Insurance

Insurance Match the work to the correct explanation. Insurance A written agreement between an individual and an insurance company. Proposal form An application form for insurance. Premium The fee paid by the insured for insurance. Insurance policy The insurance contract between the insurer and the insured. Certificate of insurance This document proves that an insurance policy exists between the insurer and the insured. Home insurance An insurance policy that cover a number of losses that is not required by law. Life assurance A policy that pays a sum of money to the policy holder's family in the event of their death. Fully Comprehensive insurance A policy that covered damage to the policy holder's own car and to the other derive's car in the event of an accident. Travel Insurance An insurance available to cover any losses suffered while out of the country, PRSI An income deduction that must be paid by law by all employees. PRSI Pay Related Social Insurance. Step 1 in applying for insurance Choose the right insurance company. Step 2 in applying for insurance The proposal form. Step 3 in applying for insurance The premium. Step 4 in applying for insurance The insurance documents. Insurable Interest The insured person much have a personal interest in the item that is being insured. Indemnity The insured person must not profit from the insurance. Utmost Good Faith The person must honestly provide important information about themelves and the item being insured when applying for insurance. Subrogation The insurance company can seek to recover the amount paid to an insured person in the event of a loss. Contribution If a person has insured the same item more than once with many companies, the insured person cannot claim the full amount for that item from all of the different insurance companies.