Insurance

sarah.halton
Mind Map by sarah.halton, updated more than 1 year ago
sarah.halton
Created by sarah.halton almost 4 years ago
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Insurance
1 Types of insurance
1.1 Personal insurance
1.1.1 Medical insurance
1.1.1.1 Personal accident
1.1.1.1.1 PRSI
1.1.1.1.1.1 Salary protection
1.1.1.1.1.1.1 Travel insurance
1.2 Life assurance
1.2.1 Whole life
1.2.1.1 Term assurance
1.2.1.1.1 Endowment
1.3 Motor
1.3.1 3rd party
1.3.1.1 3rd party fire and theft
1.3.1.1.1 Fully comperhensive
1.4 Property
1.4.1 House insurance
1.4.1.1 House and contents/ all risks
2 Protection against something that might happen
2.1 assurance
2.1.1 Protection against something that will happen
3 Money to fix or replace an item that is damaged or stolen
3.1 Compensation is money that you get from the insurance company when you make a claim on your insurance
4 Insurable/noninsurable risks
4.1 not all items can be insured
4.1.1 Insurable interest: you must benefit from its existence and suffer from its loss
4.1.1.1 There must me people wanting to insure against the same thing
4.1.1.1.1 The insurance company needs to be able to calculate against the risk/chance of something happening
4.1.1.1.1.1 The amount of the loss should not be more than the insurance company is able to pay
4.1.1.1.1.1.1 The loss must be an accident not on purpose
5 Non insurable risks
5.1 Acts of nature
5.1.1 white goods
5.1.1.1 Businesses: products going out of fashion/bankrupcy
6 Exclusion causes
6.1 The insurance company will not compensate you for these things
7 Key words
7.1 Actuary: the person who calculates the premium
7.1.1 Assessor: the person who works out how much compensation should be paid
7.1.1.1 No claims bonus:Money off your premium for not claiming your insurance
7.1.1.1.1 Premium:the amount of money you pay for insurance
7.1.1.1.1.1 Loading: extra charge added onto your insurance as there is a higher risk
7.1.1.1.1.1.1 Policy; the written contract of insurance , it shows what is insured ,against what risk and for how much
7.1.1.1.2 Proposal form: application form for insurance
8 Methods
8.1 Insurance company
8.1.1 Insurance agent
8.1.1.1 insurance broker
9 Getting insurance
9.1 fill in proposal form
9.1.1 get insurance quote from various companies
9.1.1.1 when you choose, pay premium and they will give you a policy
9.1.1.1.1 keep safe
10 Questions on a proposal form
10.1 Car insurance: age,gender,car engine size,type of license,years of accident free driving,penalty points,value of car
10.1.1 Life assurance: occupation,hobbies,medical condition,smoker/drinker,history of illnesses
10.1.1.1 House insurance:value of house,value of contents,alarms,smoke detectors
11 Principles of insurance
11.1 Insurable interest
11.1.1 utmost good faith
11.1.1.1 always be honest and disclose all material facts
11.1.1.2 indemnity
11.1.1.2.1 you are not to make a profit from insurance
11.1.1.2.2 contribution
11.1.1.2.2.1 occurs when your item is insured by two insurance companies you cannot make profit so they will pay half each
11.1.1.2.2.2 subrogation
11.1.1.2.2.2.1 when you are compensated fully for an item,legal ownership of the item transfers to the insurance company
12 Average clause
12.1 applies when you under insure something
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