1. Insurance

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

3. 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

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

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

6. 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

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

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

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

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

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