Types of Insurance Flashcards
what are the different types of car insurance
third party
third party fire and theft
fully comprehensive
list the features of a third party car insurance
minimum level of cover you need to drive on UK roads.
It offers the most basic level of protection, covering injuries or damage you cause to another person, their vehicle or their property from a car accident.
give 2 disadvantages of third party car insurance
does not cover you and your car
expensive(£1348)
list the features of a third party fire and theft car insurance
covers damage you cause to another person, their vehicle or their property as a result of your actions
you can claim if your car is damaged by fire or an explosion, whether it’s accidental or caused by arson
you’ll be protected if your car be stolen, and often also if it’s been damaged as a result of attempted theft
give 2 disadvantages of third party fire and theft car insurance
does not cover damage caused by accident
expensive(£980)
list the features of a fully comprehensive car insurance
able to claim on your policy for damage done to your own car, as well as a replacement vehicle if yours is stolen
covered for damage you cause to a third-party, their vehicle or their property
A personal accident policy offers a compensation payout if you’re seriously or fatally injured in a road accident
courtesy car cover gives you access to a temporary replacement vehicle if yours is out of action
list the features of home and content insurance
covers the physical building itself and
in case of fire or structural damage.
Contents insurance covers item within the house such as electricals, carpets and furniture.
There is also the option to cover item when
they are not at home.
give 2 advantages of home and contents insurance
Protection against expensive damage
Inside and outside protection for contents
give 2 disadvantages of home and contents insurance
Unique items can’t be replaced
Your policy may say that your insurer can provide a replacement item rather than the money to replace it
no cover for general wear and tear
no cover if the property is left unoccupied more than 60 days
list features of life assurance and insurance
A policy that pays a lump sum upon death. Life
insurance is usually required when purchasing a
home to ensure the mortgage is covered if the
homeowner dies.
most only pay out in the event of death, others also cover critical illnesses
give 2 advantages of life insurance/assurance
Provides peace of mind following bereavement
pay out can make a real different to families who have lost a member
give 2 disadvantages of life insurance/assurance
existing medical conditions are not covered
can be expensive if you are older or have medical conditions
list features of travel insurance
Protects you while abroad. Typically covers
illness, holiday and flight cancellations, theft and
emergencies.
give 2 advantages of travel insurance
Protection of personal items
Covers medical costs
give 2 disadvantages of travel insurance
claims may not be accepted
An additional cost when travelling abroad
dangerous and adventurous activities will need additional insurance
