1. Insurance Personal Insurance

2. How insurance works PREMIUMS COMPENSATION INVESTMENTS EXPENSES INSURANCE

3. 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

4. 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

5. Premium Premium = Value x Rate 1,000 Loading Discount

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

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

8. Assurance Whole Life Assurance Endowment Assurance

9. Compensation Average = Insurance x loss Value

10. Documents Proposal Form Policy Renewal Notice Cover Note Claims form

11. Principles Utmost Good Faith Contribution Indemnity Subrogation Insurable Interest

12. 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

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