Importance of Insurance for Businesses (Grade 12 NSC Matric Business Studies): Flashcards
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What insurance transfers to insurer
What insurance transfers to insurer
Business risks (in exchange for premiums)
Insurable interest definition
Insurable interest definition
Must prove genuine financial loss if item damaged/destroyed
Examples of insurable risks
Examples of insurable risks
Theft, fire, natural disasters, vehicle damage, injuries
Examples of non-insurable risks
Examples of non-insurable risks
War, fashion trends, illegal activities, tech obsolescence
Compulsory insurance meaning
Compulsory insurance meaning
Insurance legally required by government
UIF employer contribution rate
UIF employer contribution rate
2% of each employee's salary
UIF employee contribution rate
UIF employee contribution rate
1% of their salary
Min. work hours per month to qualify for UIF
Min. work hours per month to qualify for UIF
24 hours per month
RAF funding source
RAF funding source
Levies collected on fuel purchases
Who pays COIDA contributions
Who pays COIDA contributions
Only employers (employees make no contributions)