insurance

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.

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  1. I

    NSW Car insurance. Need previous owner details for claim??

    Hi there My sisters car was stolen and burnt out. It was fully insured. CGU are asking for the previous owners details or they won't pay out. She's owned the car for about a year, and no longer has those details. Can they really not pay and ask for those details?
  2. amirf

    VIC Insurance items required as part of compulsory strata building

    What is the insurance items mandatory for a strata plan? We have lots of items which looks like junk policy. For example is "loss of rent" a mandatory requirement of the insurance quote for our units?
  3. pino.defazio99

    VIC Employer Making Employee Pay Excess

    Hi All, I work at a mid-size IT company of about 200 employees. I've been given a company car as part & had 2 accidents in it, one a months or so ago & the other happened less than 24 hours ago. The company now suddenly wants $1,250 for each of these two incidents totaling $2,500. I was...
  4. A

    WA Home & contents insurance claim proceeding but policy has only one of two names on the title deed.

    X partner has Home & contents insurance on joint house that burnt down, am I entitled to any monies as I am on the title deed? Or could she just pay her half of whats owing on the morgage & walk away leaving me with a debt & no where to live? How can an insurance company payout 355k to only...
  5. B

    tpd insurance

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  6. L

    NSW why Westpac landlord insurance ask body strata cover ?

    I got Landlord Insurance from Westpac, as tenant damaged my unit I authorised my agent to process the claim. Westpac sent person did inspection said its not malicious damage, then said that they need a strata letter to say damaged items are not covered by strata etc. I do not understand Westpac...
  7. A

    QLD How does indemnity protect committee members of an unincorporated association — namely the President, Secretary, and Treasurer?

    Hi! I was wondering how indemnity works in relation to an unincorporated association. What do you need to ensure to know that you are absolutely protected? What laws relate to indemnity requirements / elements? Especially pertaining to the roles of President, Secretary, and Treasurer.
  8. H

    NSW Concrete cancer unusual cause insurance claim

    Concrete cancer in coastal areas can be caused by natural long term exposure to the elements. This is not covered by insurance. However, what is the situation when it is caused by a broken pipe or a leak that causes water to be absorbed by the concrete? Is this claimable?
  9. C

    QLD Subclass 461 / health insurance

    Hi, I am from Slovakia on a subclass 461 nz citizen family relationship visa. I am moving to Australia in July and my husband lives in Australia on the Special Category Visa (Subclass 444). He has a medicare card. Am I able to get medicare through my husband as well or do I need private...
  10. S

    Deduction of Insurance installments when policy is inoperative and claim is denied

    One of my friend has recently had a case of car jacking. After reporting the incident to Victoria Police, he immediately called his insurance company to report the matter. The insurance company told him that he was un-insured at the time since his first installment had been declined by his bank...