Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
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
Normal Size Small Size show me how
LC Bus Ins and Tax
LC Business Insurance and Tax (Questions borrowed from ardscoil)
| Question | Answer |
|---|---|
| Insurable Interest | A policy holder must benefit by the continued existence of the object & suffer by its loss. Egveryone has an insurable interest in their own personal possessions e.g. house, but you do not have an insurable interest in your next door neighbours house. |
| Utmost Good Faith | The person seeking insurance must provide all the information the insurance company needs and must disclose all material facts. E.g. of material facts Medical conditions when seeking life assurance. |
| Indemnity | The policy holder cannot make a profit out of insurance. The contract is for the reinstatement of the actual property insured, i.e. putting the claimant in the same position, as far as is possible, as was the case prior to the accident or loss. |
| Subrogation | The insurance company, having paid compensation, it entitled to the take legal action against any third party responsible for the loss. |
| Contribution | If the same item is insured against the same risk with more than one insurer the insurers will share compensation relation to the amount of risk covered. |
| Market Value | If an item is over-insured the maximum compensation payable is the |
| Average Clause | applies in the case of a partial loss, where the insurance cover is for less than the market value of the item lost, i.e. the person is underinsured. |
| Risk management | involves identifying and assessing all the risks facing a business. |
| Insurance | protection against a RISK that MIGHT happen. E.g. fire insurance, accident insurance. If the risk insured does not happen, no compensation is paid. |
| Assurance | provides protection against a RISK that is CERTAIN to happen. E.g. death of the insured person. The insurance company will pay compensation when that person dies. |
| Consequential Loss Policy | This policy covers the business against loans of income or profit if it is forced to cease trading temporarily because of accident or fire. |
| Goods in Transit | insurance protects the business against stock lost, damaged or stolen while being transported. |
| Public Liability | This covers employers against claims made by members of the public as a result of accidents or injuries received while on the business premises. |
| Employers Liability Insurance | This covers employers against claims made by employees who suffer injuries as a result of accidents at work. |
| Product Liability Insurance | This covers business against claims made by members of the public for loss, damage, or injury suffered as a result of the sale of faulty or defective products. |
| Fidelity Guarantee Insurance | This covers the employer for any financial loss suffered as a result of theft, fraud or dishonesty of employees. |
| Actuary | The person who calculates the risk involved and the premium payable is called the |
| Assessor | person who assess the amount of the loss suffered by the insured and calculates the amount of compensation to be paid. |
| Whole Life Assurance | The insured pays premiums for the rest of his/her life. Compensation is paid to dependents on the death of the insured. |
| Endowment Life Assurance | The insured pays premiums up to a certain age. The lump sum is paid when the insured reaches this age, or on their death, whichever comes first. |
| Term Life Assurance | A policy is taken out for a specific period of time, e.g. 10 years. If the insured dies within ten years his/her dependents will received the lump sum. If the insured lives past the ten years no payment is made. |
| Third party Insurance | In the event of a claim being made, the insurance company will pay compensation to all injured third parties except the insured. |
| Third party, fire and theft | Insurance extends the indemnity to third parties, and to loss arising from theft or damage caused by fire to the insured motor vehicle. |
| Comprehensive Insurance | covers third parties and their vehicles, damage to the policy holder’s own vehicle, fire and theft, and also the policy holders medical expenses which may arise as a result of an accident |
| Indmenity | |
| Name the principle that states that an asset can only be insured for its financial value to the proposer. | Insurable Interest |
| Complete this sentence with one word. The highter the risk the higher the _________. | premium |
| An A______ is a person that assesses the risk and calculates the premium. | Actuary |
| There are two types of income tax in Ireland, PAYE and _______ _________. | Self Assessment |
| What form needs to be filled out to get Tax Credits in Ireland? | P12 A |
| What is the higher rate of income tax in Ireland at the moment,(2015)? | 40% |
| What is the lower (standard) rate of income tax in Ireland at the moment, (2015)? | 20% |
| What is the rate of corporation tax in Ireland at the moment, (2015) | 12.50% |
| A company car is a Benefit in Kind and is taxed as income, True or False? | TRUE |
| If an employer pays health insurance for an employee, this is a Benefit in Kind and is taxed as income, True or False? | TRUE |
| "Jeans on Fridays" is a Benefit in Kind and is taxed as income, True or False? | FALSE |
| PRSI is a statutory deduction, true or false. | TRUE |
| Credit Union payments are a statutory deduction, true or false. | FALSE |
| PAYE is a statutory deduction, true or false. | TRUE |
| Every employee gets one of these forms/documents every year, what is it? (hint: P??) | P60 |
| You get one of these if you leave your job for any reason before the end of the tax year. | P45 |
| What is the main indirect tax in Ireland? | VAT |
Created by:
MrFromholz
Popular Business sets