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Summary - Business Studies

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Comprehensive Grade 12 IEB Insurance notes, written by a top-achieving matriculant who scored above 90%. These clear, concise, and well-structured notes cover all key concepts to help you excel in your studies and exams. Perfect for mastering the IEB syllabus with confidence!

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  • January 15, 2025
  • 4
  • 2023/2024
  • Summary
  • 200
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Discovery
Mindy
Santom

isurance INCASECfire.theft
ciiieiis.irn'ce5i
shortterminsurance Longterminsurance nerd
etcmayom
floods nothappen
r ay to
ASSURED happendeathretirementor
disability Firstforwomen
insuredwantsto beindemnifiedplacedinsome avoidsriskofleavingfomwoincomeafterdeat.hrbeing NakedInsurance
financialpositionasb4theincident to of
anacceptablestandard living
unable maintain Outsurance



contract requirements
non insurable risk contractualcapacity insurableinterest faith
Absolutegood
tobeprevented by Government 18yearsofagelegalageinsa of must
something value belost utmost
Y fff
honesty
mind
sane hasinsurableinterestin
person that
disclosellrelevent.info affect
may
notincapacitated ownassets ownhealth the risk
iiiiiiiii.ii.in 449 ifeof.jp fco.jfine
debtor.riskwon'tbecovereditonyinconsistencies
risk
technologyalwayschangingleasingprevents premium compensationlost
illegalactsitems mustbeproventhat loss
financial i
withholding nfo
fronting
climatechange naturaldisasters willoccurifaneventtakesplace



1 Indemnityshortterm
insurance 2 security 3 Averageclause
insured
gives peaceofmind assurance
longterm assetisnot
when for
insured value
correct
some financial
asbuncident
position financial
Gives for ordeath
security retirement underinsurance overinsurance
suffernolossesigoinnoprofi.is orouplifepolicygivessecurityinformoflongl.aminsurance too
Premiums low insured
whentheosset.is against than
more
lower
premiums lifeinsurance
than fullvalueoflossworil.beindemnified
itspresentvalue pays higherpremium
the
only actual ofassetispaidout
value
cannotmakeprofit
insured
ALWAYS
CALLTORELOOKAT.mn
INSURANCE.PT



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4Excess 5 proximatecause 7cessioncedethepolicy
2andamountorpercentagethatinsurerdoesn't the be resultof
losssufferedmust of
principle indemnity offurike endowment
maybesignedover
policy
the event not secondaryevent
insured cannot makeprofit to as
creditor in to
collateral order

excesshigher
monthlypayments Emry cause canonly claimfrom policy
higherexcesslowermonthlypayments Gf from
c laimed
insured insurance
i up cashworthovertimemon
fromclaimingaftereveryminor
individual
prevents heshecan'tclaimfromguiltyparty prem
incident

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