12. Health and general insurance Flashcards
Critical illness
for sickness
Paid on lump-sum
cancer, stroke ect.
Income protection insurance
Pays an income when there is an accident or illness
x6 Factors effect premiums
- Class risk
- age
- amount of benefit
- state of health
- medical history
- deferred period
reviewable premiums
start off low
reviewed in the future and increases
Guaranteed Premiums
guaranteed prems for life of policy
Deferred Period
The period that must elapse between the onset of the illness/injury that gives rise to the claim and the first payment of benefits
Proposer
The individual who is applying for cover under the insurance policy and will pay premiums.
Long Term Care Insurance
struggling to take care of elderly
Annuity
A financial product purchased with a lump sum, which then pays out a regular income
Immediate needs annuity
An annuity from which the benefits are used to pay for care needs that the insured already has.
Deferred needs plan
An investment designed to build up funds that can then be drawn on to pay for care needs as and when required
x5 General Insurance
- Property Loss
- Liability Loss
- Personal Loss
- Pecuniary Loss
- Interuption Loss
Indemnity
restored to original stats