Insurance. Key terms  False economy  Questioning periodic payments, that are not compulsory  something better to spend money on  BUT if a loss did.

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Presentation transcript:

Insurance

Key terms  False economy  Questioning periodic payments, that are not compulsory  something better to spend money on  BUT if a loss did occur it would cost more to put things right

Key terms  Insurance broker?  Works for themselves and sells insurance on behalf of a number of insurance companies  Insurance agent?  Employed by an insurance company and sells insurance to members of the public on behalf of the company

Key terms  Proposal form  The application form for insurance  Contains questions relating to the person taking out insurance  Premium  The fee paid for insurance

Key terms  Days grace  Extra days added to insurance policy  Actuary  Person who calculates the premiums for insurance companies

Types of insurance?  Business  House

Types of household insurance  Life assurance  Home insurance 1. Buildings 2. Contents  Motor insurance 1. Compulsory 2. Third party 3. Comprehensive

Types of household insurance  Personal insurance 1. Medical health 2. Salary protection  Travel insurance 1. Loss of money, baggage

Types of business insurance  Peppa  Pig  Flys  Blue  Train  Everyday

Types of business insurance  Fire 1. All risks  Loss or damage to a firms property by fire, lightning, burst pipes, flooding etc. 1. Consequential  Covers the business against loss of profits when the business is not in operation due to damage being repaired

Accident  Product Liability  Covers the business against compensation to be paid to a member of the public who are injured as a result of a faulty product

Accident  Fidelity guarantee  Covers the business against loss of income due to the fraud of an employee

Accident  Public liability  Covers the business against compensation that must be paid to a member of the public injury/killed on the firms property

Accident  Burglary/Theft  Covers loss or damage suffered through theft of stock, cash other valuables

Accident  Transit  Covers against loss or damage suffered while stock or cash is in transit

Accident  Employers liability  Covers the company against compensation involving employees injured/killed during the Corse of their work

The rules of insurance  Insurable interest 1. Suffer financially not sentimentally 2. E.g. race dog  Utmost good faith 1. Answer questions on proposal form truthfully 2. Include material facts 3. Cancel insurance

Rules of insurance  Indemnity 1. Same financial state 2. Not make profit  Subrogation 1. Compensation for lost or stolen goods 2. E.g. clothes  Contribution 1. Only get compensated once

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