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Personal Insurance

JC Business 1.6

TermDefinition
Insurance Protection against a loss you hope will not happen
Assurance Protection against a loss you know will happen.
Compensation Is the money you get when you make a claim.
Exclusion Clause Situations that cannot be insured
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.
Premium The cost of insurance
Risk Effect Things that cause premiums to be high or low
Loading Extra or increase in premium due to higher risk
Discount Money taken off premium for a lower risk
No Claims Bonus In car insurance you get a discount if you do not claim for any accidents the previous year
Proposal Form Application form for insurance
Insurance Policy Contract of insurance
Cover Note/Letter Temporary policy used in car insurance while you are waiting for insurance disc
Certificate of Insurance Proof of insurance
Claim Form Form you fill out when a loss occurs and you want to claim for compensation
Renewal Date The date you must have your insurance policy renewed by.
Insurance Broker Gives advice on insurance and sells insurance on behalf of lots of companies.
Insurance Agent Sell insurance but for only one company.
Actuary Calculates insurance premiums.
Loss Adjuster Calculates the value of the loss, working for the insurance company.
PRSI Pay Related Social Insurance.
Personal Accident Cover 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 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.
Created by: Dinneenj
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