Insurance products: personal insurances Flashcards
What are common types of home insurance?
The most common types are buildings insurance (covering the physical structure) and contents insurance (covering personal belongings). Policies may also be tailored to specific needs such as accidental damage cover, flood cover, or legal expenses cover.
What types of coverage are available in motor insurance?
Types of motor insurance coverage include: Road Traffic Act Only, Third Party Only, Third Party, Fire, and Theft, and Comprehensive. Each provides different levels of coverage for damage, fire, theft, injury to others, and personal damage. Additional optional extensions may include glass breakage, courtesy car, and breakdown cover.
What does third party only cover in motor insurance?
Third Party Only motor insurance covers injury to others and damage to their property. It typically includes a liability for employer if business use is covered, passenger liability, and legal defense costs. The limit for property damage is typically up to £20 million.
What is comprehensive motor insurance?
Comprehensive motor insurance covers accidental and malicious damage to your own vehicle, in addition to third-party damage, theft, and fire. It typically includes personal accident benefits, medical expenses, personal effects, and a “drive other cars” extension. It does not cover wear and tear, depreciation, or mechanical failure.
What are some exclusions in motor insurance?
Common exclusions in motor insurance include war risks, riot, civil commotion, driving without a valid license, and sonic bangs.
What is private motorcycle insurance?
Private motorcycle insurance is similar to private car insurance, with some variations such as no cover for theft of accessories unless the motorcycle is stolen, limited or no indemnity for employers, and no personal accident or medical expenses cover. Optional extensions may include cover for trailers and the ability to ride other motorcycles.
What does commercial vehicle insurance cover?
Commercial vehicle insurance covers third-party liability for death, injury, and property damage, with limits typically between £1.2m and £5m. It also covers loading/unloading damage, indemnity to drivers and passengers, and negligence from passengers. Fleet insurance can cover multiple vehicles under one policy.
What is personal accident insurance in health insurance?
Personal accident insurance in health insurance provides lump sum payouts for accidental death, loss of limbs, permanent total disablement, or partial disablement. It also includes temporary disablement benefits paid weekly.
What does sickness cover in health insurance include?
Sickness cover provides benefits for disability due to illness and pays weekly benefits if unable to perform normal work due to illness.
What are common exclusions in accident and sickness policies?
Exclusions in accident and sickness policies may include self-inflicted injuries, alcohol-related incidents, pre-existing conditions, and high-risk activities such as motor racing or extreme sports unless additional premiums are paid.
What is covered under medical expenses in health insurance?
Medical expenses coverage includes hospital fees, consultations, surgery, and aftercare. It typically excludes long-term residential care or pre-existing conditions.
What are common optional extensions in household insurance?
Optional extensions in household insurance include ‘All Risks’ cover for personal possessions, money, and credit cards, bicycles, freezer contents, caravans, small craft, sports equipment, and domestic animals. Other options may cover legal expenses, personal accidents, or holiday cancellation due to pet illness or other reasons.
Extended warranty
Extended ‘free repairs’ for electrical and mechanical goods
