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Personal Insurance
JC Business 1.6
| Term | Definition |
|---|---|
| Insurance | Protection against a loss you hope will not happen |
| Assurance | Protection against a loss you know will happen. |
| Compensation | Is the money you get when you make a claim. |
| Exclusion Clause | Situations that cannot be insured |
| Insurable Interest | In order to insure something you must benefit from its existence & suffer from its loss. |
| Utmost Good Faith | You must tell all relevant information when filling out an application for insurance. |
| Indemnity | You cannot make a profit from insurance. |
| Contribution | If a risk is insured with two insurance companies each will pay half of the compensation. |
| Subrogation | Passes the legal right of the insured over to the insurer to claim from a third party who caused the loss. |
| Premium | The cost of insurance |
| Risk Effect | Things that cause premiums to be high or low |
| Loading | Extra or increase in premium due to higher risk |
| Discount | Money taken off premium for a lower risk |
| No Claims Bonus | In car insurance you get a discount if you do not claim for any accidents the previous year |
| Proposal Form | Application form for insurance |
| Insurance Policy | Contract of insurance |
| Cover Note/Letter | Temporary policy used in car insurance while you are waiting for insurance disc |
| Certificate of Insurance | Proof of insurance |
| Claim Form | Form you fill out when a loss occurs and you want to claim for compensation |
| Renewal Date | The date you must have your insurance policy renewed by. |
| Insurance Broker | Gives advice on insurance and sells insurance on behalf of lots of companies. |
| Insurance Agent | Sell insurance but for only one company. |
| Actuary | Calculates insurance premiums. |
| Loss Adjuster | Calculates the value of the loss, working for the insurance company. |
| PRSI | Pay Related Social Insurance. |
| Personal Accident Cover | Covers people who are injured due to an accident. |
| Salary Protection | Provides an income in case you can’t work due to illness. |
| Whole Life Assurance | Covers long period and is primarily used to provide beneficiaries with financial support following the insured's death. |
| Endowment Assurance | Covers relatively short period and thus its main aim is to provide financial security for beneficiaries. |
| Third Party Car Insurance | Minimum level required by Irish law to drive a vehicle. |
| Comprehensive Cover | Covers accidental damage caused by you or others. Damage by fire or theft, vandalism, windscreen repair or replacement cover, and car stereo theft are also covered. |
Created by:
Dinneenj
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