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Insurance 24 Nov

JC Business 1.6

TermDefinition
Insurance Protection against a loss that you hope will not happen
Assurance Protection against a loss that you hope will not happen
Compensation Is the money you get when you make a claim.
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.
PRSI Pay Related Social Insurance.
Personal Accident Insurance 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 Car Insurance 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.
Home Insurance Covers both the buildings and its contents in the event of a wide range of risks including fire, burglary and accidental damage
The Principles of Insurance The 5 rules of insurance.
Created by: JohnD_
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