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Details Information of Insurance

What is  Insurance ?

Insurance is a way of protection from monetary loss. It’s miles a shape of hazard control, commonly used to hedge towards the hazard of a contingent or unsure loss.

An entity which provides coverage is known as an insurer, insurance company, coverage carrier or underwriter. Someone or entity who buys coverage is known as an insured or as a policyholder. The coverage transaction entails the insured assuming a assured and regarded extraordinarily small loss within the form of fee to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a protected loss. The loss may additionally or won’t be financial, however it must be reducible to financial terms, and generally involves some thing wherein the insured has an insurable interest established through ownership, possession, or pre-current dating.

Types of insurance:

  • Unclaimed life insurance policies
  • Home insurance
  • Motor insurance
  • Mortgage protection insurance
  • Personal Injuries Assessment
  • Travel insurance
  • Private health insurance

Unclaimed life insurance policies:

The Unclaimed life insurance policies Act 2003 calls for coverage businesses to become aware of and phone the proprietors of unclaimed existence insurance policies. If the owners can’t be traced, the proceeds of the policies could be transferred to the Dormant bills Fund, which is controlled by way of the national Treasury control company.

The contents of the Dormant bills Fund are invested and the excess dispensed by using the Dormant debts Disbursement Fund for use on programmes or initiatives to help humans with disabilities and those who are economically, socially or educationally disadvantaged.

Home insurance:

You are not obliged by law to insure your home but if you have a mortgage, most lenders will insist that your house is appropriately insured. In general, your insurance should cover contents as well as the structure of your home. The CCPC has detailed information on home insurance.

Motor insurance:

It is a legal requirement to have motor insurance if you want to drive your car in a public place and you must produce a current Certificate of Insurance to pay motor tax. Failure to have motor insurance when driving is a very serious offence and drivers will incur fines, penalty points and may be disqualified from driving.

Motor insurance is about protecting other road users as opposed to the driver of the insured vehicle and it is not an optional extra. Insurance companies provide motor insurance and unlike road tax, there is no such thing as a “standard” rate.

Traditionally, gender has been one of the factors that insurance companies consider when calculating risk. Arising from a ruling on a case brought before the European Court of Justice, since 21 December 2012 insurance companies can no longer quote a different price for motor insurance based on gender. Further information on the introduction of unisex insurance is available on the Department of Justice and Equality’s website.

Young drivers represent a high risk for insurers and the cost of motor insurance in this age group is considerably higher than for others both in Ireland and throughout the European Union (EU).

There are a number of things young drivers can do to reduce the cost of motor insurance:

  • Join a parent’s insurance as a named driver as early as possible. This will enable you to establish a safety record, which is crucial when you want to apply for insurance in your own name. Some companies offer discounts to young people seeking insurance in their own name if they have been a named driver.
  • Get a full licence as soon as possible. Having a full licence will reduce the cost of your insurance premium considerably. Savings vary, but it is possible for a young driver to save a vast amount on the cost of his or her insurance premium simply by having a full driving licence.
  • Choose a car with a relatively small engine, as less powerful cars are cheaper to insure.
  • Drive carefully. The best way to reduce the cost of your motor insurance is to build up your no claims bonus.

Mortgage protection insurance:

When taking out a mortgage, you need to consider how it will be paid off in the event of your death and you will generally be required to take out mortgage protection insurance. You may also consider how to continue repayments if your income falls, due to illness, unemployment or other reasons. You can find out more about insurance protection on mortgages.

Personal Injuries Assessment:

The Personal Injuries Assessment Board (PIAB), is an independent statutory body set up under the Personal Injuries Assessment Board Act 2003. All personal injury claims in Ireland (except for cases involving medical negligence) must be submitted to PIAB.

PIAB provides an independent assessment of personal injury claims for compensation following road traffic, workplace or public liability accidents. Where the person you hold responsible (the respondent) does not consent to PIAB assessing your claim for compensation, PIAB will allow you to pursue your claim through the courts.

Claims through PIAB are assessed on average within 7 months of the respondent consenting. Personal injury claims through litigation (that is, the courts) can take up to 36 months (3 years).

Claims are assessed using the medical evidence you provide from your doctor and, if necessary, a report provided by an independent doctor appointed by PIAB. The assessment of the damages due is made having regard to the particular injuries you sustained and your circumstances. Guideline amounts for compensation in respect of particular injuries are set out in the Book of Quantum. PIAB provides useful FAQ about making a personal injury claim.

If the respondent does not agree to an assessment by PIAB or if either side rejects PIAB’s award, the matter can then be referred to the courts.

Under Section 17 of the 2003 Act, if your injury consists wholly or in part of psychological damage which would be difficult to assess by means of PIAB’s assessment procedures, PIAB may give you permission to pursue your claim through the courts without an assessment of your claim.

Travel insurance:

Travel insurance can cover you if you become ill or have an accident while you are on holidays or travelling. If you are travelling within the EEA or Switzerland, you should have a European Health Insurance Card which allows you to access health care services. In general, travel insurance should supplement the services available to people with a European Health Insurance Card. You can find out more about travel insurance and other health issues when travelling abroad.


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Private health insurance:

Health insurance is used to pay for private care in hospital or from various health professionals in hospitals or in their practices. The arrangements vary from one company to another but most companies have agreements with hospitals that the company will pay the hospital directly. In general, for outpatient costs you pay the health professional and then claim from the health insurance company. You should check with your own company as to exactly what procedures they use.

Health Insurance Authority

The Health Insurance Authority (HIA) is the independent statutory regulator for the private health insurance market in Ireland. It monitors the operation of health insurance business in Ireland and advises the Minister for Health in this regard, including assessing the effect of any regulations or new legislation on consumers. The HIA aims to ensure that consumers are aware of their rights and that policies and publicity material describe cover in a fair and comparable way. The Authority also reviews the appropriateness of the procedures used by insurers in their dealings with consumers.

The Health Insurance Authority has useful publications called My Rights, My Choices and Selecting a Private Health Insurance Product. You can read them online or request a hard copy.

You can also compare the benefits and prices of different health insurance products using their product comparison tool.

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