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Insurance JC
Junior Certificate Insurance
| Question | Answer |
|---|---|
| What is Insurance? | Insurance is protection against something that might happen, for example fire. |
| What is Assurance? | Assurance is protection against something that will definitely happen, for example death. |
| What are the two types of home insurance? | Buildings and Contents. |
| What does the cost of home insurance depend on? | Cost of insurance depends on the value of your house and the value of your contents. |
| What are the types of motor insurance? | Third party, third party fire and theft and comprehensive. |
| What does the cost of motor insurance depend on? | Cost depends on your age, type of licence, driving record, engine size, etc. |
| What is a no claims bonus? | A no claims bonus is a discount on the price of next year’s insurance if you did not have any accidents during the year. |
| Explain Life Assurance | Life assurance will pay a large sum of money to your family if you die. The insurance money replaces the income the family will lose as a result of the death of the main income earner. |
| What is Endowment policy? | Endowment policy is the lump sum paid to the insured person if they live beyond a certain agreed age, such as 60. |
| What is Term Assurance? | Term assurance is life assurance taken out for a certain period (term) of time, for example the length of a mortgage or a short-term loan |
| What is Health Insurance? | Health Insurance is Insurance taken out to cover medical and hospital bills. |
| What is Income Protection Insurance? | Income Protection Insurance will pay you a monthly income if you have to give up work due to illness or accident. |
| What is an Insurance Broker? | Insurance Broker works for him or herself and sells insurance for a number of different insurance companies. Brokers also offer advice to people looking for insurance and will help them to find the best policy at the best price. |
| What is a Proposal Form? | Proposal Form is the application form for insurance. It is a list of questions designed to find out information about the person taking out the insurance and the item they want to insure. |
| What is an Insurance Premium? | Premium is the fee paid for insurance. |
| What is an Insurance Policy? | An insurance policy is a written document from the insurance company that contains all the details about the insurance contract. |
| What is an Insurance Certificate? | An insurance certificate is a short written summary of the main points of the insurance policy, including the name and address of the insured and the risks being insured against. |
| What is Renewal Notice? | Renewal notice is a written reminder from the insurance company that the premium for next year must be paid if the insurance is to continue for another year. |
| What is Days of Grace? | Days of grace is a short period after your insurance has ended, during which time you are still insured even if your renewal premium has not yet been paid. |
| What is Actuary? | Actuary is the person who calculates the risk and the premium for the insurance company. |
| What is Pooling of Risk? | Pooling of risk refers to the situation where a large number of people each pay a small amount of money (premium) to an insurance company to cover the same type of risk, such as car insurance. |
| What are the Principals of Insurance? | Insurable Interest Utmost Good Faith Indemnity Subrogation Contribution |
| What is Insurable Interest? | You have an insurable interest in something that you benefit from having and that would cost you money to replace if it was lost. |
| What is Utmost Good Faith? | Utmost good faith is when you are taking out insurance, you must answer all the questions on the application form truthfully and give the insurance company all the important information about yourself and the item you want to insure. |
| What does Indemnity mean? | Indemnity means you must not make a profit from insurance. You should end up in the same financial position after the loss or damage as you were in before the loss or damage occurred. |
| What does Subrogation mean? | Subrogation means if you receive full compensation for a damaged item from the insurance company, then the damaged item now belongs to the insurance company. They may sell it or simply dispose of it for scrap. |
| What does Contribution mean? | Contribution means if you have the same item insured with more than one insurance company and it gets stolen or damaged, you will only get paid once. |
Created by:
hernon11
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