Insurance Protection against a loss you hope will not happen



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Insurance



You must cover all possible risks.

  • You must cover all possible risks.

  • Eg. In household insurance: fire, theft, flood and accidental damage.

  • You must insure enough to cover full amount of loss.

  • Eg. If your house is worth €200,00 you must insure it for that value.





Insurable risk

  • Insurable risk

  • Things that can be insured.

  • Eg.

  • Houshold insurance; fire theft, damage.

  • Personal accident for a farmer.



Exclusion Clause:

  • Exclusion Clause:

  • Situations that cannot be insured.

  • Eg.

  • Household insurance:

  • A house situated near a river that is known to flood every year.



Policy Excess/Excess Clause:

  • Policy Excess/Excess Clause:

  • The insured person may have to pay the first €100 of the compensation themselves.

  • This is to reduce the number of small claims being made.

  • To make people more careful.



Proximate Cause:

  • Proximate Cause:

  • What is the exact cause of the loss.

  • Eg. was it fire or theft or flood?

  • ie. what actually happened?

  • This helps the insurer decide if compensation is due.



Compensation:

  • Compensation:

  • Is the money you get when you make a claim.



Insurable Interest

  • Insurable Interest

  • Utmost Good Faith

  • Indemnity

  • Contribution

  • Subrogation



In order to insure something you must benefit from its existence & suffer from its loss.

  • In order to insure something you must benefit from its existence & suffer from its loss.

  • Eg. You can insure your own house but you cannot insure your neighbours’s house.



You must tell all relevant information when filling out an application for insurance.

  • You must tell all relevant information when filling out an application for insurance.

  • Eg. If you have an illness you must tell the ins. co. as they may want to charge a higher premium or not insure you at all.



You cannot make a profit from insurance.

  • You cannot make a profit from insurance.

  • There is no point in insuring your house for more than it is worth as the ins. co. will only compensate you for the actual value of the house.



If a risk is insured with two insurance companies each will pay half of the compensation.

  • If a risk is insured with two insurance companies each will pay half of the compensation.

  • Eg: A ring insured with two ins. co.’s. for €1,000

  • Both will give ??

  • €500 each.



Passes the legal right of the insured over to the insurer to claim from a third party who caused the loss.

  • Passes the legal right of the insured over to the insurer to claim from a third party who caused the loss.

  • Eg. Whirlpool oven causes house to go on fire. Ins. co. pays compensation to insured and then seeks their own compensation from whirlpool.



Related to underinsurance and partial loss.

  • Related to underinsurance and partial loss.

  • If you only insure an item for a fraction of the value, you only get the same fraction compensation.



  • SUM INSURED x CLAIM = COMPENSATION

  • ACTUAL VALUE



Mary insured her house for €200,000.

  • Mary insured her house for €200,000.

  • The market value is €250,000.

  • A fire causes €10,000 worth of damage.

  • How much compensation will she receive???



  • 200,000 x 10,000 = 8,000

  • 250,000



Proposal Form

  • Proposal Form

  • Application form for insurance



Policy



Cover Note

  • Cover Note

  • Temporary policy

  • Used in car insurance, while you are waiting for insuracne disc



Certificate of Insurance

  • Certificate of Insurance

  • Proof of insurance



Claim Form



Broker

  • Broker

  • Gives advice on insurance

  • Sells insurance on behalf of lots of companies.

  • Eg:



Agent

  • Agent

  • Sell insurance for only one co.

  • Eg: FBD, Quinn Direct……..



Actuary

  • Actuary

  • Calculates insurance premiums



Loss Adjuster

  • Loss Adjuster

  • Calculates the value of the loss

  • Works for the insurance co.



Loss Assessor

  • Loss Assessor

  • Calculates the value of the loss

  • Represents the insured



Decide what risks you want covered. (ask a broker)

  • Decide what risks you want covered. (ask a broker)

  • Fill out proposal form. (ugf)

  • Pay your premium.

  • File your policy in a safe place.



Contact guards & ins. co.

  • Contact guards & ins. co.

  • Obtain estimates of lost/stolen items.

  • Fill out claim form. (ugf)

  • Talk to assessor and agree on compenstaion.





The cost of insurance

  • The cost of insurance

  • Money you pay to be insured

  • The higher the risk the higher the premium



Things that cause premiums to be high or low

  • Things that cause premiums to be high or low

  • Eg: In car insurance

  • No car accidents = lower premium

  • Under 25 male = higher premium



Extra premium for higher risk



Money taken off premium for a lower risk

  • Money taken off premium for a lower risk

  • Eg: In house insurance you get a discount for having an alarm



In car insurance you get a discount if you do not claim for any accidents the previous year

  • In car insurance you get a discount if you do not claim for any accidents the previous year

  • It encourages people not to claim for small amounts



The date you must have your premium paid by.

  • The date you must have your premium paid by.

  • Eg : 1/10/08



You may be given a few extra days to pay your premium

  • You may be given a few extra days to pay your premium

  • Not allowed in motor insurance







Pay Related Social Insurance.

  • Pay Related Social Insurance.

  • Statutory Deduction from you salary.

  • You will receive an income if you are out of work due to illness, disabiity, maternity leave…



In case you get sick or need an operation



Covers people who are injured due to an accident.

  • Covers people who are injured due to an accident.

  • Lump sum payment for loss of finger, sight, hearing etc.



Provides an income in case you can’t work due to illness.

  • Provides an income in case you can’t work due to illness.

  • Will provide you with a higher income than PRSI only.



  • Provides you with lump sum and income for your retirement.



Provides you with health care if you get sick on holidays.

  • Provides you with health care if you get sick on holidays.



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  • Older, smoker, risky job

  • Discount

  • Younger, non-smoker,

  • low risk job



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