business pension stuff Flashcards
(16 cards)
a pension is,,,
a fund into which payments are made during a persons working life, and from which payments are later made to support them when they retire from work
a state pension
for anyone who has paid enough PRSI will be entitled to it, when they turn 66
some employers may also have a pension scheme.
money is deducted from the employers wages to pay for this this is called occupational (work) pension.
what is underinsurance
meaning the insured item has not been insured for its full value.
no claims bonus
discount on insurance premium
exclusions
specific items that are not insured
term policy
for a fixed time period usuallyt of a mortgage/loan if the insured person dies during term of
nsurance broker
helps households get the best type of insurance to suit their needss,s
proposal form
a form filled out by tthe person looking for insurance. it is like an application form.
principles of insurance
insurable interest
utmost good faith
indemnity
subrogation
contribution
insurable interest
to insure something you must benefit from its existence and suffer from its loss
utmost good faith
you must answer all questions truthfully and reveal all relevabt information when completeing a proposal form or claim form.
indemnity
the insured person should not profit from insurance
subrogation
once an insurance company has paid compensation for any insured item, the right of ownership of that item passes to the insurance company.
contribution
where the same risk is insured with more than one insurer, they will divide the claim between them
