Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
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Insurer - A company that provides protection by entering into a contract with the person seeking protection for his assets.
Insured - The person who applies for insurance protection is called the insured.
Proposal - The insurance process starts with an application in writing, called a proposal, made by the person who wants to take insurance and includes details of what they want to insure and the type of cover they require.
Underwriter - The person representing the insurance company whose job is to assess the proposal for insurance.
Premium / Consideration - It is the amount of money or consideration that has to be paid in exchange for the insurance.
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