Lecture1.Insurance

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Slides from Lecture 1 - Insurance Module

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Lecture1.Insurance

  1. 1. Insurance – Lecture 1<br />Mark Griffin <br />
  2. 2. Insurance<br />Lecture 1<br />Why is there a need for insurance.<br />What are the main aims of Insurance<br />Risks that are not Insurable<br />
  3. 3. Why is there a need for Insurance?<br />The contract of insurance was developed by the<br />commercial world.<br />Offset the loss individuals and businesses may suffer through the occurrence of an unforeseen event.<br />
  4. 4. Insurance – Lecture 1<br />A contract of insurance may be in any form such as a deed, in writing or verbal.<br />In practice, such a contract is in the form of a ‘policy’ a written document. Stating the terms of the contract.<br />
  5. 5. Types of Policies ‘In General’<br />Life Assurance<br />Liability Insurance<br />
  6. 6. Insurance - Lecture 1<br />Life Assurance – insures against an event which must happen – i.e. Death.<br />Liability Insurance –insures against an event or events which may happen.<br />
  7. 7. Insurance - Lecture 1<br /><ul><li>Liability Insurance– Describes general types of insurance. (Motor, Health, Travel, Business, House & Contents Marine etc)</li></li></ul><li>What is the main aim of Insurance?<br /><ul><li>The main aim is to indemnify (compensate) the ‘ insured’ againstthe loss suffered when the event insured against (i.e. the Risk) occurs
  8. 8. In return for a fee (‘Premium’) the individual or business will be insured against the risk specified.</li></li></ul><li>Terms to remember<br /><ul><li>The Insurer
  9. 9. The Insured
  10. 10. Premium
  11. 11. Policy
  12. 12. Life Assurance
  13. 13. Indemnity
  14. 14. Liability Insurance</li></li></ul><li>Risks that are not Insurable<br />Act of God – e.g. hurricanes, natural disasters<br />War <br />Recurring Flooding or recurring anything – after awhile insurance companies may refuse cover.<br />

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