5 - Types Of Insurance Flashcards

1
Q

What are 2 advantages of car insurance?

A

Meets legal requirements

Theft and damage protection

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2
Q

What are 2 disadvantages of car insurance?

A

High premiums

Very high excess

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3
Q

What are 2 advantages of home/contents insurance?

A

Protection against expensive damage

Inside and outside protection for contents

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4
Q

What are 2 disadvantages of home/contents insurance?

A

Premiums

Unique items can’t be replaced

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5
Q

What are 2 advantages of life assurance/insurance?

A

Provides peace of mind following bereavement

Low cover cost

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6
Q

What are 2 disadvantages of life assurance/insurance?

A

No pay out if you live past the time period

Whole life cover is much more expensive

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7
Q

What are 2 advantages of travel insurance?

A

Protection of personal items

Covers medical costs

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8
Q

What are 2 disadvantages of travel insurance?

A

An additional cost when travelling abroad

Likely to have to pay upfront and claim money back later

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9
Q

What are 2 advantages of pet insurance?

A

Avoid excessive fees

Eliminates affordability issues

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10
Q

What are 2 disadvantages of pet insurance?

A

Additional expense

May never need to be claimed if the pet is healthy

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11
Q

What are 2 advantages of health insurance?

A

Access to better healthcare

Some financial compensation provided when ill

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12
Q

What are 2 disadvantages of health insurance?

A

Expensive premiums

Further expense

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