types of household insurance. distinguish between insurance protection against a loss you hope will...
TRANSCRIPT
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Types of Household Insurance
Types of Household Insurance
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Distinguish between • Insurance• Protection against a loss you hope
will not happen.
• Eg. car accident.
• Assurance• Protection against a loss you know
will happen.
• Eg. death.
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1. Life Assurance2. Home Insurance3. Motor Insurance
4. Personal Insurance
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Motor Insurance• Any person who operates a motor
vehicle must BY LAW take out motor insurance.
• The premium payable depends on various things such as:
• Drivers age -Size of car engineaddress
• Type of license - Previous accidents
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• Insurance company’s offer a reduction in the premium each year if the insured has made no claims during the previous year. This is known as a no claims bonus.
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No Claims Bonus• In car insurance you get a
discount if you do not claim for any accidents the previous year
• It encourages people not to claim for small amounts
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There are two types of motor insurance:• Third party, fire and theft- This is the minimum motor insurance
required.- If you have a car accident, the
insurance company will only cover the damage done to the other car (the third party)
- They will not pay for the damage to your car or any injury you have suffered.
- However, they will compensate you if your car is stolen or is damaged by fire.
•
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The second type of Motor Insurance is:
• Comprehensive- Most expensive car insurance.- The insurance company covers
everything, to all those who have suffered injury or damage, including the insured person who caused the accident.
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Types of Personal Insurance
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Medical Insurance• In case you get sick or need
an operation.
• The cost of your stay and medical care will be covered by insurance
• Eg: VHI • Voluntary Health Insurance
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Personal Accident Insurance
• Covers people who are injured due to an accident.
• Lump sum payment for loss of finger, sight, hearing etc.
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PRSI • Pay Related Social Insurance.
• Statutory Deduction from you salary.
• You will receive an income if you are out of work due to illness, disabiity, maternity leave…
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Salary Protection• Provides an income in case
you can’t work due to illness.
• Will provide you with a higher income than PRSI only.
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Holiday/Travel Insurance
• Provides you with health care if you get sick or have an accident on holidays.
• It also covers things like, lost baggage, delays, loss of money, emergency return home.
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Risk Effects for Personal Insurance
Loading • Older, smoker, risky job
Discount• Younger, non-smoker, low risk job