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Insurance

TermDefinition
Premium The fee paid for insurance is called the premium.
Proposal Form The application form for insurance is called a proposal form. It contains questions relating to the person taking out the insurance and object to be insured.
Compensation Compensation is the money you get when you get a claim.
Insurance Company An insurance company provides insurance for both households and businesses. They may deal in all types of insurance or may specialise in one particular type. E.g. Aviva.
Subrogation Passes the legal right of the insured over to the insurer to the insurer to claim from a 3rd party who caused the loss. E.g. An oven causes a house to go on fire . Ins.Co. pays compensation to insured and then seeks their own compensation from whirlpool.
Loading Extra premium for higher risk. E.g. A smoker will have a higher premium for life assurance than a non-smoker.
Discount Money taken off premium for a lower risk. E.g. In house insurance, you get a discount for having an alarm.
No Claims Bonus In car insurance you get a discount if you do not claim for any accidents the previous year. It incourages people not to claim for a smaller amount.
Renewal Date The date you must have your insurance paid by. E.g. 1/10/15
Insurance Broker Works for him/herself and sells insurance on behalf of a no. of insurance company. E.g. Nononsense.ie
Insurance Agent Is employed by an insurance company and sells insurance to members of the public on behalf of that particular company only. The agent is paid a basic salary plus commission.
Insurance Policy Is a written document from the insurance company containing all the details of the insurance contract that has been arranged between the insurer and the insured.
Renewal Notice Is a written reminder from the insurance company that the next premium is due.
Third Party and Theft It is required by law. If you have a car accident, the insurance company will only cover the damage to the other car involved but will not pay any compensation for damage caused to your car or any injury you may suffer.
Comprehensive It's not the most expensive form of motor insurance. With this cover, the insurance company will pay compensation to all those who have suffered injury or damage to property or other injured people.
Motor Insurance Anyone who owns a vehicle must, by law, take out motor insurance. The premium payable depends on various things such as drivers age, type of licence, address, accidents etc.
Utmost Good Faith You must tell the truth when filling out application for insurance. E.g. If you have an illness you must tell the ins.co. as they may charge a higher premium.
Indemnity You cannot make a profit from your insurance. E.g. If you priced your car at €80,000 and the valued price is €75,000 you will not be able to get your insurance at that price.
Contribution If a risk is insured with two insurance companies each will pay half of the compensation.
Insurable Interest In order to insure to something you must benefit from its existence and suffer from its loss. E.g. You cannot insure you neighbours car.
Created by: AMOORE14