- Insurer-this refers to the insurance company e.g. jubilee,A.P.A etc.
- Insured-this refers to the individual/institution taking out an insurance policy with a view to being compensated in future if loss is suffered due to the occurrence of the insured risk.
- Risk-Thisisthepossibility of occurrence of the event which may cause loss to the insured e.g. fire,theft,bulglary and accident.it should be carefully stated,because compensation will be only for the stated risk.
- Insurable risk-this are common risks whose values are easy to determine.They are easily accepted insurers
KASNEB Notes and Revision kits for CPA, ATD, CS, CCP, DCM, CIFA, CICT, DICT, CPSP-K and APS-K in Kenya