insured, the insurance pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events

A standard form contract between the insured and the insurer. Which determines the claims that the insurer is legally required to pay

The party to an insurance arrangement who undertakes to indemnity for losses

The party or the person or entity buying the insurance and receiving indemnity on happening of unforeseen events

The person, group, or property for which an insurance policy is issued

Payments to the insurance company to buy a policy and to keep it in force

Expenses and damages incurred as a result of damage to a ship and its cargo and/or of taking direct action to prevent initial or further damage to the ship and its cargo. This expenses and damages are paid by those with an interest in the ship and is cargo in proportion to their values exposed to the common danger

This covers ocean-going vessels and their cargo from loss or damage because of perils of the sea; contracts are also written to cover the legal liability of shippers and owners

Insurance companies can be considered as professional ____ takers

• Life

• Risk

• Chance

• Misfortune

Some of the language in insurance _ is incomprehensible to most ordinary people

• Premiums

• Policies

• Rates

• Invoices