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Insurance
Leaving Cert Business
| Term | Definition |
|---|---|
| Insurance | This is a contract where a person (the insured) pays a fee (a premium) to an insurance company (the insurer) in return for a promise to compensate the insured in the event of a financial loss occurring.= |
| Financial protection | Businesses and households pay a relatively small premium to an insurance company every year for protection.= |
| PRSI | Households only pay Pay Related Social Insurance on their income. Employers must pay PRSI for themselves and each member of their staff.= |
| Tax | Businesses can treat insurance payments as a legitimate expense to reduce their tax bills. Households can not.= |
| Property Insurance | full cover for a premises and contents against risks such as fore, explosion, storm, theft etc.= |
| Cash and valuables Insurance | full coverage while on the premises during working hours and in transit to and from banks= |
| Third Party Motor Insurance | covers damage caused by a driver to the other people and property. This is compulsory for all motor vehicles on public roads= |
| Third Party, fire and theft | provides third party protection plus loss or damage to your own car from fire or theft= |
| Comprehensive Insurance | provides third party, fire and theft cover plus compensation for any accidental damage that happens to your own vehicle.= |
| Public Liability Insurance | covers a business against claims if a member of the public is injured in an accident that is considered the fault of the business= |
| Product Liability Insurance | provides cover against any claims for harm or loss suffered through use of a firm’s products.= |
| Employer’s Liability Insurance | protects a business against claims arising from accidents, injuries and illnesses suffered by employees as a result of their work.= |
| Consequential Loss Insurance | provides financial compensation for loss of income in the event of a major risk occurring ( flooding). |
| Key person Insurance | protects a business against loss of valuable staff members whoa re essential to the running of the business e.g. designer= |
| Fidelity guarantee Insurance | protects the firma against dishonesty or fraud of a staff member. This is used where employees have access to bank accounts or valuable information= |
| PRSI Pay Related Social Insurance | This is compulsory payment by employers and employees to the state.= |
| House Insurance | covers building and contents against fire, burglary etc= |
| Mortgage protection Insurance | is now required by all lenders before they will approve a mortgage loan to buy a house. If the borrower dies before the loan is repaid the insurance policy will cover the remainder.= |
| Health Insurance | : covers the cost of health care in the event of illness e.g. VHI. Different policies exist to suit individual needs e.g. private hospital cover, GP fees.= |
| Personal Accident Insurance | provides compensation if you have a serious accident. The amount paid depends on the seriousness of the accident.= |
| Life Assurance | provides compensation to a named beneficiary in the event of the death of the insured person. It differs from insurance as it protects against an event that will happen.= |
| Whole-Life assurance | the insured pays a premium for the rest of their life. Compensation is paid to next of kin after the death of the insured.= |
| Endowment life assurance | compensation is paid when you reach a certain age e.g. 50 yrs or if you die before then which ever comes first. It’s a form of saving= |
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athlonebusinessstudies
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