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Insurance

QuestionAnswer
Insurance Insurance is protection against a possible loss that we hope will not happen. e.g a house fire or car accident.
Premium Premium is the fee for insurance.
Insurance Company Provides insurance for both households and businesses.
Insurance Broker Works for him or herself to sell insurance on behalf of a number of insurance companies.
Insurance Agent Employed by an insurance company and sells insurance. paid by wages and commission if a sell is made.
Proposal Form An application form to sign up to the insurance company.
Insurance Policy A written document from the insurance company containing all the details of the insurance contract.
Certificate of Insurance A brief written summary of the main points of the insurance policy.
Cover Note Sent by the Insurance company stating that the insurance is in place.
Renewal Notice A written reminder from the insurance company that the next premium is due.
Life Assurance This is where an agreed amount of money is paid to the persons dependants when the individual dies.
Endowment Insurance an agreed amount of money is paid when the insured reaches a certain age or on the death of the insured, which ever occurs first.
Insurable Interest In order to insure something, you must benefit from its existence and suffer from its loss. E.g., you can't insure your neighbours house .
Utmost Good Faith You must tell all relevant information when filling out the proposal form. (You must be truthful) E.g., If you have an illness you must tell the insurance company as they may want to charge you a higher premium or not insure you at all.
Indemnity You can not make a profit from 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 the compensation. If a ring insured with two insurance companies is worth £1000, each will pay £500.
Subrogation Passes the legal right of the insured to the insurer to claim from a third party who caused the loss. E.g., Whirlpool oven causes the house to go on fire. Insurance company pays compensation to the insured and the seeks compensation from Whirlpool company
Loading This is an amount added by the insurance company to the basic premium for the following reasons: Age, where you live, type of work.
Assessor Is a person sent by the insurance company to inspect the damage and calculate the amount of compensation that should be paid to the insured person.
Average-Clause A condition included in insurance policies that limits the value of a claim if you are under-insured.
Consequential Loss Insurance This covers the business from loss of profits resulting from having to stop trading while fire damage is being repaired.
Public Liability Insurance This covers the business against any compensation that must be paid to a member of the public if someone is injured or killed in the premises.
Product Liability Insurance This covers the business against any compensation that must be paid to the members of the public who are injured or killed due to a faulty product.
Fidelity Guarantee Insurance This covers the business against loss of income due to fraud or dishonesty by an employee.
Employers Liability Insurance Compensation is paid if an employee is injured or killed.
Non-Insurable Risk This refers to any risk which no Insurance company will insure.
Exclusion Clause Sometimes an Insurance company will agree to insure something but will list certain conditions under which the insurance will not be paid. These conditions are known as exclusions.
Policy Excess The amount that the injured person must pay themselves is know as the policy excess. Policy excess is subtracted from compensation.
Created by: cfenlon14