General Insurance Products Flashcards
Liability insurance types
Provides indemnity where the insured, owing to some form of negligence, is legally liable to pay compensation to a third party
May be an excess and/or a maximum level of cover
Main types:
Employer’s liability - perils include accidents at the workplace due to negligence of the employer or employee, exposure to harmful substances/working conditions
Motor third party liability - perils include motor accidents caused by the insured
Public liability - perils depends on type of policy (eg. dog bite, falling object)
Product liability - perils include faulty design, manufacture, packaging and misleading instructions
Professional indemnity - perils depend on profession
Property damage insurance
Characteristic: Indemnify the insured against loss of, or damage to, their own material property
May be excess available and/or maximum level of cover
Main types:
Residential building - perils include fire, explosion, lightning, theft, storm, flood
Moveable property - perils include theft, other perils as per buildings insurance
Commercial building - perils include fire, explosion, lightning, storm, flood
Land vehicles (eg. car) - perils include accidents, damage, theft
Marine craft - perils of the sea, fire, jettison（为摆脱重量的丢弃）, explosion, piracy
Aircraft - similar perils to marine craft but air based
Financial loss insurance
Pecuniary loss - perils include bad debts or failure of third parties, includes mortgage indemnity guarantee insurance
Fidelity insurance - perils includes dishonest actions by employees, such as fraud and embezzlement (挪用公款）
Business interruption insurance - perils include fire in the insured’s own property or in a neighboring property
Fixed insurance benefits
Not indemnity based
Main types:
Personal accident - perils include loss of limb or other specified injury from an accident
Health - perils include the need for treatment in hospital
Unemployment - perils include redundancy (policyholder being redundant in the workplace)
