Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

Username is available taken
show password

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

JC Insurance

JC Household and Business Insurance

Insurable Risk A risk that can be insured against, e.g. House against fire or theft
Non-Insurable Risk A risk that cannot be insured against, e.g. Damage caused by war
Insurable Interest You must have a financial interest in the item you wish to insure. You must benefit from its existence and would suffer financially from its loss, e.g. You can insure your house but not your neighbour’s house
Utmost good faith You must tell the truth and disclose all relevant information when filling out the proposal form and the claim form
Indemnity You cannot make a profit from insurance. Insurance is only there to cover actual losses
Subrogation When an insurance company compensates the insured for the loss, it can proceed to claim the compensation from the person responsible for the loss, and also the damaged item becomes the property of the insurance company
Contribution If a person has the same risk insured with two companies, he/she cannot claim full compensation from both. Each company will contribute to the compensation
Insurance Broker Works for him/herself and tries to find the best quote for you from a number of insurance companies
Insurance Agent
Proposal form The application form for insurance. Must be filled out truthfully
Actuary The person in the Insurance Company who assesses the risk and calculates the premium
Premium The annual cost of the insurance
Policy The written evidence of the contract of insurance. It contains details of risks covered
Certificate of Insurance Used in motor insurance as evidence of insurance. A portion of the document is detached and placed on the car windscreen
Renewal Notice A notice to remind you that your cover is ending and that the next premium is due
Assessor Person sent to examine the damage to the item and calculate the compensation due
Third Party Insurance Pays compensation to the victims for damage, but not to the person who caused the damage
Third Party, Fire and Theft Insurance Same as third party, except the insured receives compensation when loss is suffered by fire or theft
Comprehensive Pays compensation to the victim of the damage to their car and also covers the insured person’s car, even if they are at fault
Factors that affect the size of a motor insurance premium Type of Licence (Full or Provisional), Penalty Points on licence, Age of Insured, Occupation of the Insured Value of car/make, Purpose/use of the car, Engine Size, Accident History, Where the car is parked, Address the car is registered at
Over Insured You will only receive compensation amounting to market value of the item
Under-insured If the item is completely destroyed, you will receive only the compensation amounting to the value for which the item is insured
Average Clause If an item is under insured. You will only compensated for a percentage of the damage caused.
Adequate insurance Having the appropriate amount of cover for risks. Not over-insured and not under-insured
Policy Excess The insured agrees to pay the first part of the claim. The insurance company will pay the rest.
Salary Protection Insurance Provides payment of salary if you have to give up work because of accident or illness
Health Insurance Covers medical costs in case of illness
Travel Insurance Covers goods or luggage stolen while abroad. Also covers medical bills abroad
Whole life Assurance The assured pays a premium for the rest of his life. When the assured dies, a lump sum is paid to his/her dependants
Mortgage Protection Insurance Taken out by mortgage holders. If the mortgage holder dies before the mortgage is paid, the policy will pay off the mortgage and the dependants will own the property
Loadings Additional costs added to the premium because of extra risk
No Claims Bonus A reduction on your premium for not making a claim
Endowment Policy Type of saving scheme. Paid in installments (usually 10 year period) If cashed in called 'Surrender Value' If left for agreed period of time called 'Maturity'.
Fidelity Guarantee Insurance Type of insurance cover against dishonest employees stealing cash
What is a Cover Note? A temporary Insurance.
Exclusion Clause A condition in the Insurance policy whereby the Insurance company will not compensate for a specific reason. E.G. Damage caused by flooding to a house.
Consequential Loss Insurance Covers against loss of profits due to closure of business as a result of flooding or fire
Term Assurance Pays out a lump sum of o money if the insured person dies before agreed date. Money goes to next of kin.
Product Liability Insurance Covers against claims made by customers for injuries arising from use of a product
What is Assurance? Protection against something that will happen. E.G. Death
Employer Liability Insurance Covers against employees claiming compensation for being injured at work
Buildings Insurance Protects against buildings damage from defects of the construction process.
Burglary/theft insurance Protects against losses from theft or burglary.
Fire Insurance Protects against damage due to a fire.
Goods in transit insurance. Protects against loss of goods being transported to or from a business.
Motor Insurance Protects against damage to vehicles. This is a compulsory policy.
Glass Insurance Protects against damage done to glass fittings such as shop windows.
PRSI-Pay Related Social Insurance The employers must pay their employees PRSI. It is a compulsory deduction from the employees payslip.
Professionals Indemnity insurance Protects professionals such as doctors from claims for negligence in their work.
Bad debts insurance Protects against debtors who owe money to the business.
Public liability insurance Protects the business from claims from consumers due to injury caused to them from the use of the company's product.
Types of Business Insurance • Public liability • Bad debts• Professionals Indemnity • PRSI-Pay Related Social Insurance• Glass • Motor • Goods in transit • Fire • Burglary/theft • Buildings • Employer Liability • Product Liability • Fidelity Guarantee
Created by: MrFromholz
Popular Business sets




Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
restart all cards