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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.
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Created by: CSPOLLEN14
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