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Insurance & Taxation
Part of unit 4
| Term | Definition |
|---|---|
| Insurance | protection against possible loss |
| Risk management | identifying and assessing risks, try to reduce risk from happening take out adequate insurance |
| Insurable Interest | benefit from its existence suffer from its loss |
| Utmost Good Faith | must disclose all material facts |
| Indemnity | Cannot profit from insurance, point of insurance is to put you in same position before the loss occurred. |
| Subrogation | sue and salvage, insurance companies pays compensation and can take legal action against any party responsible for the loss |
| Contribution | item is insured with 2 or more companies each will pay share of compensation |
| Average Clause | where there is under insurance and a partial loss occurs |
| Assurance | protection against risk that will happen, whole life, Endowment, Term |
| Whole life Assurance | dependants receive lump sum on your death |
| Endowment Life Assurance | pay up to certain age then get a lump sum |
| Term Life Assurance | specific period if you die within time dependants get money |
| Motor insurance | required by law; 3rd party covers other vehicle involved, 3rd party fire & theft- extends 3rd party to cover loss if stolen or set on fire |
| Consequential loss | cover against loss of income if company has to temporarily close |
| Cash in transit | covers when moving cash from business to bank |
| Goods in transit | covers against theft/damage to goods whilst being transported |
| Public Liability | covers against claims from public for injuries/accident on premises |
| Employers' Liability | covers against claims by employees for injuries/accident on premises |
| Product Liability | covers against claims of injury etc due to fault in product |
| Fidelity Guarantee | covers against financial loss due to theft, dishonesty or fraud by employees |
| Key Person | in event of key person dying lump sum paid to company |
| PRSI | employer pays portion of Pay Related Social Insurance |
| Proposal Form | form filled in when applying for insurance |
| Premium | cost of insurance |
| Insurance policy | insurance contract |
| Claim Form | form completed when making a claim for compensation |
| Assessor | assesses amount of compensation |
| Actuary | works out probability of loss happening and calculates premium |
| Tax | levy charged by government on income |
| Income tax | tax on wages/salaries |
| PAYE System | applies to anyone who has income from employment, have to complete tax forms |
| P12 A | completed before starting work for the first time, used to apply for tax credits and SRCOP, and to register for PRSI |
| SRCOP | Standard Rate Cut Off Point |
| P60 | At end of tax year form given by employer showing gross pay, tax and deductions |
| P45 | issued by employer if employee leaves, shows gross pay, deductions, needed by new employer or if claiming social welfare |
| P12 | used to claim any credits etc after sending in P12A, filled in by employee at end of tax year |
| P21 | Balancing Statement, issued by Inspector of taxes showing what was paid with what should have been paid, refund or demand for more can be issued |
| Corporation Tax | tax on company profits, 12.5% |
| VAT | Value Added Tax, tax on spending, indirect tax |
| Capital Gains Tax | CGT is tax on sale of an asset, 20% |
| Capital Acquisitions Tax | CAT is a tax on a gift/ inheritance, 20% |
Created by:
MsBradyBusiness
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