Mark: 25 Question 1: Basic principles and concepts of risk management

Question 2: Definition of insurance terms and their grouping
There are many terms insurance field. We can divide all terms into groups: terms related to organizing insurance fond:
Insurers (insurance company, carrier) are legal entities that specialize in providing insurance product and services and have license to work. Insured (assured) - a legal entity or individual who make contract with the insurer and pays insurance premiums. Insurance intermediaries are legal entities that act as intermediaries between the insurer and the insured, they get fee for the services provided. The netto rate is the main component of the brutto rate. The netto rate is a cash resource for insurance indemnity coverage, which can be up to 90% of the brutto rate. Underwriter - a person appointed by the insurance company, authorized to insure various risks. Responsible for the formation of the insurance portfolio of the insurance company. He / she must have relevant skills in concluding insurance contracts, assessing risks and setting insurance rates. Premium- an amount to take out an insurance policy. Health insurance is one of the ways to protect the health of the population. Free medical care through the insurance policy in case of an insured event. Medical expenses are covered by the insurance company. Health insurance is mandatory or optional. Terms on property insurance: owned property- someone responsible for property that are not theirs i.e. rent for buildings. Internationally used insurance terms include: Abandon - the waiver of the insured's property to the insurer in order to receive the full amount of indemnity (in the event of the death of the insured ship, its disappearance without notice). Adjuster - a individual or legal person who represents the interests of the insurance company in the settlement of the claim filed by the insured in connection with the occurrence of the insured event. He or she tries to agree with claimer amount of indemnity. Annuit is a concept that summarizes all types of annuity and pension insurance. In this case, the insured pays the relevant insurance premiums to the insurance company at the same time or for several years. Cover note - a document issued by the insurance broker to the insured and confirming the conclusion of the insurance contract by the insured. Claim- is insured person when risk happened they give insurance policy to insurance company ask for indemnity. In that insured person will be claimant for insurance company.