WINSURE

   1.

What is Insurance?

Insurance is a legal contract between two parties whereby one party called insurer / underwriter undertakes a fixed amount of liability on the happening of a certain event. The other party called insured pays in exchange a fixed some called premium.

   2.

What is Reinsurance?

Where insurance companies spreads their risk by an arrangement with other underwriters or reinsurance companies, it is called reinsurance.

   3.

What is Premium?

Premium is the fixed amount of sum paid over the period by insured to insurer in order to secure an insurance policy and to complete the contract of insurance.

   4.

What is unearned Premium?

Unearned premium is that portion of the original premium for which protection has not yet been provided because the policy still has some time to run before expiration. A property and liability insurer must carry unearned premium as a liability on its financial statement.

   5.

What is Deductible ?

In a policy , the amount which must first be subtracted from the total damage incurred before determining insurance company's liability. Deductible are the portion which insured has to bear in all cases, having a deductible clause in the policy..