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Insurance
Buisness
| Question | Answer |
|---|---|
| Insurance | Is protection against a possible loss that we hope won't happen. |
| Premium | Fee for insurance. |
| Insurance Company | Provides insurance for both households and businesses. |
| Broker | Works for himself/herself and sell insurance on behalf of a company. |
| Agent | Is employed by an insurance company and sells insurance to members of the public. |
| Proposal Form | Is an application form for insurance. |
| Policy | Written document from the insurance company containing the details of the contract. |
| Certificate of insurance | A brief summary of the main points of the insurance policy. |
| Cover note | Sent by the insurance company saying the insurance is in place. |
| Renewal notice | Reminder from the company when the next premium is due. |
| Life assurance | This is where an agreed amount of money is paid to the person's dependants when an individual dies. |
| Endowment Insurance | An agreed amount of money is paid when the insurer reaches a certain age or on the death of the insurer which ever occurs first. |
| Surrender Insurance | Is the value of a life assurance policy when its cashed out the longer the policy is the greater the value will be. |
| Term Insurance | Specific period only. Having term insurance ensures that your family will not be left with the responsibility for paying loans in the event of your death. |
| Home Insurance | Two elements- building insurance and the contents The cost of the insurance is directly related to the value of the house and its contents etc: house goes on fire. |
| Motor Insurance | Must by law take out motor insurance the premium payable depends on various things such as, License, age and address. |
| No Claims Bonus | If the driver made no claims during the year. |
| Third Party fire+ theft | Minimum motor insurance required by law if you have a car accident the insurance company will only cover the damage to the other car involved. |
| comprehensive | Most expensive form of motor insurance with this cover the insurance company will pay compensation to all those involved in the accident. |
| Medical Health Insurance | If a person with medical insurance becomes ill and requires hospital treatment the cost of their stay and medical care while in hospital will be covered. |
| Salary Protection Insurance | Provides monthly income to a person who has to give up work due to an injury or illness. |
| Insurable Interest | In order to insure something you must benefit from its existence and suffer from its loss. Eg you can insure your own house but you cannot insure your neighbours house. |
| Utmost Good Faith | You must tell all relevant information when filling out the proposal form You must tell the truth. If you have an illness you must let them know. |
| Indemnity | You cannot make a profit with insurance . There is no point in insuring your house for more than its worth as the insurance company will only compensate you for the actual value of the house. |
| Contribution | If a risk is insured with two insurance companies each will pay half of the compensation. E.g. ring with two insurance companies for €1000 both will pay €500 each. |
| Subrogation | Passes the legal right of the insured over to the insurer to claim from third party who caused the loss E.g. Oven causes a fire the insurance company pays compensation to insured and then seeks their own compensation from whirlpool. |
| Loading | This is an amount added by the insurance company to the basic premium for the following reasons: Age, Live, Work. |
| Actuary | Is the person who calculates the premium for the insurance company. |
| Assessor | Is the person sent by the insurance company to inspect the damage the damage and to calculate How much compensation should be paid to the person who suffered a loss. |
| Over Insurance | When an item is over-insured i.e. Insured for more than its worth and a loss occurs the maximum amount which the insurance company can pay out its current value of the item. |
| Consequential Loss | Covers the business against a loss of profits resulting from having up to stop trading while fire damage is being repaired. |
| Transit Insurance | Covers against a loss of or damage to stock or cash while they are being transported to or from the companies premises. |
| Public liability Insurance | Covers business against any compensation which must be paid to the members of the public who are injured or killed as a result or faulty products. |
| Fidelity | This covers the business against a los of income due to fraud or dishonesty of an employee. |
| Staff Insurance | Compensation which must be paid to an employee who is injured or killed while at work. |
| Non-Insurable Risk | This refers to any risk which no insurance company will insure e.g. Earthquakes. |
| Exclusion Clause | Sometimes an insurance company will agree to insure something but will list certain conditions which insurance wont be paid. |
| Policy Excess | The amount that is insured person must pay themselves its subtracted from compensation. |
| d | s |
Created by:
CSPOLLEN14
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