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Chapter 13

Household and Business Insurance

TermDefinition
Insurance Getting protection against something that might happen i.e Motor insurance.
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 document providing evidence that insurance has been purchased.
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 will definitely happen i.e. life assurance.
Pooling of risk The money paid to the insurance company is used to pay the small percentage of people whose cars are stolen or damaged.
Comprehensive This is the most expensive type of motor insurance. Everybody involved in the accident are compensated for their injuries and damage to their cars.
Third Party Fire And Theft This is one of the lowest types of motor insurance. With this insurance the other car involved will receive compensation but they will not pay for your injuries caused to yourself and your car.
Insurable Interest Gain from its existence and suffer from its loss.
Utmost Good Faith You must tell the truth on the proposal form.
Indemnity You cannot make a profit from insurance.
Subrogation If your item that is insured has been stolen and it is found after you received compensation it now belongs to the insurance company. If you want your item back you will have to pay back the money to the insurance company.
Contribution If you have the same item insured with more than one insurance company you will only get paid once.
Consequential Loss Insurance If a business has consequential loss insurance, the insurance company will pay them for loss profit while they are closed.
Public Liability Insurance The insurance company will pay money to any member of the public who is injured or killed while on the business premises.
Fidelity Guarantee Insurance The insurance company will pay the business owner money if one or more employees steals from the firm or does anything dishonest that causes them to lose money.
Non- Insurable Risk Sometimes the insurance company will refuse to insure some risks because they might cost them too much money if the loss was to occur.
Exclusion Clause Sometimes an insurance company will agree to insure something but will list certain situations when the insurance will not be paid, e.g scuba diving with sharks.
Policy Excess Sometimes when a loss occurs the insurance company will not pay you the full amount of the loss and you have to pay some of the loss yourself.
Created by: jdunnestmarks
 

 



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