Insurance Personal Insurance. How insurance works PREMIUMS COMPENSATION INVESTMENTS EXPENSES INSURANCE.

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Presentation transcript:

Insurance Personal Insurance

How insurance works PREMIUMS COMPENSATION INVESTMENTS EXPENSES INSURANCE

People in Insurance Insurer = the insurance co. Insured = the person insured Broker = an agent for several insurance co. Actuary = determines the risk for the co. Loss adjustor = assesses the compensation for the co. Assessor = determines the amount of compensation for the insured

Risk Insurable Risk Car crash Non-Insurable Risk Clare to win the match 1.Has to be quantifiable 2.Loss cant be so great as to bankrupt the company 3.Has to be an insurable interest

Premium Premium = Value x Rate 1,000 Loading Discount

Types of Personal Insurance Car – TPFT / Comprehensive House Contents All Risks – specific valuable items Health Travel Assurance

Car Insurance 3 rd party, Fire & Theft Fully Comprehensive No-claims bonus

Assurance Whole Life Assurance Endowment Assurance

Compensation Average = Insurance x loss Value

Documents Proposal Form Policy Renewal Notice Cover Note Claims form

Principles Utmost Good Faith Contribution Indemnity Subrogation Insurable Interest

Calculate Premium House worth €250,000 Insured for €200,000 Quoted €4 per €1,000 Loading 10% on basic for flooding area Discount 5% for alarm

Calculate Compensation House worth €300,000 Insured for €200,000 Fire causes €60,000 worth of damage