@ Insurance

Question 1

List types of Insurance

Answer 1

• Car insurance
• Life insurance and assurance
• Pet insurance
• Home and contents insurance
• Travel insurance
• Health insurance

Question 2

Ad of Car insurance

Answer 2

• Satisfies the legal requirement for car owners to have insurance
• Can build up no claims bonus

Question 3

Dis of Car insurance

Answer 3

• Expensive for new or young drivers

- Policy excess can add to costs in the event of a claim

Question 4

Ad of Life insurance and assurance

Answer 4

• Payout may be larger than the total amount of premiums paid
• Provides peace of mind to family

Question 5

Dis of Life insurance and assurance

Answer 5

• Pre-existing medical conditions may not be covered

- Cover taken on a whole life basis “assurance” is much more expensive

Question 6

Ad of Pet insurance

Answer 6

• Avoids excessive vet fees

- Can avoid having to make difficult decisions about treatment on the basis of affordability

Question 7

Dis of Pet insurance

Answer 7

• Vaccinations are not covered

- May never recover the true value of the policy if the pet is fit and well

Question 8

Ad of Home and contents insurance

Answer 8

• Protects against damage that may otherwise be too expensive to repair and would result in the loss of a home
• Contents are protected both inside and outside of the home

Question 9

Dis of Home and contents insurance

Answer 9

• Some items cannot be replaced due to value beyond their financial worth e.g photographs
• Premiums are an additional expense to homeownership

Question 10

Ad of Travel insurance

Answer 10

• Provides protection to personal belongings when away from home
• Covers medical costs when on holiday

Question 11

Dis of Travel insurance

Answer 11

• High-risk sporting activities usually require an additional premium
• Pay-outs may not cover the full amount of the financial loss

Question 12

Ad of Health insurance

Answer 12

• Covers some or all private medical costs with convenient treatment times
• Some compensation is provided when ill which can reduce the financial burden and stress during a period of illness

Question 13

Dis of Health insurance

Answer 13

• Pre-existing medical conditions are not covered

- A further expense on something that you hope you will not use

Question 14

Car Insurance

Answer 14

To cover theft and accidents- there is a legal requirement to insure any car that is on the road and this protects the driver, passenger, and other road users

Question 15

Home Insurance

Answer 15

Covers the physical building against events like a fire or flood damage.

Question 16

Flood damage/Contents Insurance

Answer 16

Covers the physical items inside the house and when they are used away from home

Question 17

Life Assurance Insurance

Answer 17

An ongoing policy to pay a lump sum upon death

Question 18

Life Insurance

Answer 18

A policy for a set period of time (e.g mortgage term) to pay a lump sum if you die within that period

Question 19

Travel Insurance

Answer 19

Protects individuals or groups while abroad. Cover usually includes illness, loss or theft of property, cancellation and emergencies up to pre-determined limits

Question 20

Pet Insurance

Answer 20

Protects owners of pets against some or all of the expenses associated with treating an injured or sick animal e.g vet fees

Question 21

Health Insurance

Answer 21

Covers individuals, families, or employees against medical expenses including assessments, treatment, and loss of earnings. In the UK, this can pay for private treatment or payment plans for routine visits e.g to the dentist