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Business > Insurance and Assurance > Flashcards

Insurance and Assurance Flashcards

1
Q

Insurance

A

Protection against something that might happen

Only insure something that has financial value

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2
Q

Types of insurance

A

Fire
Vehicle
Fidelity
Liabilities

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3
Q

Fire

A

Protection against fire damage

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4
Q

Vehicle

A

Third party- only covers innocent

Fully comprehensive- covers all the vehicles

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5
Q

Home owners

A

Covers floor geasars small part damage

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6
Q

Fidelity

A

Theft from employees

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7
Q

Compulsory insurance

A

Unemployment insurance funds- provide protection to employees who became unemployed
Road accident funds - covers all drivers of motor vehicles
Claiming compensation for occupational injuries/disease -covers disease/injuries that was sustained in the work place

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8
Q

Can’t insure

A

Natural disasters
Inflation
Change in fashion
Any criminal activities

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9
Q

Assurance

A

Protection against something that will happen

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10
Q

Types of assurance

4

A

Life assurance-covers for loss of life
Retirement annuity - pension
Trauma - covers a list of serious illnesses
Funeral cover - used to pay for funeral cost

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Business (8 decks)

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