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Insurance
household & business insurance
Term | Definition |
---|---|
Insurance | Protection against a possible loss |
Insurance Company | The company that provides insurance for both households and businesses. |
Insurance Broker | An agent that sells insurance to a number of different insurance companies. |
Insurance Agent | An agent that works for one company and sells insurance to members of the public for that one company. |
Proposal Form | An application form that contains questions about the person taking out the insurance and what they are insuring. |
Premium | The fee paid for insurance. |
Insurance Policy | A written document from the insurance company containing all the details about the insurance contract. |
Certificate of Insurance | A written document from the insurance company containing all the details about the insurance contract. |
Cover Note | A letter sent by the insurance company to prove the insurance is in place. |
Renewal Notice | A written reminder from the insurance company that the premium for the next year must be paid soon. |
Surrender Value | The value of a life assurance policy when it is turned into cash. |
No Claims Bonus | Receiving a discount on your premium for the next year for being a careful driver through-out the year. |
Assurance | Getting protection against something that definitely happen i.e. death |
Principles of Insurance | Basic rules under which insurance operates |
Utmost good faith | when applying for insurance you must answer all questions truthfully and reveal all relevant facts |
Insurable interest | to insure something you must benefit from its existence and suffer financially by its loss |
Indemnity | Cannot profit from insurance. Aim of insurance is to put you in position you were in before the loss happened. |
Subrogation | right of insurance company to party that caused loss once they have paid out compensation |
Contribution | when insurance is taken out with two or more companies, each would pay a portion of the compensation should a loss occur. |
Actuary | assesses the risk and calculates the premium. |
Average Clause | where there is under insurance and a partial loss occurs |
Assurance | protection against risk that will happen |
Whole life Assurance | dependants receive lump sum on your death |
Endowment Life Assurance | pay up to certain age then get a lump sum |
Term Life Assurance | specific period if you die within time dependants get money |
Motor insurance | required by law if you are driving a motorised vehicel |
Consequential loss | cover against loss of income if company has to temporarily close |
Cash in transit | covers if cash is stolen on the way to the bank |
Goods in transit | covers if goods are damaged or stolen while being transported |
Public Liability | covers against claims from public for injuries/accident on premises |
Employers' Liability | covers against claims by employees for injuries/accident on premises |
Product Liability | covers against claims of injury etc due to fault in product |
Fidelity Guarantee | covers against financial loss due to theft, dishonesty or fraud by employees |
Key Person | in event of key person dying lump sum paid to company |
PRSI | required by law, covers loss o of income due to illness or unemployment |
Plate Glass Insurance | covers the breakage or damage to expensive shop window glass |
Bad Debts insurance | covers a loss arising because a debtor does not pay |
Comprehensive Motor Insurance | Compensates victims and the insured against all risks |
Third Party, Fire And Theft Insurance | compensates victim and only covers insured if the vehicle is stolen or damage results from a fire |
Adequate Insurance | insuring right number of risks for the right amount so that business does not suffer a financial loss |
All risks policy | household insurance which covers fire, burglary, public liability and storm damage |
Loading | extra charge due to extra risk |