Business - Insurance

Protection against a loss you hope will not happen for example a car accident

Protection against a lot you know will happen

utmost good-faith indemnity insurable interest contribution subrogation

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

You cannot make a profit from insurance eg. you cannot insure your house for more than it is worth

When a risk is insured with two insurance companies, each insurance company will pay half of the compensation

You must benefit from its existence and suffer from its loss

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

third-party: third-party covers only the injuries or the damages to another person or their car. It does not cover the policyholder or their vehicle. third-party fire and theft covers everything as the third-party but covers the injured person vehicle if set on fire or stolen. Comprehensive - covers all damages and injuries, including the insured person

by law, all employees must pay employee PRSI. it entitles the worker to disability illness maternity or jobseekers benefit