Principals/Insurance terms
Smoking would increase your life insurance premium. True of False.
True.
Money paid to insurance company to become insured
Premium
Money received from insurance company when you suffer a loss.
Compensation
What kind of information would you fill out on a proposal form?
Personal details, what you want insured, the value of the item.
What is insurance?
Financial risk against a possible loss.
Having zero penalty points would reduce your car insurance premium. True of False.
True.
What is compensation?
The money you receive of an insurance company when you suffer a loss.
When would you fill out a proposal form?
When looking to insure something/buy insurance.
Certificate of insurance is a shorter version of what form?
The insurance policy.
What is the minimum type of motor insurance you must have by law in Ireland to drive a car.
Third party
Contribution means...
If the same item is insured twice, the compensation will be split between the two companies.
When would you renew your policy?
When the length or term of your insurance is up and you need to re purchase it.
`When calculating a premium, insurance companys will have to calculate the ______ of an event happening.
Risk/Likelihood
Subrogation means....
The insurance company owns the asset if they pay out the full cost of it to the insured person.
What type of car insurance is most expensive? explain why.
Comprehensive because it covers all partys who suffer a loss.
What principal of insurance states that you cannot make a profit from insurance.
Indemnity.
What is a no claims bonus?
A discount on your premium as a reward for not claiming compensation.
What insurance covers you if you cannot work and cant receive your wage. Exact answer needed.
Income protection insurance.
What principal of insurance means that you must gain from it existence and suffers from its loss.
Insurable interest.
How does 'pure life' insurance work?
Pay a premium until you die, then when you die your family receive a sum of money.
What principal of insurance states that the insurance company owns the asset if they pay out the full cost of it to the insured person.
Subrogation
A written document containing all details about your insurance contract. Exact term needed.
The insurance policy.
How does Endowment insurance work?
You pay premium until you get to a certain age, and the insurance company pays out if you live to that age.
What principal of insurance states that you must tell the truth and be honest when applying to take out insurance.
Utmost good faith.
Name the three types of car insurance you can get.
Third party, Third party fire and theft, comprehensive.