Insurance

Question 1

What is insurance?

Answer 1

Insurance offers (financial) protection against possible loss and tries to put the insured person back in the same financial position that they were in before the loss occurred.

Question 2

What is an insurance write off

Answer 2

An insurance write-off means that the cost of repairing the damaged item is greater than the item’s replacement value.

Question 3

Motor insurance?

Answer 3

Motor insurance is compulsory in Ireland. This means that it is required by law and it is a criminal offence to drive without motor insurance.

Question 4

Name 3 Type of motor insurance

Answer 4

Third party
Third party, fire and theft
Comprehensive

Question 5

Third party motor insurance?

Answer 5

Injury to another person or damage to another person’s car or property caused by the insured driver. It does not cover the policy holder or their vehicle.

Question 6

Third party, fire and theft?

Answer 6

As per third party, plus compensation for the insured person if their vehicle catches fire or is stolen.

Question 7

Comprehensive motor insurance?

Answer 7

This benefits all parties and vehicles that suffer loss or injury in an incident, including the insured person and their vehicle.