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3rd year TERM 1 revision

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  • What is the unemployment rate in Ireland
    4.7%
  • In this stage individuals are typically focused in education, starting a career and building financial foundations
    independent
  • Explain flexitime
    Means an employee can start and finish work at a time that suits them as long as they do the hours stated in their contract
  • What is an exclusion
    specific items or risks that are not insured
  • Give 2 rewards of work
    help achieve goals, develop skills and talents, satisfaction, self esteem, social skills, opportunity to travel, wages.
  • True or false: employers are people who work for someone else in return for a payment
    false
  • What does insurable interest mean
    To insure something you must benefit from it’d existence and suffer financially from its loss.
  • What is an insurance write off
    The cost of repairing the damaged item is greater than the items replacement value
  • What is a premium
    the amount paid by the insured person to an insurer in return for providing insurance cover for a particular risk
  • What is work
    any productive activity that requires effort
  • True or false: in the independence stage people will be thinking about caring for aging parents
    fasle
  • What is a source of finance in the dependent stage - name 2
    support from parents, child benefit, part time work, gifts, pocket money, grants
  • Give an example of a job where job sharing is commonly done
    Teachers
  • True or false: in the retirement stage people will be thinking about adjusting their insurance for increased risks
    true
  • What is a pension
    A pension is a fund into which payments are made during a persons working life, from which payments are later made to support a person when they retire
  • What is a material fact
    anything that is likely to change the decision to grant insurance or to affect the level of premium charged,
  • What is teleworking
    working from home
  • Give an example of work you could do at home
    cutting lawn, dishwasher etc
  • What is the most expensive type of motor insurance
    comprehensive
  • What is the second to last stage of the financial life cycle
    pre retirement
  • True or false: critical illness cover covers me in the event of an accident
    false
  • Name the 5 principles of insurance
    Insurable interest, utmost good faith, indemnity, subrogation, contribution
  • Explain job sharing.
    2 employees together make up one working week in a particular role. They share the hours, workload & pay
  • What is a personal financial lifecycle
    it shows the changing financial needs a person will have at each stage of their life
  • What is an asset
    something of value that you own
  • What is an example of a loading
    Penalty points, older driver, new driver, thatch roof, bad area etc
  • What is an estate
    it is made up of everything you own.
  • In what stage would people be thinking about starting a pension
    independence
  • What is fixed term employment
    the employment finishes when the contract term ends
  • Name 3 needs/ wants in the pre retirement stage
    food, clothes, mortgage repayments, travel, maintaining lifestyle
  • What are casual employees
    they are on standby to do work as required without fixed hours
  • True or false: all people have the same needs, wants and priorities
    False
  • True/false : cutting the lawn is an example of volunteerism
    False
  • What does utmost good faith mean
    you must answer all questions truthfully & reveal all relevant information when completing a proposal or claim form.
  • True or false: in the developing stage people will be thinking about repaying student loans
    false
  • People in this stage are in their teens
    dependent
  • What does SMART stand for
    specific, measurable, attainable, realistic and time bound
  • Benefits of volunteering to society/ economy
    Communities improve, reduce social isolation, reduces financial burden, get things done
  • What is the labour force
    all Those people of working age who are wiling and able to work for payment
  • What is a no claims bonus
    a discount in an insurance premium. It rewards the insured party for not making any claims on the policy
  • How many hours do full time employeees work
    35 or more
  • What is the 3rd stage in the financial life cycle
    development/growth
  • What is the last stage in the financial life cycle
    retirement
  • What does the principle of subrogation mean
    once an insured company has paid compensation for any insured item, the right of ownership of that item passes to the insurance company
  • What does the principle of contribution mean
    where the same risk is insured with more than one insurer they will divide the cost of the claim between them.
  • Give 2 reasons why people might volunteer
    passion, want to give back, they have time, they have a skill, they enjoy the work
  • What does the principle of indemnity mean
    you cannot profit from insurance. You must be put back into the same financial position you were in before the loss occurred
  • Name the 5 stages in the financial lifecycle
    Dependence, independent, development, pre retirement, retirement
  • True/false Collecting donations is an example of employment
    False
  • What does PRSI stand for
    pay related social insurance
  • True or false: volunteering is a work. That requires effort
    fasle
  • What does it mean to be unemployeed
    members of the labour force who cannot find work are classified as unemployed
  • What is a will
    a legal document containing instructions for what should be done with money and property after death
  • What benefits does PRSI give me (name 2)
    Maternity benefits, job seekers, illness, disability, dentist, eye test
  • Name 3 factors that impact your financial life cycle
    employment status, age, number of dependents, health status, economic outlook, marital status
  • What is compensation
    it is a financial payment made to an insured person if they suffer an insured loss
  • What insurance is compulsory by law
    motor
  • True or false: a part time employee works up to 31 hours a week
    false
  • Name the two types of home insurance
    Buildings cover and content cover
  • Which life assurance cover pays a guaranteed amount on a specified date or if it occurs sooner on the death of the insured person
    Endowment policy
  • What does it mean to be self employed
    they work for them selves. They may receive a wage and take their income from profits they make
  • True or false: 3rd party fire and theft covers my car if i crash it into someone else
    False
  • Give 2 benefits of volunteering for the organisation
    brings news skills, benefit from having passionate people, non paid workers, ambassadors
  • True or false: whole life policy is for a fixed time period usually the duration of a loan or mortgage
    False
  • What is employment
    work for which a person receives a payment
  • What is the 2nd stage in the financial life cycle
    independence
  • True or false: mortgage protection insurance protects me in the event of death during mortgage repayment term. The policy will repay my mortgage
    true
  • People in this stage are in their 30s to 50s
    development/ growth
  • What does an insurance broker do
    helps households and individuals to get the insurance that best fits their needs & budget
  • In what stage would people be thinking about children’s education costs
    developing stage
  • Give 2 benefits of volunteering to the individual volunteer
    Chance to learn a new skills, can lead to paid work, shows initiative, chance to make new friends, improve social skills, satisfaction
  • True or false: An Agent works with multiple companies
    False
  • What is an insurance policy
    it sets out details of the types of losses covered and the amount of compensation to be paid.
  • What is a source of finance for the retirement stage - name 2
    pension, savings, investment, endowment policies, sale of assets
  • This stage is characterised by the highest level of income
    pre retirement
  • What is a loading
    an extra amount added to the basic premium to cover increased risk
  • What is a policy excess
    the amount the insured person must pay for any loss or damage to the insured item. The insurance company pays the rest
  • In what stage would people be making a will
    retirement
  • Name 3 needs/wants in the developing stage
    food, clothes, renting, marriage, children, car, holidays
  • What is the first stage in the financial life cycle
    Dependence
  • Explain volunteering
    when people carry out some work of activity without payment for their time & effort
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