Insurance
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | Insurance is protection against a possible loss that we hope will not happen. e.g a house fire or car accident.
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| Premium | show 🗑
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| show | Provides insurance for both households and businesses.
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| Insurance Broker | show 🗑
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| Insurance Agent | show 🗑
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| show | An application form to sign up to the insurance company.
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| show | A written document from the insurance company containing all the details of the insurance contract.
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| show | A brief written summary of the main points of the insurance policy.
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| Cover Note | show 🗑
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| Renewal Notice | show 🗑
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| show | This is where an agreed amount of money is paid to the persons dependants when the individual dies.
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| Endowment Insurance | show 🗑
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| Insurable Interest | show 🗑
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| show | You must tell all relevant information when filling out the proposal form. (You must be truthful) E.g., If you have an illness you must tell the insurance company as they may want to charge you a higher premium or not insure you at all.
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| show | You can not make a profit from insurance. There is no point in insuring your house for more than its worth as the insurance company will only compensate you for the actual value of the house.
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| show | If a risk is insured with two insurance companies, each will pay half the compensation. If a ring insured with two insurance companies is worth £1000, each will pay £500.
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| Subrogation | show 🗑
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| show | This is an amount added by the insurance company to the basic premium for the following reasons: Age, where you live, type of work.
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| show | Is a person sent by the insurance company to inspect the damage and calculate the amount of compensation that should be paid to the insured person.
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| show | A condition included in insurance policies that limits the value of a claim if you are under-insured.
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| Consequential Loss Insurance | show 🗑
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| Public Liability Insurance | show 🗑
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| show | This covers the business against any compensation that must be paid to the members of the public who are injured or killed due to a faulty product.
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| Fidelity Guarantee Insurance | show 🗑
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| show | Compensation is paid if an employee is injured or killed.
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| show | This refers to any risk which no Insurance company will insure.
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| Exclusion Clause | show 🗑
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| show | The amount that the injured person must pay themselves is know as the policy excess. Policy excess is subtracted from compensation.
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Created by:
cfenlon14
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