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Insurance

TermDefinition
Insurer The insurance company
Insured The person taking out insurance
P.1 Utmost Good Faith Disclose all material information and tell the truth
P.1 Proposal Form Application form when applying for insurance Helps the insurance company to calculate your premium
P.1 Claim Form If the insured suffers loss they fill this out to claim compensation. Must state what happened and write down how much they need
P.2 Insurable Interest You must own whatever you are insuring and suffer financially from it's loss
P.3 Indemnity You cannot make a profit from an insurance claim
P.3 Average Clause If you under-insure something the insurance company uses this to calculate the amount to pay out. If you only paid for a fraction of what the item is worth you receive the same fraction in compensation
P.3 Proximate Clause You can only claim compensation for a risk that is included in your policy
P.4 Contribution If you insure an asset with a number of insurance companies you will not receive 5 times the compensation. Each insurance company will pay out a fraction of the claim.
P.5 Subrogation Once the insurance company has given you full compensation, that's all you get. You give up all rights to further claims and the insurance company now owns your asset and will claim on your behalf
Actuary The person who calculates the premium you pay for insurance
Assessor The person who calculates the amount of compensation you will receive
Insurance Broker Shops around and searches for the appropriate insurance firm for a client
Insurance Agent A person who sells insurance for one firm only
Factor affecting insurance premium Risk e.g smokers paying higher health insurance
Loading Where you pay extra on your premium because you are a greater risk.
Factor affecting insurance premium Value of the item
Factor affecting insurance premium Insurance claims - the more the insurance company pays out, the higher the premiums to cover their costs
No Claims Bonus A reduction off your premium for not making any claims in the past year
Factor affecting insurance premium Insurance company profit - must make a profit
Factor affecting insurance premium Government Tax
H.I House Insurance Covers both the building and it's contents - fire, burglary, accidental damage
H.I Motor Insurance Compulsory for all cars on the road
H.I Mortgage Protection Insurance Required by all lenders before they will approve a mortgage loan to buy a house
H.I General Health Insurance Covers the cost of private healthcare Health insurance premiums can be claimed as tax free allowance
H.I Personal Accident Insurance Provides compensation if you have a serious accident
H.I Life Assurance Provides compensation to a named beneficiary in the event of the death of the insured person
H.I Whole- Life Assurance Policy requires the insured to pay an annual premium for the rest of their life. Compensation will only be paid out after death
H.I Endowment Life Assurance Policies pay out compensation once you reach a certain age or if you die before that age. Used as risk protection and investment/ retirement fund
H.I Term-Life Insurance Provides cover for an agreed period of time No lump sum is paid unless death occurs
B.I Property Insurance Covers both the building and it's contents - fire, flood, burst pipes, theft
B.I Cash and Valuables Insured while on premises during working hours and in transit to and from banks
B.I Motor Insurance Third Party Fire and Theft Comprehensive
B.I Health Insurance Provides sick pay for workers who are unable to work due to illness
B.I PRSI (Pay Related Social Insurance) Compulsory insurance paid by employers and employees to the government Calculated as a % of gross income Money goes to dole, pensions, maternity benefits etc.
B.I Fidelity Guarantee Insurance Provides a business cover against dishonesty or fraud by an employee against the firm Protects against employees in positions of trust i.e accounts, valuable info etc.
B.I Public Liability Insurance (law) Covers the business against claims by a member of the public who's injured in an accident that is considered to be the fault of the business
B.I Product Liability Insurance Provides cover against claims for harm or loss suffered through the use of a firms products
B.I Employer's Liability Insurance Protects a business against claims arising form accidents or injuries and illnesses suffered by employees as a result of their work
Created by: user-1830172
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