Insurance. Types of household insurance  Life assurance  Home insurance  Motor insurance  Personal insurance  Travel insurance.

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Presentation transcript:

Insurance

Types of household insurance  Life assurance  Home insurance  Motor insurance  Personal insurance  Travel insurance

Life assurance  If the insured person dies the insurance company will pay a large sum of money to the family  Main income earner dies  Bills

Life assurance  Savings  ‘endowment assurance policies’  Large sum before they reach a certain age

Surrender value  Value of a life insurance policy when it is cashed  Longer the policy is in operation the larger the lump sum

Temporary (term) insurance  Specific period only  Borrow money, to cover the repayment loan should they die before it has been fully repaid  Ensures family debt free

Home insurance  Building  Contents  Cost directly linked to value of house and contents

Motor Insurance  Compulsory  Premium – age, type of license etc.  Incentive?  No claims bonus

Two types of motor insurance  Third party, fire and theft  Comprehensive

Third party, fire and theft  Minimum insurance required by law  Only covered other cars damage  Will compensate against fire and theft

Comprehensive  Most expensive  Covers damage to all suffered injury or damage

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