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Junior Cert Business Studies Insurance

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Irish Junior Certificate Notes on Insurance

Irish Junior Certificate Notes on Insurance


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  • Reynolds, F. (2004) You’re in Business – The Complete Textbook For Junior Certificate. Dublin: Gill & Macmillan.
  • http://www.eaglestar.ie/ex00.asp?DOC=forms1/Motorstar%20Private%20Motor%20Proposal%20Form.pdf
    http://www.eaglestar.ie/ex00.asp?DOC=forms1/Home%20Insurance.pdf
  • Reynolds, F. (2000) Get into Business – The Complete Textbook for Junior Certificate. 2nd ed. Dublin: Gill & Macmillan.
  • Reynolds, F. (2000) Get into Business – The Complete Textbook for Junior Certificate. 2nd ed. Dublin: Gill & Macmillan.
  • Reynolds, F. (2000) Get into Business – The Complete Textbook for Junior Certificate. 2nd ed. Dublin: Gill & Macmillan.
  • Transcript

    • 1. Insurance Ms. Tiernan
    • 2. Insurance “Insurance is a service people can purchase that compensates them for a financial loss” (www.skoool.ie) Ms. Tiernan
    • 3.  The person who wants to be insured pays a premium  Premium will be higher if loadings are added e.g. if you were in a 2 crashes last year the risk of it happening again will be higher)  Premium will be lower if deductions are applied e.g. if you travel less than 15,000 km per year there’s less chance of you crashing  In return the insurance company promises to pay compensation if a financial loss occurs Ms. Tiernan
    • 4. Risks  Risks are insurable when: Person taking out insurance gains financially from its existence & suffers from its loss The loss is accidental There are a large number of similar risks being insured against Possible loss is not so large as to ruin the insurance company Ms. Tiernan
    • 5. Forms  Proposal Form – Completed when taking out insurance  Sample  Proposal Form Claims Form – Completed when making a claim for compensation  Sample Claim Form Ms. Tiernan
    • 6. Ms. Tiernan
    • 7. Ms. Tiernan
    • 8. Principles of Insurance  3 main principles govern insurance Insurable Interest Utmost Good Faith Indemnity Ms. Tiernan
    • 9.  Insurable Interest – Person who wants to take out insurance must gain financially from existence of what's being insured and suffer from its loss Ms. Tiernan
    • 10.  Utmost Good Faith – Person applying for insurance must truthfully answer all the questions  Failure can result in insurance being worthless Ms. Tiernan
    • 11.  Indemnity – The insured person cannot make a profit from insurance – Two sub-principles: Principal of Contribution – If same risk insured by two or more insurance companies compensation is shared between them Principal of Subrogation – Once insurance company pays out compensation it becomes the owner of the item insured Note: Underinsurance e.g. if you insure your house for €100,000 but it was actually worth €150,000 you will only receive the €100,000 if it’s burned down Ms. Tiernan
    • 12. Types of Insurance taken out by households  Personal Insurance  House Insurance  Life Assurance  Motor Insurance e.g. Third Party Comprehensive Ms. Tiernan
    • 13. Types of Insurance taken out by businesses  Fire Insurance  Employers’ Liability Insurance  Product Liability Insurance  Burglary Insurance Ms. Tiernan
    • 14. Types of Insurance taken out by businesses continued  Public Liability  Motor Insurance  Glass & Business Signs Insurance  E-commerce Insurance Ms. Tiernan
    • 15. Insurance People  Actuary – Calculates the insurance premium  Assessor – Calculates compensation to be paid Ms. Tiernan
    • 16. Practice calculating insurance premiums! Ms. Tiernan