22 Questions
What is the basis of an insurance fee?
Level of risk and value of the item, including loadings
What is a cover note?
A temporary document issued by the insurance company
What is the role of an assessor in the claims process?
To assess the damage and decide on the amount of compensation
What is the principle of insurable interest?
The policyholder must benefit from the existence of the item and suffer from its loss
What is the principle of utmost good faith?
The policyholder must disclose all relevant information on the proposal form
What is the principle of indemnity?
The policyholder can only be compensated for the value of the item at the time of the loss
What is the principle of subrogation?
The insurance company is entitled to take possession of the item involved in the claim
What is one way that insurance companies settle claims?
All of the above
Which type of insurance provides financial protection if a fire causes a major financial loss in a factory?
Consequential loss
What type of insurance payout is given to a beneficiary when the insured individual dies?
Life assurance
Which insurance compensates for harm or loss due to the use of a firm's product?
Product liability insurance
What's the main role of an insurance broker?
Identifies insurable risks and gives insurance advice
What does mortgage protection insurance cover?
Covers a mortgage if the person dies without paying it off
During the insurance process, what is the proposal form used for?
As an application for insurance
What does property insurance typically cover in a business setting?
Fire, flood, burst pipes, and theft
What is a legal requirement for any vehicle used by a business?
Motor tax
Which insurance provides compensation for workers unable to work due to illness?
Health insurance
What type of insurance protects a business against a loss of a valuable staff member?
Key person insurance
Which insurance covers items like cash and valuables while on the premises and in transit from business to bank?
Property insurance
Why might a business choose to have public liability insurance?
To protect against accidents injuring the public
What does fidelity guarantee insurance protect against?
Employee fraud or dishonesty
What is PRSI and what does it cover?
Compulsory insurance for unemployment benefit, pensions, and maternity benefit
Learn about the concept of insurance, its importance for businesses and households, and how it provides financial protection against losses. Understand how insurance can be a legal requirement for businesses and provide peace of mind for households.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
