PAGES 3-9 CIP-01

Question 1

What are the four main groups in the insurance market?

Answer 1

Insurance buyers, insurance providers, distribution channels and reinsurers

Question 2

What are insurance buyers made up of?

Answer 2

Private individuals, commercial concerns, public bodies, and clubs and associations

Question 3

What are examples of private individuals?

Answer 3

Gadget, travel and motor

Question 4

What are examples of commercial concerns?

Answer 4

Fire flood slips and trips from companies 

Question 5

What are examples of public bodies?

Answer 5

Local authorities, play park, pavements and roads 

Question 6

What products would clubs and associations need insurance on?

Answer 6

Members need to be insured due to the equipment they use in the areas they meet in

Question 7

Who should insurance providers be authorised by?

Answer 7

The central bank of Ireland must be satisfied that the applicant me to conditions laid down and insurance acts and regulations

Question 8

What are the three types of insurance providers?

Answer 8

Specialist, composite and captive

Question 9

What is the role of a specialist insurer?

Answer 9

Specialist are authorised by the central bank of Ireland to sell specific classes of insurance

Question 10

Define a composite insurer

Answer 10

Most answers in the Irish general insurance market are composite insurers

Question 11

What range of business to composite insurers deal with?

Answer 11

Accident and health, motor vehicle, and liability

Question 12

Define captive insurance

Answer 12

Captive insurers must be regulated. They are a big company who set up their own insurance to cover their own products.

Question 13

Define a distribution channel

Answer 13

The mains through which insurers sell their products and services to insurance buyers

Question 14

Examples of distribution channels

Answer 14

Building societies, banks, and An Post

Question 15

What is direct insurance?

Answer 15

Direct insurance involves the seller dealing directly with the buyer

Question 16

What is the role of an insurance intermediary?

Answer 16

And insurance intermediary brings together buyers and sellers of insurance

Question 17

What do building societies and banks promote?

Answer 17

Private health, insurance, life, insurance, and serious illness cover

Question 18

What does An Post offer?

Answer 18

An Post offer a range of insurance products under written by product specific answers on market it to its customers as Post insurance

Question 19

Define reinsurers

Answer 19

A form of insurance for insurance companies. It is a transfer to a reinsurer of all or part of a risk underwritten by an insurer.

Question 20

What are the main types of reinsurers?

Answer 20

Specialist reinsurers that do not sell insurance, Lloyds Syndicate’s and insurance companies that also act as a reinsurer

Question 21

What is the primary role of reinsurance intermediaries?

Answer 21

The primary role of a reinsurance intermediary is securing business from insurers, place in business with reinsurers and servicing and maintaining the business