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business

key terms

TermDefinition
Insurance offers financial protection against possible loss
Premium the amount charged by an insurer in return for providing insurance cover for a particular risk
Compensation financial payment made to an insured person if they suffer an insured loss
Insurable Interest to insure something, you must benefit by its existence and suffer (financially) from its loss
Utmost Good Faith when applying for insurance, all material facts relating to the policy must be disclosed to the insurance company
Material Fact anything that is likely to alter the decision to grant insurance or to affect the level of premium charged
Indemnity a profit cannot be made from insurance
Subrogation once an insurance company has paid compensation for any insured item, the right of ownership of that item passes to the insurance company
Write-off that the cost of repairing the damaged item is greater than the item's replacement value
Contribution where the same risk is insured with more than one insurer they will divide the cost of the claim between them
Assurance protection against a certain future loss
Term policy usually covers the duration of a loan or mortgage
Whole-life Policy this pays compensation on the death of the insured person
Endowment Policy this pays a guaranteed amount on a specified date on the death of the insured person
Third Party injury to another person or damage to another persons' property caused by the insured driver
Third party, fire and theft as for third party, plus the insured person for their car catching fire or being stolen
Comprehensive all parties and vehicles that suffer loss in an incident, including the insured person and their car
First party the person who takes out the insurance
Second party the insurance company the first party is insured with
Third party any person or item (vehicle, property, etc.) that suffers a​ loss caused by the first party
Home Insurance This covers the building in the event of fire, flood or storm damage
Home contents insurance This covers all the contents of the house from damage such as fire, flood, burst pipes, etc. It also covers against burglary
Personal Accident Insurance This covers the insured person in the event of an accident
Health Insurance This covers the cost of hospital care and some medical bills in the event of serious illness or accident
Critical Illness Cover This is cover in the event of a serious illness
Holiday/Travel Insurance This covers the insured person while they are on holiday or travelling
Mortgage protection insurance This is a type of life insurance policy that repays your mortgage if you die during the repayment term
Payment Protection Insurance This covers your repayments on a loan for a certain period of time
Mobile phone insurance This is an insurance a person can take out in case their mobile phone is lost or stolen
Pay Related Social Insurance It entitles the worker to illness, disability, maternity or jobseeker’s benefit, should they require them
Income/salary protection insurance This protects the policyholder in case they get sick and have to take time off work
Insurance broker Insurance brokers search the market to find the best policy and price for their client
Agent An agent sells policies on behalf of only one insurance company
Actuary An actuary decides on the premium that should be charged, based on the risk of a loss occurring and a claim being made
Loss adjuster A loss adjuster will investigate a claim for compensation and decide if the claim is covered by the insurance company
Created by: badgguyX0
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