Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Insurance
Junior cycle Business CH10
| Question | Answer |
|---|---|
| Insurance | Insurance is protection against a possible loss that we hope will not happen. e.g a house fire or car accident. |
| Premium | Premium is the fee for insurance. |
| Insurance Company | Provides insurance for both households and businesses. |
| Insurance Broker | Works for him or herself to sell insurance on behalf of a number of insurance companies. |
| Insurance Agent | Employed by an insurance company and sells insurance, This person is paid by wages and commission if a sale is made. |
| Proposal Form | An application form to sign up to the insurance company. |
| Insurance Policy | A written document from the insurance company containing all the details of the insurance contract. |
| Certificate of Insurance | A brief written summary of the main points of the insurance policy. |
| Renewal Notice | A written reminder from the insurance company that the next premium is due. |
| Life Assurance | This is where an agreed amount of money is paid to the persons dependants when the individual dies. |
| Endowment Insurance | an agreed amount of money is paid when the insured reaches a certain age or on the death of the insured, which ever occurs first. |
| Insurable Interest | In order to insure something, you must benefit from its existence and suffer from its loss. E.g., you can't insure your neighbours house . |
| Utmost Good Faith | 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 |
| Indemnity | 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. |
| Contribution | 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. |
| Subrogation | Passes the legal right of the insured to the insurer to claim from a third party who caused the loss. E.g., Whirlpool oven causes the house to go on fire. Insurance company pays compensation to the insured and the seeks compensation from Whirlpool company |
| Loading | This is an amount added by the insurance company to the basic premium for the following reasons: Age, If a smoker, if you live in city or rural area, provisional license |
| Assessor | 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. |
| Average-Clause | A condition included in insurance policies that limits the value of a claim if you are under-insured. |
| Consequential Loss Insurance | This covers the business from loss of profits resulting from having to stop trading while fire damage is being repaired. |
| Public Liability Insurance | This covers the business against any compensation that must be paid to a member of the public if someone is injured or killed in the premises. |
| Product Liability Insurance | 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. |
| Employers Liability Insurance | Compensation is paid if an employee is injured or killed. |
| Exclusion Clause | Sometimes an Insurance company will agree to insure something but will list certain conditions under which the insurance will not be paid. These conditions are known as exclusions. |
| Policy Excess | The amount that the injured person must pay themselves is know as the policy excess. Policy excess is subtracted from compensation. |
| Total premium formula | Basic Premium + Loadings - Discounts |
| Average clause formula | Amount insured Divded by the Actual Value X loss amount |
| How to make a claim | Fill out a claim form which requires the policy holders name, information on the loss incurred, where it took place and the value being claimed. |
| No claims bonus | Discount received for not making a claim on your insurance. This is deducted from the premium cost. |
| Uninsurable risk or Non insurable risk | This is when an insurance company may refuse to insure some risks if the liklihood of them taking place is too high. Example. house insurance in an area that is known to flood |
| Home insurance | There is three types of insurance within this category, Buildings, Contents and All Risks insurance |
| Life assurance | There is three types of assurance within this category, Term, whole life and endowment |
| Car insurance | There is two types of insurance within this category, Full comprehensive and third party fire and theft |
| Personal insurance | There is 7 types of insurance within this category, Health, income protection, loan repayment, serious illness, personal accident, travel and PRSI |
| Insurance documents | Two are types of documents. Insurance Policy and certificate of insurance |
Created by:
mcurran
Popular Business sets