1. Never again! Insurance and how to avoid holiday horrors!

2. Learning Objectives
To know that certain types of insurance are a legal requirement and that others are voluntary
To know what steps to take if we become victims of financial fraud, theft or damage to property

3. What is insurance?
Buying insurance can protect individuals, families and businesses against certain financial risks when something unexpected happens.
Paying out money to other people e.g. in the case of an accident
Losing money
Replacing items that have been damaged or stolen

4. Are we legally required to have insurance?
There are two areas of insurance that we are legally required to have in the UK:
Motor Insurance
If you own a vehicle you are legally obliged to have motor insurance. Even if you do not use your vehicle you are still required to insure it, unless you officially declare it off the road.
Business Insurance
The only type of business insurance that is mandatory under UK law is employers’ liability cover, which is a legal requirement for most businesses that employ staff even on a casual basis.
Other types of insurance are advised but not legally required.

5. Domestic insurance House and home contents Pet Life/Health Travel Car
What sort of things do people insure for their home and family lives?
House and home contents
Pet
Travel
Car
Life/Health

6. Task 1: Travel Insurance
Why is travel insurance important?
What can happen if you are not insured?

7. Task 2: The Balinski Family
Are they covered by their travel insurance?
What extra costs might they have to pay?
Which of these holiday horrors are covered by travel insurance?
Are holidaymakers legally required to have insurance?

8. To insure or not insure? How important is being insured?
What insurance will you be considering as you make decisions about your future e.g. buying a car, travelling or living independently?

9. Today we have learned…
To understand the role insurance can play in maintaining our financial and emotional security and that of others around us
To understand the need to ensure that financial transactions are secure and that we are all responsible for the security of our personal belongings and financial information