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JC Insurance
JC Household and Business Insurance
| Question | Answer |
|---|---|
| Insurable Risk | A risk that can be insured against, e.g. House against fire or theft |
| Non-Insurable Risk | A risk that cannot be insured against, e.g. Damage caused by war |
| Insurable Interest | You must have a financial interest in the item you wish to insure. You must benefit from its existence and would suffer financially from its loss, e.g. You can insure your house but not your neighbour’s house |
| Utmost good faith | You must tell the truth and disclose all relevant information when filling out the proposal form and the claim form |
| Indemnity | You cannot make a profit from insurance. Insurance is only there to cover actual losses |
| Subrogation | When an insurance company compensates the insured for the loss, it can proceed to claim the compensation from the person responsible for the loss, and also the damaged item becomes the property of the insurance company |
| Contribution | If a person has the same risk insured with two companies, he/she cannot claim full compensation from both. Each company will contribute to the compensation |
| Insurance Broker | Works for him/herself and tries to find the best quote for you from a number of insurance companies |
| Insurance Agent | |
| Proposal form | The application form for insurance. Must be filled out truthfully |
| Actuary | The person in the Insurance Company who assesses the risk and calculates the premium |
| Premium | The annual cost of the insurance |
| Policy | The written evidence of the contract of insurance. It contains details of risks covered |
| Certificate of Insurance | Used in motor insurance as evidence of insurance. A portion of the document is detached and placed on the car windscreen |
| Renewal Notice | A notice to remind you that your cover is ending and that the next premium is due |
| Assessor | Person sent to examine the damage to the item and calculate the compensation due |
| Third Party Insurance | Pays compensation to the victims for damage, but not to the person who caused the damage |
| Third Party, Fire and Theft Insurance | Same as third party, except the insured receives compensation when loss is suffered by fire or theft |
| Comprehensive | Pays compensation to the victim of the damage to their car and also covers the insured person’s car, even if they are at fault |
| Factors that affect the size of a motor insurance premium | Type of Licence (Full or Provisional), Penalty Points on licence, Age of Insured, Occupation of the Insured Value of car/make, Purpose/use of the car, Engine Size, Accident History, Where the car is parked, Address the car is registered at |
| Over Insured | You will only receive compensation amounting to market value of the item |
| Under-insured | If the item is completely destroyed, you will receive only the compensation amounting to the value for which the item is insured |
| Average Clause | If an item is under insured. You will only compensated for a percentage of the damage caused. |
| Adequate insurance | Having the appropriate amount of cover for risks. Not over-insured and not under-insured |
| Policy Excess | The insured agrees to pay the first part of the claim. The insurance company will pay the rest. |
| Salary Protection Insurance | Provides payment of salary if you have to give up work because of accident or illness |
| Health Insurance | Covers medical costs in case of illness |
| Travel Insurance | Covers goods or luggage stolen while abroad. Also covers medical bills abroad |
| Whole life Assurance | The assured pays a premium for the rest of his life. When the assured dies, a lump sum is paid to his/her dependants |
| Mortgage Protection Insurance | Taken out by mortgage holders. If the mortgage holder dies before the mortgage is paid, the policy will pay off the mortgage and the dependants will own the property |
| Loadings | Additional costs added to the premium because of extra risk |
| No Claims Bonus | A reduction on your premium for not making a claim |
| Endowment Policy | Type of saving scheme. Paid in installments (usually 10 year period) If cashed in called 'Surrender Value' If left for agreed period of time called 'Maturity'. |
| Fidelity Guarantee Insurance | Type of insurance cover against dishonest employees stealing cash |
| What is a Cover Note? | A temporary Insurance. |
| Exclusion Clause | A condition in the Insurance policy whereby the Insurance company will not compensate for a specific reason. E.G. Damage caused by flooding to a house. |
| Consequential Loss Insurance | Covers against loss of profits due to closure of business as a result of flooding or fire |
| Term Assurance | Pays out a lump sum of o money if the insured person dies before agreed date. Money goes to next of kin. |
| Product Liability Insurance | Covers against claims made by customers for injuries arising from use of a product |
| What is Assurance? | Protection against something that will happen. E.G. Death |
| Employer Liability Insurance | Covers against employees claiming compensation for being injured at work |
| Buildings Insurance | Protects against buildings damage from defects of the construction process. |
| Burglary/theft insurance | Protects against losses from theft or burglary. |
| Fire Insurance | Protects against damage due to a fire. |
| Goods in transit insurance. | Protects against loss of goods being transported to or from a business. |
| Motor Insurance | Protects against damage to vehicles. This is a compulsory policy. |
| Glass Insurance | Protects against damage done to glass fittings such as shop windows. |
| PRSI-Pay Related Social Insurance | The employers must pay their employees PRSI. It is a compulsory deduction from the employees payslip. |
| Professionals Indemnity insurance | Protects professionals such as doctors from claims for negligence in their work. |
| Bad debts insurance | Protects against debtors who owe money to the business. |
| Public liability insurance | Protects the business from claims from consumers due to injury caused to them from the use of the company's product. |
| Types of Business Insurance | • Public liability • Bad debts• Professionals Indemnity • PRSI-Pay Related Social Insurance• Glass • Motor • Goods in transit • Fire • Burglary/theft • Buildings • Employer Liability • Product Liability • Fidelity Guarantee |
Created by:
MrFromholz
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