btaliat
VIP Contributor
For a lay man, there is need to know some jargons used in insurance in general. There are many of these terms. Below are some of these terminologies:
Barratry : it refers to any offence that's committed by the captain of the ship that is not even in the interest of the owner of the ship.
Insured : this is a person that pays premium to the insurance company and it is under insurable interest on any insurance policy.
Insurer : this refers to the company that has accepted to bear the risk of another person under any type of agreed insurance policy.
Cover note : this allows the insured to enjoy some benefits while his insurance policy is being processed. It is usually issued by the insurance company.
Premium : this is the money that the insured pays to the insurance company to enable the insurer to cover the risks that the insured has insured against.
Barratry : it refers to any offence that's committed by the captain of the ship that is not even in the interest of the owner of the ship.
Insured : this is a person that pays premium to the insurance company and it is under insurable interest on any insurance policy.
Insurer : this refers to the company that has accepted to bear the risk of another person under any type of agreed insurance policy.
Cover note : this allows the insured to enjoy some benefits while his insurance policy is being processed. It is usually issued by the insurance company.
Premium : this is the money that the insured pays to the insurance company to enable the insurer to cover the risks that the insured has insured against.