UNIT 9 - INSURANCE

indemnify

The company will _____ the policy-holder against loss of or damage to the insured vehicle.

marine insurance policies

Ship's cargoes are covered by ______.

all risks

The most complete insurance is against __

insurance policy

__ is a standard form contract between the insured and the insurer, which determines the claims that the insurer is legally required to pay.

premium

__ is payments to the insurance company to buy a policy and to keep it in force.

general average

__ is the loss/damages caused by special expenses and sacrifices that intensionally and reasonally conducted to save the vessel, cargo and freight from a threat in the common ocean voyage.

insurer/underwriter

The party to an insurance arrangement who undertakes to indemnify for losses is the __

the insured/policy-holder

__ is the person or entity buying the insurance and receiving indemnity on happening of unforeseen events.

the subject-matter insured

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

insurance

__ is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurence of unforeseen events.

marine insurance

A contract of __ is an agreement whereby the insurer undertakes to idemnify the assured in a manner and to the extent thereby agreed, against losses, that is, the losses incidental to marine adventure.