UNIT 5 Insurance


Business Studies Dictionary Assurance Assessor Average clause


Comprehensive motor insurance


Contribution


Assurance means that the event is guaranteed (assured) to happen.


Works on your behalf to get you the money that your insurance policy entitles you to claim.


If you have under-insured your property and make a claim, your insurance company will not pay the full amount of the claim.


Covers you for loss, theft or damage to your vehicle. It also covers you for accidental damage to another vehicle or to property.


Where the item is insured with more than one insurance company, the two insurance companies will divide the cost of the claim between them (they will each contribute to the compensation).


Exclusion clause


Financial Services Ombudsman


Indemnity Injuries Board Insurance


Insurance actuary Insurance broker


Insurable interest


Life insurance/ assurance


Loading


Motor insurance No claims bonus


This is when the insurance company agrees to cover the insured but will not pay out compensation under certain circumstances.


Deals with complaints about financial institutions. The insured person cannot make a profit from insurance.


A government body that assesses claims for compensation from anyone who has been in an accident and suffered an injury.


Protecting yourself from the costs that may arise from damage to your property or your health. It is a way of transferring risk.


Calculates the premium to pay to the insurance company.


Works for many companies and will choose the best option for a fee.


The insured person must gain by the existence of the item and suffer financially from its loss.


A policy that provides financial protection for your dependants when you die.


Amount added by the insurance company to the premium because there is a greater risk of a loss occurring. For example, a bungee jumper seeking health insurance.


The price (premium) charge for car insurance. A discount in return for not claiming on an insurance policy.


101


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