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buisness > insurance > Flashcards

insurance Flashcards

1
Q

what is insurance

A

offers financial protection against certain losses and tries to put the insured person in the same financial position as before

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2
Q

whats in insurance policy

A

sets out details of the types of losses covered and the amount of compensation to be payed

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3
Q

what is compensation

A

financil payment made to an insured person if they suffer an insured loss

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4
Q

what is a premium

A

amount payed by the insured person to an insurer in return for providing insurance cover for a particular risk

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5
Q

what are the 5 principles of insurance

A

-insurable intrest
-utmost good faith
-indemnity
-subrogation
-contribution

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6
Q

what is insurable intrest

A

to insure something you must benefit from its existance and suffer from its loss

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7
Q

what is utmost good faith

A

you must answer all questions truthfully and reveal all relavant information when filling out a proposal form all material facts relating to the policy must be made known to the insurance company

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8
Q

whats indemnity

A

the insured person should not benefit from insurance, insurance exists to put the insured person in the same financial position as before

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9
Q

whats subrogation

A

once an insurance company has paid compensation for any insured item the right of ownership of the insured item passes onto the insurance company

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10
Q

what is a material fact

A

anything that is likely to change the decision to grant insurance or to affect the level of premium charged

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11
Q

what is contribution

A

where the same risk is insured with one or more insurer the cost of the claim will be split between them

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12
Q

what is an insurance write off

A

the cost of repairing the damaged item is greater than the replacment cost

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13
Q

what is third party motor insurance

A

covers injury or damage to another persons car or property does not cover the policy holder or their vehical

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14
Q

what is third party fire and theift car insurance

A

the same as third party plus compensation for the insured person if their car goes on fire or is stolen

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15
Q

what is comperhensive car insurance

A

benefits all parties and vehicals that suffer damage including the insured person

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16
Q

what is a no claims bonus

A

discounts on the insurance premium awards the insured person for not making any claims on the policy

17
Q

what is a loading

A

an extra amount added onto basic premium to cover items whith increased risk

18
Q

what is home insurance buildign cover

A

covers the building in the case of a fire , flood, storm or accidental damage

19
Q

what is home insurance contents cover

A

covers all the contents of the house in the events of a fire ,flood, storm or accidental damage

20
Q

whats is personal accident cover

A

person is covered in the event of an accident

21
Q

what is health insurance

A

in the event of a serious illness or accident , health insurance covers the cost of hospital care and pays medical bills

22
Q

what is life assuarance

A

protection against a guaranteed future loss

23
Q

what is a whole life policy

A

pays compensations on the death of the insured person

24
Q

what is a term policy

A

if the insured person dies during the term of any loans / mortage any outstanding payments are payed

25
Q

whats an endowment policy

A

pays a guaranteed amount on a specific date

26
Q

whats an insurance broker

A

helps household + individuals find the insurance that bedt fits their needs + budget

27
Q

whats an insurance agent

A

sells policies on behalf of an insurance company

28
Q

whats an insurance actuary

A

employed by the insurance company to decide on the premium that should be charged based on the risk of a loss accuring and a claim being made

29
Q

whats a risk

A

how likely a person is to make a claim and how costly any claim made would be

30
Q

whats a loss adjuster

A

will investigate a claim for compensation on behalf of the insurance company and decide weither the claim is covered by the policy

31
Q

what does an insurance policy set out

A

-what is insured
-the policy excess
-the insurable value of the item insured
-exclusions
-the type of loss covered
-maximum amount of compensation that will be payed

32
Q

what is a policy access

A

amount the insured person must pay for any loss or damage to the insured item

33
Q

whats an exclusion

A

specific items or risks that cant be insured

34
Q

whats underinsurance

A

the insured item has not been insured for its full replacment value

35
Q

what are the benefits of insurance

A

-allows the policy holder to replace or repair any items that have been stolen or damaged
-gives the insured persona peace of mind
-can help to protect household income

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