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Insurance

household & business insurance

TermDefinition
Insurance Protection against a possible loss
Insurance Company The company that provides insurance for both households and businesses.
Insurance Broker An agent that sells insurance to a number of different insurance companies.
Insurance Agent An agent that works for one company and sells insurance to members of the public for that one company.
Proposal Form An application form that contains questions about the person taking out the insurance and what they are insuring.
Premium The fee paid for insurance.
Insurance Policy A written document from the insurance company containing all the details about the insurance contract.
Certificate of Insurance A written document from the insurance company containing all the details about the insurance contract.
Cover Note A letter sent by the insurance company to prove the insurance is in place.
Renewal Notice A written reminder from the insurance company that the premium for the next year must be paid soon.
Surrender Value The value of a life assurance policy when it is turned into cash.
No Claims Bonus Receiving a discount on your premium for the next year for being a careful driver through-out the year.
Assurance Getting protection against something that definitely happen i.e. death
Principles of Insurance Basic rules under which insurance operates
Utmost good faith when applying for insurance you must answer all questions truthfully and reveal all relevant facts
Insurable interest to insure something you must benefit from its existence and suffer financially by its loss
Indemnity Cannot profit from insurance. Aim of insurance is to put you in position you were in before the loss happened.
Subrogation right of insurance company to party that caused loss once they have paid out compensation
Contribution when insurance is taken out with two or more companies, each would pay a portion of the compensation should a loss occur.
Actuary assesses the risk and calculates the premium.
Average Clause where there is under insurance and a partial loss occurs
Assurance protection against risk that will happen
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 if you are driving a motorised vehicel
Consequential loss cover against loss of income if company has to temporarily close
Cash in transit covers if cash is stolen on the way to the bank
Goods in transit covers if goods are damaged or stolen while 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 required by law, covers loss o of income due to illness or unemployment
Plate Glass Insurance covers the breakage or damage to expensive shop window glass
Bad Debts insurance covers a loss arising because a debtor does not pay
Comprehensive Motor Insurance Compensates victims and the insured against all risks
Third Party, Fire And Theft Insurance compensates victim and only covers insured if the vehicle is stolen or damage results from a fire
Adequate Insurance insuring right number of risks for the right amount so that business does not suffer a financial loss
All risks policy household insurance which covers fire, burglary, public liability and storm damage
Loading extra charge due to extra risk
Created by: MsBradyJCBSTU
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