Flashcards
Topic 10 Dealing with Unexpected Events
Cards in this deck (18)
- 1Benefita government payment made to individuals who meet specific conditions to help them meet their living expenses.
e.g. the unemployed, unable to work due to care for a disabled person/ have a disability that meets the criteria - 2Budgeta plan of expected incomings and outgoings over a set time period e..g month
- 3Citizens Advicea charity providing free, independent, confidential and impartial advice on citizens' and consumers' right and responsibilities
- 4Frontinga fraudulent method of lowering car insurance costs by naming a person as the main driver on a policy when they are not.
- 5General insurancea broad category of insurance that provides protection against financial losses associated with events such as car accidents (motor insurance) and vet bills 9pet insurance)
- 6Health Insuranceproducts used to protect against the financial loss of being too unwell to work or being diagnosed with a critical illness
- 7Inheritancethe property, money, etc passed from one person to another upon death
- 8Insurance certificatea document issued by a provider that verifies the existence of coverage for the policyholder, and offers a summary of the cover given
- 9Life coverproducts designed to protect other people from the financial consequences of someone's death. aka: life assurance
- 10Money Advice Servicea consumer information service set up by the government to help people make informed financial decisions
- 11No claims discounta discount on the insurance premium that builds up for each year a person does not make a claim
- 12Pension Policya product that enables people to save money for their retirement
- 13Premiumthe price of an insurance policy, based on factors including
-likelihood of event occurring
-amount of money needed to rectify the situation should the event occur
-the Term the policy will be in force
-payment plan of premium e.g. monthly intervals - 14Redundancylosing a job because the business no longer needs,wants or can afford that job to be done; it is related to the needs of a business and not to how well or badly an individual does their job
- 15Sum insuredthe maximum amount an insured provider will pay out
- 16Third party insuranceinsurance that covers damage that the policyholder causes to someone else ( the third party) or to their property but does not cover the policyholder for any injury or loss that they suffer themselves
- 17Voluntary excess=the amount paid on any claim by the policyholder before the insurance company will pay anything.
- 18Compulsory excess[voluntary excess +] : usually set up by the insurance company but consumers can opt for a higher voluntary excess for a lower premium
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- Flashcards on Topic 10 Dealing with Unexpected Events, created by Dawn S_akura on 27/12/2016.
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- Dawn S_akura
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