12. Health and general insurance Flashcards

1
Q

Critical illness

A

for sickness
Paid on lump-sum
cancer, stroke ect.

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2
Q

Income protection insurance

A

Pays an income when there is an accident or illness

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3
Q

x6 Factors effect premiums

A
  1. Class risk
  2. age
  3. amount of benefit
  4. state of health
  5. medical history
  6. deferred period
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4
Q

reviewable premiums

A

start off low

reviewed in the future and increases

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5
Q

Guaranteed Premiums

A

guaranteed prems for life of policy

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6
Q

Deferred Period

A

The period that must elapse between the onset of the illness/injury that gives rise to the claim and the first payment of benefits

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7
Q

Proposer

A

The individual who is applying for cover under the insurance policy and will pay premiums.

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8
Q

Long Term Care Insurance

A

struggling to take care of elderly

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9
Q

Annuity

A

A financial product purchased with a lump sum, which then pays out a regular income

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10
Q

Immediate needs annuity

A

An annuity from which the benefits are used to pay for care needs that the insured already has.

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11
Q

Deferred needs plan

A

An investment designed to build up funds that can then be drawn on to pay for care needs as and when required

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12
Q

x5 General Insurance

A
  1. Property Loss
  2. Liability Loss
  3. Personal Loss
  4. Pecuniary Loss
  5. Interuption Loss
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13
Q

Indemnity

A

restored to original stats

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