Risk Management

Risk Management Course Assignment

Question 1.

The key elements typically found in a general insurance contract are as follows:

Exclusions: these are instances or events where the client is not covered for insurance for example the effects of war or damage caused by nuclear weapons. If one of these events were to occur and cause damage or loss, payment would not be made by the insurance company.

The Schedule: This states the insured’s name and details of the asset/s insured. Any excess that may apply would also be contained in this area.

Conditions: This details the insured’s obligations under the insurance contract with respect to claims. These types of conditions may include contacting the police in the event of theft, or that you may be required to make your full claims within 30 days of the theft or event happening. Most conditions found in this area are standard in many policies.

The Payments: This area states the amount that the insured may be paid in the se...