PAGES 3-9 CIP-01 Flashcards
What are the four main groups in the insurance market?
Insurance buyers, insurance providers, distribution channels and reinsurers
What are insurance buyers made up of?
Private individuals, commercial concerns, public bodies, and clubs and associations
What are examples of private individuals?
Gadget, travel and motor
What are examples of commercial concerns?
Fire flood slips and trips from companies 
What are examples of public bodies?
Local authorities, play park, pavements and roads 
What products would clubs and associations need insurance on?
Members need to be insured due to the equipment they use in the areas they meet in
Who should insurance providers be authorised by?
The central bank of Ireland must be satisfied that the applicant me to conditions laid down and insurance acts and regulations
What are the three types of insurance providers?
Specialist, composite and captive
What is the role of a specialist insurer?
Specialist are authorised by the central bank of Ireland to sell specific classes of insurance
Define a composite insurer
Most answers in the Irish general insurance market are composite insurers
What range of business to composite insurers deal with?
Accident and health, motor vehicle, and liability
Define captive insurance
Captive insurers must be regulated. They are a big company who set up their own insurance to cover their own products.
Define a distribution channel
The mains through which insurers sell their products and services to insurance buyers
Examples of distribution channels
Building societies, banks, and An Post
What is direct insurance?
Direct insurance involves the seller dealing directly with the buyer
What is the role of an insurance intermediary?
And insurance intermediary brings together buyers and sellers of insurance
What do building societies and banks promote?
Private health, insurance, life, insurance, and serious illness cover
What does An Post offer?
An Post offer a range of insurance products under written by product specific answers on market it to its customers as Post insurance
Define reinsurers
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.
What are the main types of reinsurers?
Specialist reinsurers that do not sell insurance, Lloyds Syndicate’s and insurance companies that also act as a reinsurer
What is the primary role of reinsurance intermediaries?
The primary role of a reinsurance intermediary is securing business from insurers, place in business with reinsurers and servicing and maintaining the business

