CIP 01Chapter1 Flashcards
In order list the most popular non life insurance premiums sold in Ireland.
Motor, Property, Liability
How many people are employed by the insurance sector Ireland
28,000
When will the state act as an insurer?
1.When the insurance market is unable or unwilling to provide insurance.
2.It acts as an insurer for many of its own risks i.e. for government bodies who don’t have conventional insurance
What is a distribution channel?
The means through which insurance companies sell their products to customers.
Name four types of distribution channels?
Direct Insurance
Insurance Intermediary
An Post
Building Societies
Price comparison websites
Travel Agents
What is Reinsurance?
The insurance of an insurance company
What are the main types of reinsurer?
Specialist Reinsurers
Llyods Syndicates
Insurance companies that also act as reinsurers
Name the primary roles of reinsurers
securing business from insurers
Placing business with reinsurers
Serving and maintaining the business
Why would someone take out private health insurance?
High Costs of medical treatment, long waiting lists, the belief that the public system is inadequate,it is paid for by the employer.
What is an open membership undertaking?
A private health insurer that must cover any customer that seeks to take out cover.
How many open membership undertakings are there in ireland?Name them.
Four. Irish life health, Laya Healthcare, VHI Healthcare, Hospital Saturday Fund Health Plan
What is a restricted membership undertaking?
Schemes where membership is restricted to employees and their dependants of a certain organisation.
What Act regulates the restricted membership undertakings?
Health insurance acts 1994-2018
What is the purpose of insurance ireland?
To represent and advocate Irish Life and non-life insurers
Explain the DCA agreement
This agreement ensures If someone has been declined motor insurance at least three times then they are entitled to a quote from a designated insurance company.
