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Insurance
keywords
| Term | Definition |
|---|---|
| Insurance | Written promise by insurance company to pay money to a person who has suffered a loss |
| Broker | Person who sells insurance for number of different insurance companies. Offers advice, helps people to find best policy. |
| Agent | Works for one insurance company and sells insurance for that company. |
| Proposal Form | Application form for insurance. |
| Premium | Fee paid for insurance. |
| Policy | Document from insurance company and contains all the details about the contract. |
| Certificate of Insurance | Summary of main points of policy. |
| Cover Note | Letter sent by company to prove that insurance is in place. |
| Renewal notice | Reminder from insurance company that the premium for next year is due. |
| Life Assurance | If insured person dies the insurance company will pay a large sum of money to their family. The family will therefore have enough money to pay their bills. |
| Home Insurance | Insurance covers - buildings and contents. |
| Motor Insurance | Third party and comprehensive |
| No claims bonus | Discount for driving carefully. |
| Personal Insurance | Health insurance, salary protection, personal accident, PRSI, travel. |
| Insurable interest | You have an insurable interest if you benefit from having the item and it would cost you money to have it replaced. |
| Utmost good Faith | Answer all questions truthfully and fully. |
| Indemnity | A person can not make a profit from insurance. |
| Subrogation | Example - if your car is damaged and you receive compensation the insurance company becomes the owner of the car. |
| Contribution | If an item is insured with more than one insurance company the compensation is split between the two. |
Created by:
Lorraine McGrath
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