Insurance
What is Insurance?
Applying for Insurance
Household Insurance
Principles of Insurance
an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
- The Premium
- The Insurance Documents
- The Proposal Form
- Choose the Right Insurance Company
The fee paid by the insured for insurance is called a premium
The Insurance Policy
The Certificate of Insurance
A proposal form is the application form for insurance
Life Assurance
Car Insurance
Home Insurance
Personal Insurance
Contents Insurance covers damage to or theft of the items inside the house
All Risks Insurance covers the loss of or damage to a person's belongings even when they are outside the home
Buildings Insurance covers damage to the house itself
Term Assurance is taken out for a certain period of time, it pays out a lump sum if the insured person dies during the agreed period
Whole-life Assurance pays out a lump sum when the insured person dies. The premium is bigger than it is for term assurance as the insurer will definitely have to pay out
Endowment Assurance pays out a lump sum when the insured person dies or reaches a certain age. Endowment policies can be cashed in at an earlier date. This amount is called the surrender value. The longer the policy continues, the more money the insured person will receive
Fully Comprehensive insurance
Third party fire and theft
Serious illness Insurance
Personal accident insurance
Loan repayment insurance
Travel insurance
Income protection insurance
PRSI
Health Insurance
The Principal of Utmost Good Faith
The Principal of Subrogation
The Principal of Indemnity
The Principle of Insurable Intrest
The Principle of Contribution
This principle states that the insured person must have a personal interest in the item being insured
This principal states that the insured person must not make a profit from insurance. In the event of a loss, they will be covered to the value of the loss but will not receive any extra money
This principal states that a person must honestly provide important information about themselves and the item being insured when applying for insurance. These pieces of information are called material facts
This principal states that the insurance company can seek to recover the amount paid to an insured person in the event of a loss. it has a right to do this in two ways;
-It can sell damaged items involved in the loss
-It can sue any third party involved in causing the loss
This principle states that if a person has insured an item with more than one insurance company, they cannot claim the full amount of the loss of that item from all companies.Each insurance company will pay part if the loss
click to edit