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Insurance and Tax
Chapter 10
| Term | Definition |
|---|---|
| INSURANCE | Protection against loss |
| PREMIUM | The amount that must be paid to cover the risks in the proposal |
| CLAIM | If a risk which is covered by the policy actually happens, the insured will fill out a claim form to claim compensation |
| PROPOSAL FORM | An application form for the insurance company |
| LOADING | An extra charge which may be added to the premium |
| NO CLAIMS BONUS | Reduces your premium |
| POLICY | If the customer accepts and pays the premium, a policy document will be drawn up by the insurance company |
| UTMOST GOOD FAITH | The insured must be truthful and tell the insurer all the material facts |
| INDEMNITY | "You Can't Make A Profit From Insurance |
| OVER-INSURANCE | A person may over-insure a ring, for example, stating its value as 20K without getting it properly valued |
| CONTRIBUTION | If the same risk is insured by more than one insurer, the insurers will divide the cost of any claim between them |
| SUBROGATION | Insurers, who pay out full compensation for an item which they have insured, are entitled to: take possession of the item or sue a third party |
| AVERAGE CLAUSE | If something is insured for only a part of its value (e.g. half), when a claim is made |
| THIRD PARTY INSURANCE | Covers the company against losses suffered by others |
| COMPREHENSIVE | Covers all losses suffered by all parties involved |
| EMPLOYER'S LIABILITY | Provides insurance cover for the business if it has to compensate employees for injuries suffered due to accidents at work |
| PRODUCT LIABILITY | Insurance cover for the business if it has to compensate customers for damage or injury caused by their product |
| PUBLIC LIABILITY | Provides insurance cover for the business if it has to compensate members of the public for accidents that happened to them on company property |
| FIDELITY GUARANTEE | Insurance insurers the business against financial loss due to theft or fraud by employees |
| CONSEQUENTIAL LOSS | Insurance that protects the business against the cost of temporary closure |
| PRSI | Pay Related Social Insurance. Insurance scheme operated by the government to provide income for employees if they become unemployed |
| TERM LIFE ASSURANCE | Pays out if the insured person dies before a certain date |
| ENDOWNMENT LIFE ASSURANCE | Assurance combines life insurance cover with a savings plan |
| WHOLE OF LIFE ASSURANCE | Assurance pays out an agreed sum on the death of the person insured |
| RISK MANAGEMENT | The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact. |
| RISK REDUCTION | A systematic reduction in the extent of exposure to a risk and/or the likelihood of its occurrence |
| REVENUE COMMISSIONERS | The tax office |
| PAY AS YOU EARN | (PAYE) Income tax paid by employees. It is deducted at source of their income by their employer who pays it over the Revenue Commissioners |
| PRELIMINARY TAX | Tax that is paid after seven months of the tax year and any balance of their tax before the end of the year |
| SELF-ASSESSMENT | Income tax is paid by people who are self employed |
| TAX CREDIT | Reductions the government gives in the amount of tax payable by each person |
| VALUE ADDED TAX | (VAT) Paid by consumers when they buy goods and services |
| EXCISE DUTIES | Taxes imposed on certain products such as tobacco, oil and alcohol products |
| DIRT | (Deposit Interest Retention Tax) Must be paid when someone earns interest on money held on deposit in a bank |
| CAPITAL GAINS TAX | Must be paid if a person earns income from the sale of an asset such as shares or property |
| CAPITAL AQUITIONS TAX | Is payable on gifts and inheritances |
| CORPORATION PROFITS TAX | Corporate taxes are taxes against profits earned by businesses during a given taxable period |
| TAX RATE | A tax rate is the percentage at which an individual or corporation is taxed |
| STANDARD RATE CUT-OFF POINT | Amount of income that is taxed at the standard rate of tax |
| Form P12 | This form is completed each year by the employee and sent to the tax office |
| Form P60 | This form is issued by the employer to each employee at the end of the tax year |
| Form P45 | This form is issued by the employer to the employee when the employee leaves the job |
| Form P21 | This form is issued by the Revenue Commissioners at the end of the tax year to an employee |
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EmmaD98
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